Cetan Funds recently funded a commercial bridge loan in Molalla, Oregon for the purchase of a quarry. The buyers of the quarry had executed a lease-option to buy it at a heavily discounted price, but they discovered only a month before closing that they could not qualify at a bank due to mistakes their bookkeepers and CPA made.
Without our bridge loan, the sellers would have backed out of the deal and sold to someone else. The new owner would have surely kicked our borrowers out of the quarry, forcing them to close the business. Cetan provided them a commercial bridge loan to complete the purchase and save their profitable business, giving them time to correct the errors in their books and tax returns. Once their financials are fixed, we’ll send them back to the bank that referred the loan to us for their permanent financing.
Loan Purpose
Location
Molalla, Clackamas County, Oregon
Loan Terms
$2,100,000 at 12.00% interest for 30 months
