Equity Cash-Out Bridge
Private Money Loan for House in Waianae, Hawaii
- Loan Amount
- $1,308,000
- Loan-to-Value
- 80%
- Interest-Only Term
- 3 Months
- Private Loan Type
- Equity Cash-Out Bridge
- Approx. Funding Date
- September 25, 2024
- Property Type
- Single Family Residence
Deal Summary
Myers Capital Hawaii, a mortgage banking company and direct private lender, funded a $1,308,000 first-lien position equity cash-out bridge loan for a single-family home in Waianae, HI, on the west side of the island of Oahu. The loan-to-value was 80% based on an estimated property value of $1,635,000. The Borrower, an experienced real estate investor with excellent credit, plans to use the funds to purchase another investment property. They intend to exit the bridge loan by refinancing the subject property into a long-term Debt Service Coverage Ratio (DSCR) loan. The property was in good condition and is approximately 1,291 square feet. The loan carried a 12.5% interest rate with a 3-month term and included three months of guaranteed interest. This private money cash-out loan was funded in September 2024.
Deal Highlights
- Borrower cashed out equity from a single-family home in Waianae on the island of Oahu.
- Borrower plans to use the funds to purchase another investment property, expanding their portfolio.
- Borrower plans to exit the bridge loan by refinancing the subject property into a DSCR loan.
Property & Loan Details
- Property City
- Waianae
- Property State
- HI
- Loan Term (months)
- 3
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $1,635,000
- Property Neighborhood
- Waianae
- Location Type
- Rural
- Property Condition
- Good
- Building Square Footage
- 1,291
- Borrower's Plan
- Long-Term Rental
- Exit Strategy
- Refinance
- Borrower Credit Rating
- Excellent
- Interest Rate
- 12.5%
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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