Ground-Up Construction
Private Money Loan for SFR Construction Completion in Wahiawa, Hawaii
- Loan Amount
- $320,000
- Loan-to-Value
- 27.58%
- Interest-Only Term
- 9 Months
- Private Loan Type
- Ground-Up Construction
- Approx. Funding Date
- April 23, 2025
- Property Type
- Single Family Residence
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 $320,000 equity cash-out bridge loan secured by a single-family home ground-up construction project in Wahiawa, HI (Island of Oahu). The loan-to-value ratio was 27.58%, based on an appraised value of $1,160,000. Leveraging our expertise in mid-construction financing and navigating title insurance requirements, we delivered the funding the Borrower needed to complete construction and implement value-enhancing upgrades. The Borrower had excellent credit. They plan to sell the finished property as an exit strategy and repay the loan. The subject property is approximately 3,021 square feet, set in a 5,700-square-foot lot. The interest rate was 14% with a 9-month term, including six months of guaranteed interest. This private money loan was funded in April 2025.
Deal Highlights
- Borrowers cashed out equity from a ground up construction project in Wahiawa, Oahu.
- They will use the funds to complete the single-family property and make value-add enhancements.
- Our expertise in mid-construction financing and title clearance enabled us to fund the deal.
- Exit Strategy: Complete construction, sell the property, and pay off the bridge loan.
Property & Loan Details
- Property City
- Wahiawa
- Property State
- HI
- Loan Term (months)
- 9
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Property Value
- $1,160,000
- Property Neighborhood
- Wahiawa
- Location Type
- Suburban
- Property Condition
- Brand New Build
- Occupancy at Closing
- Vacant
- Building Square Footage
- 3,021
- Lot Square Footage
- 5,700
- Lot Acreage
- 0.13
- Borrower's Plan
- Build and Sell
- Exit Strategy
- Sale
- Borrower Credit Rating
- Excellent
- 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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