Purchase Bridge Loan, Commercial Infill Lot, Kahului, Maui

Myers Capital Hawaii, a residential and commercial mortgage banking company and direct private lender, partnered with its affiliate, Koa Mortgage Fund, to finance a $700,000 bridge loan for the acquisition of a commercial infill lot in Kahului, HI. Koa Mortgage Fund, a pooled mortgage debt fund, financed the acquisition of this lot with a 70% loan-to-value ratio, based on an appraised property value of $1,000,000. Prior to funding, the property had an SBA lien that posed a significant challenge. With our experience handling complex title issues and coordinating with federal agencies, we cleared the lien, obtained a clean title, and funded the loan. The Borrowers, an entrepreneurial couple, used the proceeds to retire seller financing and are now positioned to move forward with their plan to build a warehouse on the property. The subject property was in good condition and vacant at closing. It is approximately 22,303 square feet set in a 0.51-acre lot. The Borrower had excellent credit. They plan to refinance as an exit strategy. The loan featured a 13.5% interest rate, a 12-month term, and 12 months of guaranteed interest. This land acquisition bridge loan was funded in April 2025.