Cetan Funds recently funded a land development loan in Albany, Oregon for a small subdivision. This project is a partnership between an investor and a general contractor/homebuilder. Together they now own a lot that they are in the process of subdividing into 4 lots. This phase of the development includes planning, engineering and infrastructure installation costs. Once these “horizontal” improvements are done and the city of Albany approves their final plat, they plan to transition to building homes which they plan to sell upon completion. They’re working with a local engineering firm and the project is progressing nicely. Cetan Funds provided them additional funding to cover some of these development costs.
$245,000 at 12.00% interest only on funds outstanding for 12 months