Hard Money Loan for Industrial Property
$2,100,000

Deal Details

Private Loan type
Refinance
Approx. Funding Date
May 23, 2024
Property Type
Land/Lot
Loan Term
25 months
Lien Type
Equity Cash Out
Payment Type
Interest Only
Source of Borrower's Contribution
Own Cash
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
14,000 sq ft
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Excellent

Deal Summary

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.

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Funded By

CIMB Mortgage
A Division Of CIMB Bank
cibmmortgage-horz
Frank Binetti
Frank has enjoyed 35+ years in the mortgage banking industry in Chicago, where he has managed all as...
Property Location