Bridge Loan
Bridge Loan for Condotel Purchase in Honolulu, Hawaii
- Loan Amount
- $406,000
- Loan-to-Purchase Price
- 73.81%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Bridge Loan
- Approx. Funding Date
- October 10, 2025
- Property Type
- Condominium
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 $406,000 bridge loan for the acquisition of a legal short-term rental unit (condotel) in Honolulu, HI. Koa Mortgage Fund, a pooled mortgage debt fund, funded 73.81% of the $550,000 purchase price, while the Borrower contributed 26.19% cash at closing. This marks the second short-term rental unit the Borrower has acquired within the same property and the second condotel unit purchased this year, further expanding their growing portfolio. The Borrowers are experienced real estate investors and repeat clients. In Hawaii, legally zoned short-term rentals remain in high demand and offer investors the opportunity for immediate rental income. The Borrowers plan to refinance the bridge loan into a debt service coverage ratio (DSCR) loan. The interest rate was 13.75%. The loan term was set at 12 months. This bridge loan was funded in October 2025.
Deal Highlights
- Borrower utilized a purchase bridge loan to acquire a legal short-term rental (condotel) in Honolulu
- This marks the second short-term rental unit the borrower has acquired within the same project
- Exit Strategy: Refinance into a DSCR loan
Property & Loan Details
- Property City
- Honolulu
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Purchase Price
- $550,000
- Borrower's Contribution to Purchase
- 26.19%
- Source of Borrower's Contribution
- Cash
- Location Type
- Urban
- Property Condition
- Excellent
- Number of Units
- 1
- Building Square Footage
- 967
- Borrower's Plan
- Build and Hold
- Exit Strategy
- Refinance
- Borrower Credit Rating
- Good
- Interest Rate
- 13.75%
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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