Cetan Funds recently provided funding for a new 46-lot subdivision construction loan in Sweet Home, Oregon. This loan will provide financing for the infrastructure and land development work as the builder installs roads and utilities. Additionally, the builder received special approval from the city to begin construction on the first home while the infrastructure is being installed. So, our loan also financed ground-up construction on Lot 1 with a commitment to fund a credit line for the simultaneous construction of up to 5 homes once they can get city approval to build on the remaining lots.
The builder of this subdivision construction loan in Sweet Home has 5 house plans ranging from about 1,000 square feet up to 1,800 square feet. He plans to price each home reasonably so they sell quickly in this hot market where housing inventory is at record lows. We are proud to be a financing partner with this ambitious builder as he seeks to provide affordable housing to a community in need.
$2,160,000 at 11.00% interest for 24 months