Cetan Funds recently funded a residential construction loan in Depoe Bay, Oregon. The builder is self-contracting to potentially hold this property as a vacation rental. This speculative build is a 3-story home with stunning views of Boiler Bay, just north of Depoe Bay, on the beautiful Oregon coast. The home includes a 3-floor elevator for added accessibility, floor-to-ceiling windows on the upper floor living areas and a third-floor balcony looking over the bay.
The builder needed a lender that could work with him despite having only past experience in construction in a different state and despite his self-contracting arrangement. Cetan Funds offered him the streamlined process and flexibility he needed. The project has progressed very well so far and we cannot wait to see the finished product!
Loan Purpose
Location
Depoe Bay, Lincoln County, Oregon
Loan Terms
$480,000 at 11% interest only on the outstanding balance for 12 months
