About Hawaii Mortgage Central
Hawaii Mortgage Central is private money lender headquartered in Honolulu, HI. They provide funding in Hawaii. Their lending focus is mainly on loans for rental properties. The focus of their loans is on single family residences.
Loan Types Offered: Investment Property Loans
Property Types Covered: Single Family
Areas Served: HI
Licenses: NMLS# 375788
Lending Guidelines for Hawaii Mortgage Central
Below are the general loan guidelines published on the Hawaii Mortgage Central website. Please confirm all terms and rates directly with the lender.
Investment Property LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Hawaii Mortgage Central.
Loan Example 1
Fannie closes on a $300,000 rehab project in Honolulu, HI, using a hard money loan from Hawaii Mortgage Central. Since the lender sets a 50% loan to value, Fannie will be required to put 50% down and the total amount of the note will be $150,000. The note is interest only, paid monthly, and is for 12 months at 12% interest with 5 points to be paid at closing.
Therefore, the borrower will be required to contribute a $150,000 down payment in addition to paying a $7,500 origination fee. Once the deal closes, she will have to pay Hawaii Mortgage Central $1,500 in monthly interest fees, or 12% times $150,000 divided by 12 months in the year. If Fannie meets her goal of a $405,000 total sales price when the loan expires, she would make a gross profit of $79,500 after repaying the principle amount and subtracting the cash she paid at closing, the origination points, and the monthly interest payments.
Loan Example 2
Pearl finds a townhouse in Honolulu, HI to remodel and sell. Because she does not have enough cash to buy the property outright, she takes a hard money loan from Hawaii Mortgage Central with the following parameters:
$310,000 purchase price
70% loan to value (LTV)
6 month term
14% interest rate
3% origination fee
Pearl plans to list the property at the end of the term for $434,000. If she accomplishes her goal, the outcome would be the following:
$434,000 sales price
- $217,000 note principle (70% LTV)
- $93,000 down payment (30% on 70% LTV)
- $6,510 origination points (3% of the $217,000 principle)
- $15,190 total interest paid (6 months x 14% interest)
= $102,300 total profit (does not include taxes or rehab costs)
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