Cetan Funds recently funded a fix and flip loan in Vancouver, Washington. This loan was on a single-family home in need of some updates but with a lots of potential including a large lot that could be developed in the future. The borrower was a young entrepreneur building their real estate investment portfolio. With a few successful projects under their belt in another state, they recently relocated to Washington to begin investing in the Vancouver and Portland area. They needed a local lending partner offering flexibility and partnership, and willing to work with someone without extensive local experience.
We had this borrower preapproved within a day of their original application. Then, when they found this property and wanted to jump on the opportunity, we helped provide the preapproval and proof of funds letter they needed to make a competitive offer. After acceptance and a brief wait to clear title, we closed on the property.
For this fix and flip loan in Vancouver, Cetan Funds is funding 100% of the renovations after funding 88% of the purchase price at closing. The borrower is excited for their first fix and flip project in Vancouver, and we’re equally excited to see the property’s transformation when they’re done.
$297,500 at 12% interest only on funds drawn for 6 months