Cetan Funds recently funded a fix and flip project in Medford, Oregon, which also included a small cluster subdivision. The property was a large parcel with an existing home in disrepair. The borrowers, who are skilled contractors, will preserve small portions of the original house while doing a large addition, practically a rebuild. At the same time, they will be completing a partition of the property to create 3-4 new lots for future new home construction. The subdivision will include infrastructure improvements that Cetan will also fund after approvals from the city planning department. These borrowers will sell the home after it has been rebuilt and split off from the rest of the property. If all goes as planned they will be able to repay this Cetan loan with the sale of the house and own the remaining development free and clear. Cetan will then potentially help them with the construction financing for the new homes.
$260,000 at 12.00% interest for 12 months
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