Cetan Funds recently funded a duplex rehab loan in Eugene, Oregon. Not only were the borrowers renovating the two units, but they were dividing them into separate detached single-family homes and then completing a land partition to both sell them off individually and create a new lot to build on behind them. At Cetan Funds we love these creative opportunities to add value and create housing opportunities for our community. These borrowers are experienced and have assembled a great team to execute the project. We were able to fund the remodels of the units, costs of their split and some of the land development/partitioning costs with this duplex rehab loan.
Upon completion, rather than being stuck with one investment property, they will have created three starter homes to sell to aspiring homeowners in Eugene/Springfield. Homes in this price point in South Eugene are hard to find, so we’re all confident they will sell and sell quickly once finished.
$725,000 at 11% interest only on funds drawn for 18 months
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