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!
$480,000 at 11% interest only on the outstanding balance for 12 months
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