Kauai Dreams Realty

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Lenders and Loan Officers on Kauai

Why use a lender on Kauai?

If you are thinking about purchasing land, a home or a condo on Kauai. Here a few reasons why I recommend working with a lender or loan officer on Kauai:

1. They are Familiar with our Idiosyncrasies

For example, Kauai has many Condominium Property Regimes (CPR’s) and Condo-Hotels (condo-tels). Most mainland lenders do not understand that we have 2 unit CPR’s that look like regular stand alone homes. Secondly, we have Condo-tels which mainland lenders see as hotels. A lender may not understand on how we classify some of our properties and not want to lend on them. Therefore, I highly recommend using an on island lender especially for condo-tels. Condo-tels on Kauai are condos that have an active front desk. Like Waipouli Beach Resort, Plantation Hale, Koloa Landing, and Banyan Harbor are a few.

kiahuna plantation

Kiahuna Plantation a Condo-tel in Poipu


2. Closing on Time

Closing on Time is important to everyone! Buyers want to move in, Sellers want their money and Realtors want to keep their stress levels low.

On Kauai we have an appraisal shortage. If you loan requires an appraisal then the appraisal needs to be ordered immediately.

I once had a buyer using a mainland lender and I explained we need to order the appraisal ASAP. The lender kept telling me “Don’t worry we have a lot of time.” We ended up closing late past our scheduled closing date.

Lenders on Kauai know how long the wait is for an appraisal and will order it as soon as we get an accepted contract.

3. They are Reachable

Communication is essential in every transaction. We know how to contact the lenders here, we have most likely worked with them or their company before. Kauai is very small even if they don’t answer their phone we will know how to find them to get answers.

Exceptions… Right now I’m working with a client who has a complicated income stream therefore we decided it would be better for them to work with their mainland lender who is familiar with their situation.

Here are some Kauai lenders that I recommend:

 

Land Loans, Conventional loans – Gather Federal Credit Union & Kauai Government Federal Credit Union

Conventional, FHA, VA loans – Guardian Residential Lending, Valerie Harjo

FHA Rehab loans, FHA, VA, Conventional – Homebridge, Lisa Ledesma

Conventional loans, FHA, VA, FHA – Island Pacific Mortgage

Conventional, Leasehold loans, Department of Hawaiian Home Lands (DHHL) Loans, FHA, USDA – Security National Mortgage Company, Malama Kealoha

 

Why getting pre-qualified first matters

It is very important to get pre-qualified or pre-approved before looking at property on Kauai. Even before booking a plane flight here. That way a buyer can start getting an idea of the properties they can afford online and have their expectations set. Making the best use of your time when viewing properties with a Realtor.

Be sure to check on our latest COVID guidelines and abide by our state and county travel guidelines. Our states and counties are heavily reinforcing their laws and rules. See this link for more information: https://www.kauai.gov/covid-19

Find out more on relocating to Kauai on this blog.

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