Sunshine Ranch

Raising $5,000,000 to build a rental property in Hawaii

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Vacation rental in Hawaii

In 2020 I have purchased a vacant lot in Oahu, Hawaii for $850,000 and since then the value of the land  has doubled.
I want to build a luxurious rental property that has 18,000 square feet (which is the maximum according to local restrictions/city code).  
With the current construction rate of $250 per square foot, the construction cost is 18,000 x $200 = $3,600,000.
I currently have a 3 year interest-only land loan for $626,000 and, depending on the interest rate on the loan I can get for the construction,  I may need funds to pay off $626K, which brings total loan amount to $4,226,000.  In addition to this, I will need to cover the interest on the construction loan , property taxes and insurance.
So I am looking for a 3-year interest-only loan to construct rental property.
Once built, the value of the property will be $9,000,000 because real estate in the area sells for an average of $500 per square foot. (the range is $400 - $600 per square foot), which exceeds the construction costs by $4,000,000.

Once rental property is constructed, and the ineterest-only loan is refinanced into a 30 year mortgage, I expect to have at least 8 renters at $300 per day which amounts  to $72,000 per month, which is sufficient to cover all the expenses and operation costs and provide enough profit.

The property will be able to accommodate the maximum of 15 renters (families) - about 1,000 sq. feet per family - so the maximum income that can be obtained is 15 x $300 x 30 days = $135,000 per month.  

The current demand for high quality clean rentals is very high in the area with people booking half a year or more in advance, so there shouldn't be any issues with finding tenants.

So, to summarize, I am looking for 5,000,000 interest-only construction loan to build a luxurious rental property the value of which will be 9,000,0000 with monthly income up to $135,000.

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