Finance Factors, the state’s largest locally owned financial services loan company, has purchased two adjacent properties at the mauka corner of Waialae and 8th avenues to expand its branch network.
The primary acquisition is a two-story building that includes five commercial spaces and eight second-floor residential apartments. The company intends to use the back lot as parking for tenants and customers.
"We are excited to expand Finance Factors’ operations to the bustling neighborhood of Kaimuki and look forward to improving this local property," Steven Teruya, president and chief operating officer of Finance Factors, said Monday in a statement.
The bank, which has 13 branches, will renovate the exterior of the building, similar to what it did in Liliha and Manoa.
Finance Factors plans to apply shortly with the Federal Deposit Insurance Corp. and the state Division of Financial Institutions for approval to operate at that location, according to Corinne Tanna, vice president and marketing manager for Finance Factors.
The building site is occupied on the first floor by the Young Scale Co., which specializes in sales and service of mechanical and electronic scales; Siam Palace, a Thai restaurant; Kaimuki Video; and a vacant spot previously occupied by a camera store. On the second floor, besides the apartments, is Kirei Beauty Salon.
Tanna said no decision has been made yet regarding the existing businesses.
"They’ve just been told that Finance Factors is purchasing the property and we’ll communicate with them any future plans," Tanna said.
"No one has been told to vacate. We just closed on the property, and we’re going to renovate the premises, so plans have not been confirmed."
Tanna said it likely will take about a year before Finance Factors can open a new branch because of the improvements needed.
"We’d like to restore the entire property to the charm that is currently Kaimuki," she said. "We don’t currently have a branch in that area and think it’s a growing community. So we definitely would like a presence there."
