Cetan Funds recently funded a construction loan for vacation homes in Rockaway Beach, Oregon. This loan was to a savvy, new builder who had picked up the land for a great deal in order to build 3 new vacation homes. He had invested significantly in the project and had already began construction, but soon realized he would need additional funding if he wanted to stick with his plan of building all 3 homes at once.
After being turned down by other lenders who either did not do construction financing or could not fund 3 builds at one time, he came to us at Cetan Funds. We quickly determined the project was a winner and got him approved. We closed shortly thereafter, and with our additional funding in place the project is going very well. He expects to have these beautiful vacation homes finished and on the market this Spring or early Summer.
Loan Purpose
Location
Rockaway Beach, Tillamook County, Oregon
Loan Terms
$820,000 at 11.0% interest only on funds drawn for 12 months
