Equity Cash-Out Bridge
2nd Mortgage Hard Money Loan for Condotel in Honolulu, Hawaii
- Loan Amount
- $42,000
- Interest-Only Term
- 6 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- April 28, 2025
- Property Type
- Condominium
- Property City
- Honolulu
Deal Summary
Myers Capital Hawaii, a residential and commercial mortgage banking company and direct private lender, partnered with its affiliate, Koa Mortgage Fund, to fund a $42,000 second lien position cash-out loan for a short-term rental condotel in Honolulu, HI. The property’s estimated value was $360,000. The repeat client Borrowers cashed out equity from a condotel they had acquired a few months prior in January 2025, using the proceeds to help cover the down payment on a second unit in the same building and strategically expand their investment portfolio. Our streamlined process ensured funds were delivered on time to meet the purchase deadline, enabling a smooth and successful closing. The subject property was in excellent condition and vacant at closing. The Borrower had excellent credit. They plan to lease up vacant units and pay off the loan over the 6-month loan term, which includes six months of guaranteed interest. This hard money loan was funded in April 2025.
Deal Highlights
- Repeat Clients tapped into equity from a condotel purchased in January 2025.
- Funds were used to cover a down payment shortfall on a second condotel in the same Honolulu building
- Our Clients are actively expanding their real estate portfolio.
- Exit Strategy: Will pay off loan with their own funds at a later date.
Property & Loan Details
- Property State
- HI
- Loan Term (months)
- 6
- Lien Type
- 2nd Mortgage
- Payment Type
- Interest Only
- Property Value
- $360,000
- Location Type
- Urban
- Property Condition
- Excellent
- Occupancy at Closing
- Vacant
- Number of Units
- 1
- Borrower's Plan
- Lease Up Vacant Units
- Exit Strategy
- Pay Down
- Borrower Credit Rating
- Excellent
Loan Originator
Reed Myers
Principal
Reed is also Principal of Myers Capital, an award-winning, privately-owned residential and commercial mortgage banking company and direct private lender based in Honolulu, Hawaii. As a second-generation family business owner, Reed is personally involved in over $2 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. Myers Capital provides efficient mortgage lending and real estate advisory services in 42 states.
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