Cetan Funds recently funded the construction of a spec home in Silverton, Oregon. The builder will be building a moderate to high-end single family home in a new and popular subdivision. This borrower needed to purchase the lot and fund construction. He had an unencumbered rental property in his portfolio, which we were able to use as additional collateral to give him a higher advance with lower rates and fees. Interest is only charged on our borrower’s outstanding balance or draw schedule, giving him further interest savings as he gradually draws down his financing as the work is completed on this spec home in Silverton.
$355,000 at 10% interest for 12 months