Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
07/02/2025
Property Type
Property City
Easley
Property State
SC
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$580,000
Loan-to-Value
53.44%
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
5
Building Square Footage
1,980
Lot Square Footage
17,859
Lot Acreage
0.41
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
14%
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 $310,000 equity cash-out bridge loan on a 5-unit multifamily property in Easley, South Carolina. The loan was structured with a conservative 53.44% loan-to-value (LTV) based on the property’s appraised value of $580,000. The Borrowers were initially denied a DSCR loan from another lender due to high credit card utilization from funding property improvements. We provided a bridge loan that allowed them to pay down debt, improve their credit score, and complete renovations on a property consisting of a single-family residence and a 5-unit apartment building. Cash-out proceeds will also be used to purchase another investment property, and the Borrowers plan to refinance the bridge loan into a long-term DSCR loan. The property was fully occupied at closing. It is approximately 1,980 square feet set in a 17,859-square-foot lot. The interest rate was 14%. This bridge loan was funded in July 2025.
Funded By
Myers Capital
Private Lending for Hawaii Investment Property, Including Land
Dealmakers
Reed Myers
Principal
Reed is also Principal of Myers Capital, an award-winning, privately-owned residential and commercial mortgage banking company based in downtown Honolulu. As a second generation family business owner, Reed is personally involved in over $1.5 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.