Cetan Funds recently funded a Salem fix and flip loan for 3 homes. All 3 homes were owned by a pair of investors who had acquired them as occupied rentals with significant deferred maintenance. They needed to leverage their equity in the properties, once the tenants vacated, to renovate the homes and make them marketable to sell.
Cetan provided a blanket construction loan on all 3 properties to help them quickly renovate and rehab all 3 homes simultaneously. This residential rehab loan was designed as a line of credit that could be drawn for repairs on all 3 properties. Once the homes were vacant, their contractors went right to work. Currently, one home is listed for sale with the other two following suit very soon.
$420,500 at 12% interest only on funds drawn for 12 months
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