Cetan Funds recently funded a multifamily construction loan in Gervais, Oregon, a small community just north of Salem and south of Woodburn. This loan will finance the construction of much-needed apartments in an underserved area. The development includes two fourplexes for a total of eight units.
The client is an experienced builder and developer who tried to work with a local credit union for the construction financing, but struggled with the cumbersome process of a traditional commercial construction loan. He wanted something more streamlined that could help him move quickly without delays caused by paperwork and bureaucracy.
Cetan Funds was able to close on his multifamily construction loan in less than two weeks so he could focus on what he does best: building. Upon completion, he will return to the credit union for long-term financing to hold these units as rentals in his growing portfolio.
Loan Purpose
Location
Gervais, Marion County, Oregon
Loan Terms
$1,500,000 at 11.0% interest only on funds drawn for 24 months
