Cetan Funds recently funded a commercial bridge loan for a local business to acquire a residential property that was previously used as a small, private elementary school. Given the classification of this property as a special-use asset, the commercial bank they were working with could not lend enough to make the deal happen. Cetan Funds was able to bridge the gap for them.
The borrowers operate a company which offers support programs and classes for families with children with developmental disabilities or long-term financial hardships. This unique property was the perfect building to facilitate an expansion of this business. It consisted of two buildings, one former educational building with classroom space and plenty of storage, and one dwelling with great potential as a small assisted living or long-term care facility. Now this organization can continue to grow and provide a much needed service for families in need in our local community, improving their finances in the process and eventually securing a refinance into a more permanent commercial loan from the bank that referred the loan to us in the beginning.
$445,000 at 12.00% interest for 24 months