Ground-Up Construction
Luxury Home Construction Completion Loan in Kihei, HI
- Loan Amount
- $1,634,000
- Loan-to-Value
- 49.27%
- Loan-to-Completed Value
- 65.36%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Ground-Up Construction
- Approx. Funding Date
- June 9, 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 $1,634,000 bridge loan with construction holdback for a luxury single-family project in Kihei, Island of Maui, Hawaii. We financed 100% of the $1,092,000 construction budget to help the Borrower complete the build. With a loan-to-after-repair value of 65.36% based on a projected after-repair value of $2,500,000, the loan was strategically structured to meet mid-construction funding needs. We worked closely with the Borrower to navigate a complex construction budget and timeline. The Borrower is now positioned to complete the home, sell the property, and exit the loan successfully within 12 months. The subject property is approximately 24,393 square feet set in a 0.56-acre lot. The Borrower had fair credit. They plan to sell the property as an exit strategy. The interest rate was 14.5% with a 12-month guaranteed interest provision. The broker earned a $32,680 commission. This construction loan was funded in June 2025.
Deal Highlights
- Borrower was midway through a ground-up luxury home construction in Kihei, Maui.
- They tapped into their equity through a cash-out bridge loan with a construction holdback.
- Funds will be used to complete the project.
- Exit Strategy: Finish construction, list the home for sale, and repay the loan.
Property & Loan Details
- Property Type
- Single Family Residence
- Property City
- Kihei
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $1,100,000
- Construction Budget
- $1,092,000
- Construction Budget Funded
- 100%
- Completed Value
- $2,500,000
- Location Type
- Suburban
- Property Condition
- Brand New Build
- Lot Square Footage
- 24,393
- Lot Acreage
- 0.56
- Borrower's Plan
- Build and Sell
- Exit Strategy
- Sale
- Borrower Credit Rating
- Fair
- Interest Rate
- 14.5%
- Broker Commission
- $32,680
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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