Equity Cash-Out Bridge
Hard Money Loan for Vacant Land in Waikoloa, Hawaii
- Loan Amount
- $186,000
- Loan-to-Value
- 59%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- May 2, 2024
- Property Type
- Residential Land
Deal Summary
Myers Capital Hawaii, a mortgage banking company and direct private lender, funded a $186,000 1st lien position equity cash-out loan secured by free-and-clear land in Waikoloa, on Hawaii Island. The property value was estimated at $315,000 so our loan-to-value was 59%. The Borrower, a developer and builder, plans to use the funds for working capital to build a spec home on the property, which will later be sold for a profit. To exit the loan, they intend to use the proceeds from the sale of the spec home to pay off our short-term loan. The Borrower had average credit, which was acceptable to us. The loan term was set at 12 months. This equity cash-out hard money loan was funded in May 2024.
Deal Highlights
- Borrower took out a cash-out refinance bridge loan on free and clear land in Waikoloa, Hawaii.
- A developer/builder, the Borrower plans to use the funds as working capital to build a spec home.
- Once the spec home is built, Borrower will use the proceeds to pay off the bridge loan.
Property & Loan Details
- Property City
- Waikoloa
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $315,000
- Location Type
- Rural
- Property Condition
- Good
- Occupancy at Closing
- Vacant
- Borrower's Plan
- Development
- Exit Strategy
- Sale
- Borrower Credit Rating
- Average
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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