Myers Capital Hawaii, a direct private lender, funded a $390,000 1st lien position bridge loan for the purchase of a 9-unit leasehold multifamily property in Honolulu, Hawaii. We funded 60% of the $650,000 purchase price while the borrower contributed 40% cash to the purchase at closing.

This project represents a unique opportunity to acquire the improvements of a multifamily property in highly populated urban Honolulu with historically stable in-place cash flow. The property offers upside revenue potential from increasing rental rates driven by growing demand, low new inventory, and significant barriers to new development.

The borrower is selling another piece of real estate and will use the proceeds to pay off our loan. The loan’s interest rate was 13.99%. The loan term was set at 12 months. This purchase bridge loan was closed in May 2024.