Equity Cash-Out Bridge
Hard Money Loan for Multifamily Property in Easley, South Carolina
- Loan Amount
- $165,000
- Loan-to-Value
- 36.6%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- July 3, 2024
- Property Type
- Multifamily, Single Family Residence
Deal Summary
Myers Capital Hawaii, a direct hard money lender, collaborated with its affiliate, Koa Mortgage Fund, to finance a $165,000 first lien position equity cash-out loan for a multifamily property located in Easley, Pickens County, South Carolina. The subject property has both a single-family residence and 5-unit apartment building. The loan-to-value ratio was 36.6% based on an estimated property value of $450,000. The Borrower plans to use the funds to build two duplexes on another property. They plan to exit the bridge loan by refinancing it into a DSCR long-term rental loan. The subject property is approximately 1,980 square feet set in a 17,859-square-foot lot. It was in fair condition and fully occupied at closing. The interest rate was 14%. The loan term was set at 12 months. This hard money loan was funded in July 2024.
Deal Highlights
- Borrower utilized a cash-out refinance bridge loan on a property in Easley, South Carolina.
- The subject property has both a single-family residence and 5-unit apartment on it.
- Borrower plans to use the funds to build two duplexes on another property.
Property & Loan Details
- Property City
- Easley
- Property State
- SC
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $450,000
- Property Neighborhood
- Pickens County
- Location Type
- Rural
- Property Condition
- Fair
- Occupancy at Closing
- Tenant-Occupied
- Number of Units
- 5
- Building Square Footage
- 1,980
- Lot Square Footage
- 17,859
- Lot Acreage
- 0.41
- Borrower's Plan
- Long-Term Rental
- Exit Strategy
- Refinance
- Interest Rate
- 14%
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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