Residential Construction Loan for Three Homes in Oceanside, Oregon

Cetan Funds recently financed a residential construction loan in Oceanside, Oregon for three homes. These spec homes are being built simultaneously and will be individually listed and sold to local buyers. The lots were purchased together by two investors who had prior experience constructing tiny shipping container homes in the area but were new to full-scale, ground-up stick-built construction. To maximize economies of scale, they planned to build all three homes at once. Despite their significant investment of time and resources, as well as a well-developed, practical project plan, they faced rejection from other lenders, including banks and private lenders. Financing multiple spec builds on the Oregon Coast can be challenging—but that’s where Cetan Funds excels.

We thoroughly reviewed the investors’ plans, budgets, experience, and the local market in Oceanside. Confident in the project’s viability, we provided a construction loan that closed once their permits were approved and was sufficient to cover vertical construction costs as well as loan fees and closing costs. These affordable homes address a critical housing need in the area, and upon completion, they are expected to sell quickly, with the loan likely repaid after the first two sales.

Construction is progressing smoothly, and we’re excited to see the finished homes soon!

Loan Purpose

Residential Construction

Cetan Funds specializes in providing residential construction loans to contractors and investors in Oregon. These short-term loans, typically lasting 6 to 18 months, are designed to bridge financing gaps and offer a fast, flexible alternative to traditional lenders. Whether you’re building spec homes, upgrading rental properties, or constructing residential investment properties, our residential construction loan process ensures quick approvals and funding, often within a week of submission.

Unlike conventional lenders, Cetan Funds caters specifically to residential construction contractors and investors, offering financing for projects that may not qualify for traditional loans. From distressed properties to new construction builds, our residential construction loans provide the support you need to complete your projects efficiently and confidently. We’re committed to helping you succeed and look forward to collaborating on your next venture.

Location

Oceanside, Tillamook County, Oregon

Loan Terms

$650,000 at 12.0% interest only on funds drawn for 12 months