Bridge Loan
Purchase Bridge Loan for Condominium in Kailua-Kona, Hawaii
- Loan Amount
- $180,000
- Loan-to-Purchase Price
- 80%
- Interest-Only Term
- 12 Months
- Private Loan Type
- Bridge Loan
- Approx. Funding Date
- March 18, 2024
- Property Type
- Condominium
Deal Summary
Myers Capital Hawaii, a direct private lender, funded a $180,000 1st lien position bridge loan for the acquisition of a condominium in Kailua-Kona, HI. We funded 80% of the $225,000 purchase price, while the Borrower contributed 20% cash at closing. It was a fast-moving opportunity in which the Borrower needed to close quickly. We were able to complete the transaction in under 14 days. The 1-bedroom, 1-bath condominium had significant deferred maintenance at the time of closing. The Borrower is an experienced real estate investor and they plan to renovate the property with their own funds. We did not include a hold-back of rehab money in this loan. The Borrower had excellent credit. Once the renovations are completed, they plan to sell the condominium for a profit. The condo was vacant at closing. It is approximately 524 square feet. The interest rate was 12.99%. The loan term was set at 12 months. This purchase bridge loan was funded in March 2024.
Deal Highlights
- Borrower needed to close quickly on this fast-moving opportunity.
- Borrower purchased a 1 bedroom, 1 bath condominium in Kailua-Kona, Hawaii.
- We were able to close the loan in under 14 days.
- The Borrower plans to renovate the property, which had significant deferred maintenance at closing.
- Once done, the Borrower plans to sell the condominium for a profit.
Property & Loan Details
- Property City
- Kailua-Kona
- Property State
- HI
- Loan Term (months)
- 12
- Lien Type
- 1st Mortgage
- Payment Type
- Interest Only
- Purchase Price
- $225,000
- Borrower's Contribution to Purchase
- 20%
- Source of Borrower's Contribution
- Cash
- Location Type
- Vacation Area
- Property Condition
- Fair
- Occupancy at Closing
- Vacant
- Number of Units
- 1
- Lot Square Footage
- 524
- Borrower's Plan
- Rehab and Sell
- Exit Strategy
- Sale
- Borrower Credit Rating
- Excellent
- Interest Rate
- 12.99%
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.
Bridge Loan for Condotel Purchase in Honolulu, Hawaii
Source: https://privatelenderlink.com/transaction/268823/ 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 $406,000…
Bridge Loan for Condotel Purchase in Waikiki, Hawaii
Source: https://privatelenderlink.com/transaction/215194/ Deal Summary Myers Capital Hawaii, a mortgage banking company and direct private lender, collaborated with its affiliate, Koa Mortgage Fund, to fund a $150,000 first-lien position…
Equity Cash-Out Loan for Short-Term Rental in Kapaa, Kauai
Source: https://privatelenderlink.com/transaction/260599/ 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…