Cetan Funds recently funded a residential rehab loan in Seaside, Oregon for a local investor and contractor. The borrower, an experienced business owner with multiple properties in the area, secured a favorable deal on the purchase of a unique property. This project includes converting a former dance studio back into a 3-bedroom, 2-bath single-family home, as well as renovating a mobile home situated on its own land. Both properties will be held as long-term rentals, contributing to the borrower’s growing portfolio.
Cetan Funds structured the residential rehab loan to cover both the purchase and renovation of the properties. Despite a complex sale due to the selling estate, we were able to meet the borrower’s tight closing deadline. The project is already underway, and we’re excited to see how the completed renovations turn out.
Loan Purpose
Cetan Funds specializes in residential rehab loans designed for investors looking to purchase and renovate properties to hold as rentals. These loans allow investors to improve the property value while securing long-term rental income. After the renovations are complete, borrowers typically refinance with a long-term lender.
Our residential rehab loans can finance up to 90% of the project costs, including renovation expenses. With terms of 6 to 12 months and interest charged only on the outstanding balance, these loans offer flexibility for investors to maximize the return on their investment while building a strong rental portfolio.
Location
Seaside, Clatsop County, Oregon
Loan Terms
$465,000 at 12.0% interest only on funds drawn for 6 months
