Case Study
Fix & Flip Loan for Single Family in Abbeville, South Carolina
- Loan Amount
- $100,000
- Loan-to-Value
- 50%
- Loan-to-After-Repair Value
- 21.05%
- Interest-Only Term
- 9 Months
- Approx. Funding Date
- July 16, 2026
- Property Type
- Single Family Residence
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 $100,000 first-lien bridge loan with a $75,000 construction holdback secured by a single-family investment property in Abbeville, South Carolina.
The property had an as-is appraised value of $200,000 and an ARV of $475,000, resulting in a conservative 21.05% loan-to-ARV.
An experienced real estate investor and repeat client, the borrower purchased the property with cash, free and clear, but needed additional capital to cover higher-than-expected renovation costs.
The loan was structured alongside a separate $145,000 cash-out bridge loan on an active fix-and-flip project in North Carolina. This created additional liquidity, while the South Carolina construction holdback provided dedicated funds for the remaining renovations.
We also helped refine the construction budget and evaluate the property values and ARVs, keeping the project on track. The 9-month bridge loan was funded in July at a fixed 13% interest rate.
Deal Highlights
- Borrower needed additional capital to complete a fix-and-flip, single-family in South Carolina.
- Property was purchased with cash, free and clear, but renovation costs were larger than expected.
- We provided a cash-out bridge loan with a construction holdback to fund the remaining improvements.
- Additional liquidity was provided through a separate cash-out bridge loan on a NC investment home.
- Exit strategy: Complete renovations and sell the property.
Property & Loan Details
- Private Loan Type
- Equity Cash Out
- Property City
- Abbeville
- Property State
- SC
- Loan Term (months)
- 9
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $200,000
- Renovation Budget
- $75,000
- After-Repair Value
- $475,000
- Renovation Project Scope
- Heavy Rehab
- Property Neighborhood
- Abbeville
- Location Type
- Rural
- Property Condition
- Good
- Building Square Footage
- 2,909
- Lot Square Footage
- 91,476
- Lot Acreage
- 2.1
- 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.
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