Fix & Flip
Fix and Flip Loan for a House in Kurtistown, Hawaii
- Loan Amount
- $240,000
- Loan-to-Purchase Price
- 80%
- Loan-to-After-Repair Value
- 53.33%
- Interest-Only Term
- 6 Months
- Private Loan Type
- Fix & Flip
- Approx. Funding Date
- February 27, 2025
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 $240,000 purchase and rehab loan for a single-family home in Kurtistown, a small town on the Big Island of Hawaii. We funded 100% of the $100,000 renovation budget and 80% of the $170,000 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The after-repair value was estimated at $450,000 so our loan-to-after-repair value was 53.33%. Initially structured as a 12-month loan, we identified a cost-saving opportunity and provided a 6-month term instead, reducing the Borrowers’ builder’s risk insurance expenses. This showcased how our flexible loan structuring helps Borrowers conserve cash for their projects. The property is approximately 1,377 square feet set in a 1.42-acre lot. The Borrower had excellent credit. They plan to sell the property as an exit strategy. The interest rate was 13%. This fix and flip loan was funded in February 2025.
Deal Highlights
- Borrowers acquired a single-family home in Kurtistown on Hawaii Island.
- Rehab funds will finance value-add renovations.
- Three Borrowers, all Hawaii-based real estate agents, contributed 20% cash to the purchase.
- Exit Strategy: Sell post-renovation to repay the bridge loan.
Property & Loan Details
- Property Type
- Single Family Residence
- Property City
- Kurtistown
- Property State
- HI
- Loan Term (months)
- 6
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Purchase Price
- $170,000
- Borrower's Contribution to Purchase
- 20%
- Source of Borrower's Contribution
- Cash
- Renovation Budget
- $100,000
- Renovation Budget Funded
- 100%
- After-Repair Value
- $450,000
- Location Type
- Rural
- Property Condition
- Fair
- Building Square Footage
- 1,377
- Lot Square Footage
- 61,905
- Lot Acreage
- 1.42
- Borrower's Plan
- Rehab and Sell
- 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.
Fix & Flip Loan for Single-Family Home in Santa Fe, New Mexico
Source: https://privatelenderlink.com/transaction/220157/ 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…
Fix & Flip Loan for Single Family in Abbeville, South Carolina
Myers Capital Hawaii—a residential and commercial mortgage banking company and direct private lender—partnered with its affiliate, Koa Mortgage Fund, to fund a $100,000 first-lien bridge loan with a $75,000 construction holdback secured by…
Fix & Flip Loan for Single Family in Columbus, North Carolina
Myers Capital Hawaii—a residential and commercial mortgage banking company and direct private lender—partnered with its affiliate, Koa Mortgage Fund, to fund a $145,000 first-lien cash-out bridge loan secured by a single-family investment…