Private Money Loan for House in Waianae, Hawaii
Loan Amount
$1,308,000
Property Value
$1,635,000
Loan To Value
80%
Interest Rate
12.5%
Loan Term
3 months
Payment Type
Interest Only
Rate Type
Fixed
Closed Date
09/25/2024
Private Loan Type
Equity Cash Out
Approx. Funding Date
09/25/2024
Property Type
Single Family Residence
Loan-to-Value
80%
Loan Term
3 months
Interest Rate
12.5%
Deal Summary
Myers Capital Hawaii funded a $1,308,000 first-lien position equity cash-out bridge loan for a single-family home in Waianae, HI, located on the west side of Oahu.
The loan-to-value ratio was 80% based on an estimated property value of $1,635,000. The Borrower, an experienced real estate investor with excellent credit, utilized the funds to purchase an additional investment property.
The planned exit strategy is to refinance the subject property into a long-term DSCR loan. The property was in good condition, measuring approximately 1,291 square feet. The loan carried a 12.5% interest rate with a short 3-month term.
Deal Highlights
- Equity was cashed out from a single-family home in Waianae on the island of Oahu.
- The funds will be used to purchase another investment property, expanding the real estate portfolio.
- Exit Strategy: Refinance the subject property into a long-term DSCR loan.
Loan Originator
Reed Myers
Principal, Myers Capital Hawaii
Reed is the Principal of Myers Capital Hawaii, an award-winning, privately-owned residential and commercial mortgage banking company. As a second-generation family business owner, Reed has been personally involved in over $1.5 billion in loan originations, helping thousands of clients throughout the country.
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