Cetan Funds recently funded a manufactured home construction and installation loan for two new homes in Yoncalla, Oregon, about halfway between Eugene and Roseburg. When our borrower acquired this property, it had an old manufactured home on it of little to no value. To maximize the property value, they partitioned the property, creating two roughly equal-sized lots.
Now they will remove the existing structures and install two new manufactured homes, one on each lot. Once the homes are built and installed, they will sell for a profit. They are working with a local manufactured home distributor and partnering with their local contractor for the site work. The homes will be ready in about six months and hopefully sold shortly thereafter.
Cetan Funds provided the short-term construction financing they needed. We will help cover the costs of site work and construction and installation of the homes. We were also able to roll fees and interest reserves into the loan to help the borrower preserve their capital. The borrower stands to make a healthy profit when it is all done!
$250,000 for 12 months, 1% interest per month charged on the outstanding balance