Cetan Funds recently funded a cash-out refinance in Portland, Orgeon for the purchase of a rental property for a local business owner. The borrower and his business had unfortunately been hit hard by the pandemic-related restrictions and shutdowns. He and his wife owned a townhome in Portland that they held as a single-family rental. Despite the fact that they owned it free and clear, they found themselves unable to qualify for traditional financing.
So, they contacted Cetan Funds seeking a hard money loan to complete a cash-out refinance of their rental, replenish their liquidity, payoff business debts and repair their credit. We were able to quickly process their application and have their loan approved for funding in just a few days. Now their credit reports are on the mend and they will seek a conventional loan to payoff the residential bridge loan we provided them.
$125,000 at 12% interest only for 2 years
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