Bridge Loan for SFR Rehab Project in South Chesterfield, Virginia

Funded by Myers Capital

$195,000

Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date

11/25/2024

Property Type
Single Family Residence
Property City

South Chesterfield

Property State

VA

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Property Value

$325,000

Loan-to-Value

60%

Location Type

Rural

Property Condition

Good

Building Square Footage

1,773

Lot Square Footage

30,056

Lot Acreage

0.69

Borrower's Plan

Rehab and Rent

Exit Strategy

Refinance

Borrower Credit Rating

Good

Interest Rate

13.5%

Broker Commission

$5,850

Deal Highlights

Borrower cashed out equity from a single-family property in South Chesterfield, Virginia.
They reclaimed personal funds used for the property’s acquisition and renovation.
Borrower plans to reinvest the reclaimed capital into additional real estate acquisitions.
Exit Strategy: Refinance the bridge loan into a Debt Service Coverage Ratio (DSCR) loan.

Deal Summary

Myers Capital Hawaii, a mortgage banking company and direct private lender, funded a $195,000 first-lien position equity cash-out bridge loan for a single-family home in South Chesterfield, VA. The loan-to-value ratio was 60%, based on an estimated property value of $325,000. The Borrower, an experienced real estate investor with a diverse property portfolio, initially acquired and rehabbed the property using personal funds. This loan allowed them to cash out equity, reclaiming their capital to pursue future property acquisitions. Looking ahead, the Borrower plans to refinance the bridge loan into a long-term rental loan to support their investment goals. The subject property was in good condition. It is approximately 1,773 square feet set in a 30,056-square-foot lot. The Borrower had good credit. They plan to refinance the property upon completion of the rehab. The interest rate was 13.5% and the loan term was set at 12 months. The deal was brought to us by a broker who earned a $5,850 commission. This bridge loan was funded in November 2024.

Funded By

Myers Capital

Private Lending for Hawaii Investment Property, Including Land

Dealmakers

Reed Myers

Principal

Reed is also Principal of Myers Capital, an award-winning, privately-owned residential and commercial mortgage banking company based in downtown Honolulu. As a second generation family business owner, Reed is personally involved in over $1.5 billion in loan originations, helping thousands of clients throughout the country. He holds active mortgage loan origination licenses in Hawaii and multiple states. He is also an experienced real estate investor throughout Hawaii and the mainland.