Working With a Maui Lender

If you're not making an all-cash purchase, choosing the right mortgage lender for you is one of the most important first steps to buying real estate on Maui. Along with choosing the right agent to work with, the other professionals you have working for you can make a big difference in your buying experience. 

Maui Lenders

When selecting a lender to work with on your real estate purchase on Maui there are a few things to keep in mind. It is certainly important to understand the different loan options you have in front of you and to work with a lender that not only has expertise in those options but also in the different nuances associated with different property types.

Financing a primary residence is much different than financing short-term rentable condos, or condotels as they are known.  

When You're Ready to Reach Out to Someone

Call a Lender on Maui

Fortunately, local lenders have no problem financing condotels. Most condotel deals on Maui will go through First Hawaiian Bank. So, if purchasing a short-term rentable condo or a residential property, I recommend either going with First Hawaiian or with a local broker lender. 

When you’re ready to discuss your options and need someone reliable who can get your deal done, I recommend calling/emailing these three lenders to compare.

Local Maui Lenders

Here are a few great options for local lenders here on Maui who can help you with all of your financing needs. I have personally worked with these three and have seen great results for my clients by doing so. 

David Browne | Makai Mortgage | | 808-344-3414

Dan Bardenhagen | Northpointe | | 808-280-6168

Annie RaE Rathjen | Elite Lending | | 808-867-0309


Financing a Primary Residence or Residential Property

If you already live on Maui and are looking to secure a home for yourself or if you are moving to Maui intending to make the home your primary residence, this type of loan will provide the best rates. I always recommend that my clients work with local lenders, but it's not always necessary for a residential property. 

There are many benefits of working with a local Maui lender and in some cases, certain banks will give you points for opening a checking account with them to use for your withdrawals. If you already have an established relationship with a mainland bank or lender and you’re happy with them, I wouldn't steer you away from that though.

Maui Properties For Sale

Financing a Short Term Rentable Condo on Maui

When purchasing an investment property or vacation condo, the first thing to know is that mainland lenders can not reliably provide financing for short-term rentable condos. The designation ‘condotel’ isn’t clearly defined at every institution, but if the underwriter finds out the property is zoned for short-term rentals, they will not be able to finish the loan.

Furthermore, during the recent buying frenzy on Maui, sellers started to seriously scrutinize pre-qualification letters and request buyers work locally for their loans. It's all too known that mainland banks are often more than happy to provide a pre-approval letter and push the loan forward only to get 35 days into escrow and have the underwriters kill the deal based on the unit's condotel status. 

Also, some local lenders can approach these loans in different ways as the rates for financing the deal as a 2nd home versus the rates for financing it as an investment property can differ quite a bit. Working with a lender who can navigate the deal and work to help you lock in the best possible rate and terms can make a big difference in the ROI of your investment. 

If you require further recommendations, I'm happy to provide others as well, but in my experience, if one of these 3 can't get it done at a competitive rate, it's just not possible. I'm also happy to provide recommendations on other industry professionals if you are ever in need of one. Feel free to reach out to me anytime with any questions. 

Get In Touch!

Evan Harlow Maui

Evan Harlow is a Realtor on Maui who has the expertise, experience, and work ethic to help you achieve all of your real estate buying or selling goals. We promise exceptional service and support from the beginning of the process through closing and beyond.

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