Private Money Loan for House in Waianae, Hawaii
Loan Type
Equity Cash Out
Location
Waianae, HI
$1,308,000
Deal Details
Equity was cashed out from a single-family home in Waianae on the island of Oahu.
The funds will be used to purchase another investment property, expanding the real estate portfolio.
Exit Strategy: Refinance the subject property into a long-term DSCR loan.
Private Loan Type
Equity Cash Out
Approx. Funding Date
09/25/2024
Property Type
Single Family Residence
Loan-to-Value
80%
Loan Term
3 months
Interest Rate
12.5%
Deal Summary & Highlights
Myers Capital Hawaii funded a $1,308,000 first-lien position equity cash-out bridge loan for a single-family home in Waianae, HI, located on the west side of Oahu.
The loan-to-value ratio was 80% based on an estimated property value of $1,635,000. The Borrower, an experienced real estate investor with excellent credit, utilized the funds to purchase an additional investment property.
The planned exit strategy is to refinance the subject property into a long-term DSCR loan. The property was in good condition, measuring approximately 1,291 square feet. The loan carried a 12.5% interest rate with a short 3-month term.
Reed Myers
Principal
Reed is the Principal of Myers Capital Hawaii, an award-winning, privately-owned residential and commercial mortgage banking company. As a second-generation family business owner, Reed has been personally involved in over $1.5 billion in loan originations, helping thousands of clients throughout the country.
Funded and
sold by
With an experienced in-house underwriting team and direct access to capital, Myers Capital Hawaii specializes in providing tailored, reliable financing solutions that traditional lenders simply cannot offer.
Every transaction is structured with the client's long-term financial goals in mind, ensuring a seamless and efficient closing process from start to finish.
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