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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
01/09/2025
Property Type
Property City
Kamuela
Property State
HI
Loan Term (months)
12
Lien Type
2nd Mortgage
Payment Type
Interest Only
Property Value
$6,550,000
Loan-to-Value
45.5%
Location Type
Rural
Property Condition
Brand New Build
Occupancy at Closing
Vacant
Building Square Footage
2,956
Lot Square Footage
40,946
Lot Acreage
0.94
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
16.5%
Deal Summary
Myers Capital Hawaii, a mortgage banking company and direct hard money lender, funded a $500,000 second mortgage cash-out refinance loan secured by a high-value single-family home in Kamuela, also known as Waimea, on the Big Island of Hawaii. The combined loan-to-value (CLTV) was 45.5% based on an estimated property value of $6,550,000. The Borrowers are experienced home builders who have completed five ground-up construction projects in the past two years. They plan to use the funds to complete the finish work and furnish the home, maximizing its market value and sale potential. Their exit strategy is to sell the property upon completion. The subject property is approximately 2,956 square feet set in a 40,946-square-foot lot. The Borrower had excellent credit. The interest rate was 16.5%. The loan term was set at 12 months. This hard money 2nd mortgage was funded in January 2025.
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.