Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
01/30/2026
Property Type
Property City
Newport News
Property State
VA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$1,500,000
Loan-to-Value
44.58%
Renovation Budget
$469,150
After-Repair Value
$2,300,000
Loan-to-After-Repair Value
49.39%
Property Neighborhood
Newport News
Location Type
Urban
Building Square Footage
9,416
Lot Square Footage
18,731
Lot Acreage
0.43
Borrower's Plan
Rehab and Rent
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Interest Rate
15%
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 $1,136,000 first-lien cash-out bridge loan with a construction holdback for a mixed-use repositioning project in Newport News.
The borrower needed renovation capital but was constrained by liquidity and leverage on the subject property alone. We cross-collateralized a free-and-clear condo to increase proceeds while maintaining conservative exposure, and financed 100% of the $469,150 construction budget, with funds held back and disbursed as work progressed.
With conservative leverage at stabilization supported by multiple collateral sources, the structure delivered strong downside protection while meeting the borrower’s capital needs. The cash-out provided required liquidity, and upon completion, the borrower plans to lease the property for commercial and event-based uses, supporting stabilized cash flow and a future takeout or sale.
Funded in February 2026, the 12-month loan carries a 15% interest rate with 12 months of guaranteed interest.
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.