Equity Cash-Out Loan for Single-Family Residence in Honolulu, Hawaii

Myers Capital Hawaii, a residential and commercial mortgage banking company and direct private lender, partnered with its affiliate, Koa Mortgage Fund, to fund a $1,200,000 equity cash-out bridge loan secured by a single-family home in the Manoa neighborhood of Honolulu, Hawaii. The loan was structured with a 57.14% loan-to-value (LTV) based on an appraised property value of $2,100,000. The Borrower used the bridge loan to pay off a maturing fix-and-flip loan after the institutional lender declined to extend it. Although the renovation was complete, the property sale was delayed due to an open permit related to a minor issue. The bridge loan allowed the Borrower to retire the existing debt, resolve the permit issue, and continue marketing the property for sale. We also provided some cash-out proceeds to fund a new investment project. The subject property is approximately 2,467 square feet on a 3,625 square-foot lot. The Borrower had excellent credit. The 9-month bridge loan carries a 13.75% interest rate and was funded in August 2025.