Bridge Loan
Bridge Loan for Residential Land in Kealakekua, Hawaii
- Loan Amount
- $322,000
- Loan-to-Value
- 70%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Bridge Loan
- Approx. Funding Date
- May 23, 2024
- Property Type
- Residential Land
Deal Summary
Myers Capital Hawaii, a mortgage banking company and direct private lender, funded a $322,000 1st lien position equity cash-out bridge loan for residential land in Kealakekua on Hawaii Island. The property value was estimated at $460,000 so our loan-to-value was 70%. The Borrower used the funds to pay off the seller financing that was initially used to acquire the land. They will use the remaining cash-out funds as working capital and combine it with their own funds to build a spec home on the land, which will be sold for a profit. Our loan will be paid off upon the sale of the home. The Borrower is a general contractor with excellent credit. The loan’s interest rate was set at 13%. The loan term was set at 12 months. This bridge loan was funded in May 2024.
Deal Highlights
- Borrower utilized a cash-out refinance bridge loan on land in the city of Kealakekua, Hawaii.
- Borrower used the funds to pay off seller financing used to initially acquire the land.
- The remaining cash out funds will be combined with their own funds to build a spec home.
Property & Loan Details
- Property City
- Kealakekua
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $460,000
- Property Neighborhood
- Kealakekua
- Location Type
- Rural
- Property Condition
- Good
- Occupancy at Closing
- Vacant
- Borrower's Plan
- Development
- Exit Strategy
- Sale
- Borrower Credit Rating
- Excellent
- Interest Rate
- 13%
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.
Bridge Loan for Residential Land Refinance in Kamuela, Hawaii
Source: https://privatelenderlink.com/transaction/266180/ Deal Summary Myers Capital Hawaii—a residential and commercial mortgage banking company and direct private lender—partnered with its affiliate, Koa Mortgage Fund, to finance a…
Bridge Loan for Vacant Land Refinance in Waikoloa, Hawaii
Source: https://privatelenderlink.com/transaction/258696/ 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…
Bridge Loan for Vacant Land Purchase in Kamuela, Hawaii
Source: https://privatelenderlink.com/transaction/216624/ Deal Summary Myers Capital Hawaii, a mortgage banking company and direct private lender, collaborated with its affiliate Koa Mortgage Fund, a pooled mortgage debt fund, to provide a…