Equity Cash-Out Bridge
Hard Money Loan for Vacant Land in Hawaiian Paradise Park, Hawaii
- Loan Amount
- $50,000
- Loan-to-Value
- 62%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- November 15, 2023
- Property Type
- Residential Land
Deal Summary
Myers Capital Hawaii, a direct private lender, funded a $50,000 1st lien position equity cash-out loan for free-and-clear land in Hawaiian Paradise Park, on the Island of Hawai’i. The property value was estimated at $80,000 so our loan-to-value was 62%. The Borrower plans to use the funds for working capital to build a spec home at another location and sell it for a profit. To exit the loan, the Borrower will use the proceeds from the sale of the spec home to pay off our loan. The loan was held in the name of their LLC, which will help build credit for their real estate business and limit personal liability. The Borrower had an excellent credit score. The subject property was approximately 1 acre. The loan’s interest rate was 12%. The loan term was set at 12 months. This hard money loan was funded in November 2023.
Deal Highlights
- Borrower took out a cash-out refinance bridge loan on free and clear land in Hawaiian Paradise Park.
- The Borrower plans to use the funds as working capital to build a spec home at another location.
- Once the spec home is built, Borrower will use the proceeds to pay off the bridge loan.
Property & Loan Details
- Property City
- Hawaiian Paradise Park
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $80,000
- Location Type
- Rural
- Property Condition
- Vacant Land
- Occupancy at Closing
- Vacant
- Lot Acreage
- 1.0
- Borrower Credit Rating
- Excellent
- Interest Rate
- 12%
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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