Bridge Loan
Purchase Bridge Loan for Commercial Condominium in Kailua, Hawaii
- Loan Amount
- $412,500
- Loan-to-Purchase Price
- 71.73%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Bridge Loan
- Approx. Funding Date
- June 6, 2025
- Property Type
- Commercial Condominium
Deal Summary
Myers Capital Hawaii, a residential and commercial mortgage banking company and direct private lender, partnered with its affiliate, Koa Mortgage Fund, to fund a $412,500 first-lien bridge loan for the purchase of a commercial condominium in Kailua, Hawaii. The loan featured a 71.73% loan-to-value ratio, based on an estimated property value of $575,000.
The primary challenge in this transaction was structuring the Limited Liability Company (LLC) ownership to meet both investor expectations and underwriting guidelines. The primary guarantor, stationed overseas on a military base, worked with several family members to form the purchasing entity. Our team provided hands-on guidance to develop an LLC operating agreement that aligned ownership shares, voting rights, and decision-making roles.
Funded in June 2025, the 12-month bridge loan carries a 13.5% interest rate with a 12-month guaranteed interest provision.
Deal Highlights
- A family investor group acquired a commercial condominium in Kailua on the island of Oahu.
- The primary guarantor partnered with several family members to form the purchasing LLC.
- We structured the LLC to satisfy all parties while meeting underwriting requirements.
- Exit Strategy: Repay the loan with a DSCR cash-out refinance on another property.
Property & Loan Details
- Property City
- Kailua
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Purchase Price
- $575,000
- Property Neighborhood
- Kailua
- Location Type
- Suburban
- Property Condition
- Good
- Building Square Footage
- 708
- Lot Square Footage
- 5,827
- Lot Acreage
- 0.13
- Borrower's Plan
- Lease Property
- Exit Strategy
- Refinance
- Borrower Credit Rating
- Good
- Interest Rate
- 13.5%
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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