Cetan Funds recently funded a commercial bridge loan in downtown Springfield, Oregon. We are excited to be playing a part in the revitalization of downtown Springfield.
The clients on this loan were experienced investors and developers getting construction financing on a mixed-use development project in downtown Springfield from a local bank. Unfortunately, the bank needed an additional cash injection to move forward on that project due to the changing market conditions and increasing interest rates. Meanwhile, the clients owned a different commercial building in downtown Springfield outright, but it was slated for another future redevelopment project and was vacant. The vacancy disqualified it from bank financing.
To help their borrowers leverage their equity in this vacant property, the bank referred them to us for a cash-out refinance with a commercial bridge loan. This short-term commercial loan provided them the capital they needed to move forward with their construction financing on the other project. It also gave them time to either lease-up and sell the vacant building or refinance it with another construction loan in the future to add another great redevelopment project to Springfield’s revamped downtown.
Loan Purpose
Location
Springfield, Lane County, Oregon
Loan Terms
$610,700 at 11.0% interest only for 24 months
