Conventional Loans around Big Island Hawaii
Do you know of a good real estate investor friendly lender for Hawaii?
Also looking for volcano insurance for Big Island.
Thanks!
Justine
Hi @Justine Lam
I recommend you contact Cary Chinn or Dennis Santiago - both are knowledgable investor friendly lenders. And both can also likely connect you with an insurance company. I'm unable to post their contact info so please message me directly if you'd like it.
Good luck and happy to answer any other questions you have - Aloha
-
Broker Hawaii (#RB-23916)
- 8083545772
- http://www.halepunahawaii.com
- [email protected]
Kendall Naya at Meyers Capital Hawaii was very helpful when I needed a portfolio loan for a STR.
You can also talk to Marcelle Loren with Island Mortgage. She's a small broker but investor friendly and very savvy.
As for volcano insurance - it's usually not worth it. For lava zones 1 and 2, the property sold there tends to be quite cheap because of the threat of lava - and extra insurance is quite expensive. Most homeowners policies in those areas are carefully written to exclude damage caused by volcanic activity (not just lava but earthquakes, ash, etc.) Because these areas are cheap and remote, they also tend to have pretty high crime rates. For investments these areas are extremely high risk and I would much rather avoid them altogether. If you decide to buy in these areas, understand the risk involved and be prepared to write it off if you get unlucky.
In lower risk lava zones, getting coverage isn't nearly so difficult or expensive with standard homeowners insurance.