2025 was not an easy year for real estate investors in Oregon and Southwest Washington. Higher rates, tighter bank credit, softer buyer demand, and rising construction costs forced investors to be more disciplined and creative than they had been in years.
At Cetan Funds, we responded by staying selective and focused. We funded projects that truly penciled, backed borrowers who understood risk, and structured loans that solved real problems rather than forcing deals into rigid boxes.
Over the course of the year, we provided financing across a wide range of project types, including:
- Fix-and-flip projects
- Ground-up residential construction
- Rental rehabs
- Small commercial construction
- Commercial rehabs, including hotel and restaurant remodels
- Multifamily construction and rehabs
- Residential and commercial bridge loans on improved property and bare land
To close out the year, we’re introducing what will become an annual tradition at Cetan Funds. Our Project Awards, highlighting standout deals across six categories:
- Biggest Transformation
- Fastest Close
- Most Complex Deal
- Most Creative Financing
- Most Distressed Property
- Best Comeback Deal
Below are the 2025 award winners.
Biggest Transformation of 2025: Fix-and-Flip Project in Eugene#
This project exemplifies why we enjoy lending on well-executed rehabs.
The property had sat in visible disrepair along a main Eugene roadway for years, with extensive deferred maintenance, outdated systems, and a roof that was actively failing.
The borrower completed a full-scale renovation including new roofing, windows, plumbing, HVAC, electrical, and a comprehensive cosmetic overhaul.
The finished result is a restored craftsman home with preserved character, a renovated secondary living space, and a large shop that adds real functional value.
A long-standing neighborhood eyesore is now a clean, livable home that improves the surrounding area.
Fastest Close of 2025: Roseburg Fix-and-Flip#
Speed made this deal possible.
The borrower identified an opportunity and needed certainty and fast execution to secure it. Because all underwriting and capital decisions are handled in-house, we were able to fully underwrite and approve the loan in one business day.
Once the title confirmed a clean report and signings were scheduled, funding followed quickly. The loan closed and funded in just five days.
The rehab was completed on schedule, and the property is now listed for sale. This deal highlights the advantage of private capital when timing matters.
Most Complex Deal of 2025: Brookings Six-Home Construction Loan#
This project involved a single construction loan covering six speculative homes across six lots, using three different floor plans. The complexity went well beyond the scope of a typical construction loan.
Key challenges included an existing high-leverage land loan, title transfers between related entities, and borrower self-contracting through an affiliated construction company.
We worked through each issue by restructuring the existing land debt, paying down a portion at closing, and setting up loan terms that allowed individual homes to be sold as they were completed.
Ownership and financing were reorganized at closing to keep everything aligned.
All homes are now complete, with one sold, one under contract, and steady buyer interest in the remaining listings.
Most Creative Financing of 2025: Roseburg Fix-and-Flip #2#
This deal required a flexible capital stack that most traditional lenders would not consider.
The structure combined private financing from Cetan Funds with seller carry financing, resulting in nearly full project funding and minimal cash required from the borrower.
Because the borrowers were repeat clients with a strong track record, we were comfortable customizing the structure to fit the opportunity. Approximately two-thirds of the project was funded through our loan, with the seller financing the balance.
The rehab is complete, the property is pending sale, and projected returns remain strong despite limited upfront capital.
Most Distressed Property of 2025: Portland House Fire#
At the time of funding, this property had suffered significant fire damage. Portions of the roof and siding were destroyed, and the interior was fully gutted.
Many lenders would not consider a project in this condition.
What made the difference was the borrower, who is an experienced investor and contractor.
The fire damage had been mitigated by the seller, and the borrower provided a detailed scope of work, realistic budget, adequate insurance, and strong contingency planning, giving everyone confidence in the project moving forward.
The loan recently closed, and rehabilitation is now underway.
Best Comeback Deal of 2025: Corvallis Commercial Bridge Loan#
This project started with a bank denial.
A local construction business was turned down for a cash-out refinance due to office exposure concerns and bookkeeping issues, despite owning valuable real estate and operating a viable business.
We took a deeper look at the full picture. By providing bridge capital, we helped consolidate debt, stabilize operations, and give the borrower time to clean up financials.
The result was a successful refinance into a long-term bank loan at a significantly lower rate. A deal that initially stalled ultimately found a path forward.
Looking Ahead to 2026#
Markets will continue to change. What doesn’t change is the need for capital that’s flexible, responsive, and grounded in real-world execution.
As we move into 2026, Cetan Funds remains committed to funding smart projects with experienced borrowers across Oregon and Southwest Washington.
With in-house underwriting and funding often completed within a week, we help investors move quickly when opportunities arise.
If you’re planning your next project, contact us today.
BORROWER FAQs#
What is a Private or Hard Money Loan?
Private and hard money loans come in many variations, but most are short-term loans provided by an investor or group of investors when conventional financing is unattainable or undesirable.
Most private lenders and hard money lenders, like Cetan Funds, finance projects like fix and flip rehabs, rental properties, commercial bridge loans, land development, and many other unusual or unconventional properties and projects. A private or hard money loan can help real estate investors, developers, builders, and small businesses grow their portfolios and businesses faster than they could on their own.
Here at Cetan Funds, we empower people to build wealth through real estate.
Why choose hard money vs. bank loans?
Hard money (or private) loans are built for speed and flexibility. Banks often require months of paperwork, strict borrower qualifications, and rigid underwriting standards. At Cetan Funds, we base our lending decisions primarily on the value and potential of the property, not just the borrower’s financial profile. This means we can finance properties and projects banks typically decline due to condition, complexity, or unusual circumstances.
Hard money loans are ideal for time-sensitive opportunities like fix-and-flip projects, new construction, or land development.
Where Does the Money You Lend Come From?
Cetan Funds offers two pooled private equity fund investments for Oregon residents who qualify and accredited investors. Our two funds, called Cetan Income Fund and Cetan Opportunity Fund, serve as the primary source of capital for the loans that Cetan Funds originates.
Rather than matching individual investors to individual loans, or borrowing capital from banks or Wall Street as many hard money lenders do, at Cetan Funds, we manage our own pool of funds. The investors own shares of their fund limited liability company and the principals of Cetan Funds manage the portfolio of loans owned by the fund. All loans are serviced by Cetan Funds. To learn more about the advantages of this structure, please contact us.
What Types of Loans Does Cetan Funds Finance?
We can lend on most commercial and residential property in Oregon and SW Washington if the loan is for business or investment purposes. We provide short-term financing for bare land, land development, new construction, rehabs, and residential and commercial bridge loans.
Do You Lend on Primary or Secondary Residences?
No. We can only lend for business or investment purposes and do not lend on owner-occupied residential properties. Check out our blog to learn more about what we do and what we don’t do.
Where Do You Lend?
We lend exclusively in Oregon and SW Washington because we know the market well and are committed to helping grow our local market. We lend primarily in Western, Southern and Central Oregon with an occasional loan in Southwestern Washington.
Do You Only Look at the Property/Collateral?
While we are primarily a “collateral-based lender,” we do not solely look at the property/collateral. In our experience, who you lend to is just as important as what you lend on.
We strive to build long-term relationships with our borrowers, and we cannot achieve that if we focus solely on their real estate. So, we also take into consideration character, capacity, capital, and other conditions.
Weighing these important factors, which are often overlooked by other private and hard money lenders, helps us accurately measure risks for both our borrowers and our investors while allowing us to offer better all-around results for our clients.
Do You Have Minimum or Maximum Loan Sizes?
How Long Are Your Loans?
We offer loans as short as 3 months and as long as 60 months; however, most of our loans are for 6 to 12 months. Plus, we build in automatic extensions to every loan to ensure borrowers have time to deal with unexpected events and circumstances.
What Are Your Application and Underwriting Requirements?
Cetan Funds loans are customized to fit each specific scenario. Therefore, application and underwriting requirements can often vary depending on the situation. Typically, we require the following:
For Applications:
- Cetan Funds Business Loan Application (online form, link provided by your loan officer)
- Personal financial statements for all loan guarantors (form provided)
- Property/project description
- Summary of construction or investment experience (if applicable)
For Underwriting:
- 2 years of tax returns for all loan guarantors
- 3-6 months of bank statements
- Project/property-specific documentation (such as purchase/sale agreements, lease agreements, business financials, etc.)
- Detailed rehab or construction plans and budgets (if applicable)
Please contact us for more information on the application and underwriting requirements for your specific scenario.
How Fast Can I Get a Loan Decision?
How fast is funding?
We pride ourselves on moving quickly. Loan decisions are typically made within 1–2 business days, and pre-approval can often be issued just as fast. Once approved, we can close and fund in as little as 3–5 business days, depending on the project and documentation. That speed lets you secure capital and act on opportunities without the delays common with traditional lenders.
Can I Get Pre-Approved?
How Fast Can You Fund and Close a Loan?
As quickly as 3-5 days.
What is Your Minimum Down Payment?
What Are Your Interest Rates?
Rates vary depending on the project. Typically, annual interest rates are 10-12%. Interest is only charged on the outstanding balance. Therefore, interest is not charged on construction or rehab funds until they are drawn. So, for most of our short-term construction and rehab loans, borrowers actually incur far less than 10-12% in interest expense. For more information, please contact us.
What Are Your Loan Fees?
Origination fees vary depending on the project. Typically, origination fees are 2-4% of the loan amount. We also charge a $995-$1,495 administrative fee at closing.
Can I Live in the Property While I Have This Loan?
Unfortunately, no. Our borrowers cannot live in the residential properties we finance for them.
The only exception is in very specific commercial loan scenarios. If you wish to get a loan on a property you would like to live in now, or in the future, please contact us so we can help you find a lender for that. We are happy to help.
Can I Pay Off My Loan Early?
Do You Fund Rehab and Construction Loans?
On Rehab or Construction Loans, Do You Charge Interest on the Full Loan Commitment?
No. Interest is only charged on the outstanding balance.
How Do Construction Draws Work With Your Loans?
Construction draws are typically disbursed for work completed, materials purchased, or subcontractor invoices ready to be paid. Borrowers work directly with their loan officer, their main point of contact from start to finish on the project, to submit draw requests up to twice per month.
We do not charge fees for construction draws. Draw requests include a breakdown of the items awaiting reimbursement or payment, evidence showing the completed work or materials on site, and copies of subcontractor invoices or receipts over $2,500-5,000. Draws are typically processed in 24-48 hours.
Do You Fund Loans on Bare Land?
Yes, we provide bare land loans. Each situation is different. Please contact us for details.
Do You Finance Mobile or Manufactured Homes?
What is “Cetan”?
Cetan comes from the Lakota language and means “hawk spirit.” We chose it to represent the values we bring to lending: vision to see opportunities, loyalty in building long-term relationships, and speed in delivering funding when it’s needed most.
Supporting local organizations like the Cascades Raptor Center also helps us honor that connection to hawks and our beautiful raptors in the Pacific Northwest while giving back to the community.