Equity Cash-Out Bridge
Equity Cash Out Loan for Single Family in Keaau, Hawaii
- Loan Amount
- $162,000
- Interest-Only Term
- 6 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- October 17, 2024
- Property Type
- Single Family Residence
- Property City
- Keaau
Deal Summary
Myers Capital Hawaii, a residential and commercial mortgage banking company and direct private lender, worked with its affiliate, Koa Mortgage Fund, to finance this $162,000 bridge loan.
Koa Mortgage Fund, a pooled mortgage debt fund, provided the loan in a first-lien position for a single-family property in Keaau, Hawaii, with a loan-to-value ratio of 60%, based on an estimated property value of $270,000.
The borrower plans to use the funds for property repairs and renovations to increase its value, with an exit strategy of refinancing into a long-term Debt Service Coverage Ratio loan.
This bridge loan, funded in October 2024, carries a 13% interest rate with a 6-month term, including six months of guaranteed interest.
Deal Highlights
- Borrower cashed out equity from a single-family home in Keaau on Hawaii Island.
- Borrower plans to use the funds to renovate the property.
- They plan to exit the bridge loan by refinancing the subject property into a DSCR loan.
Property & Loan Details
- Property State
- HI
- Loan Term (months)
- 6
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Neighborhood
- Hawaiian Paradise Park
- Location Type
- Rural
- Property Condition
- Good
- Building Square Footage
- 512
- Borrower's Plan
- Long-Term Rental
- Exit Strategy
- Refinance
- Borrower Credit Rating
- Good
- 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.
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