Cetan Funds recently funded an investment property bridge loan in Portland, OR. This loan was a refinance on a new build for a very active investor with a large portfolio. This single family property with a basement accessory dwelling unit was 95% complete, with only simple finishing touches required prior to receiving an occupancy permit. Other private lenders required he complete the house prior to refinancing. Our borrower was under contract on another investment property in Washington, but that contract’s closing deadline was going to pass prior to having this Portland property completed. We provided the refinance he needed, after verifying his contractors were on schedule to complete the property. Additionally, our borrower is placed with a mortgage broker lining up his conventional refinance for when this home is finished and fully leased.
$437,500 at 12% interest for 6 months