2025 was not an easy year for real estate investors in Oregon and Southwest Washington. Higher rates, tighter bank credit, softer buyer demand, and rising construction costs forced investors to be more disciplined and creative than they had been in years.
At Cetan Funds, we responded by staying selective and focused. We funded projects that truly penciled, backed borrowers who understood risk, and structured loans that solved real problems rather than forcing deals into rigid boxes.
Over the course of the year, we provided financing across a wide range of project types, including:
- Fix-and-flip projects
- Ground-up residential construction
- Rental rehabs
- Small commercial construction
- Commercial rehabs, including hotel and restaurant remodels
- Multifamily construction and rehabs
- Residential and commercial bridge loans on improved property and bare land
To close out the year, we’re introducing what will become an annual tradition at Cetan Funds. Our Project Awards, highlighting standout deals across six categories:
- Biggest Transformation
- Fastest Close
- Most Complex Deal
- Most Creative Financing
- Most Distressed Property
- Best Comeback Deal
Below are the 2025 award winners.
Biggest Transformation of 2025: Fix-and-Flip Project in Eugene
This project exemplifies why we enjoy lending on well-executed rehabs.
The property had sat in visible disrepair along a main Eugene roadway for years, with extensive deferred maintenance, outdated systems, and a roof that was actively failing.
The borrower completed a full-scale renovation including new roofing, windows, plumbing, HVAC, electrical, and a comprehensive cosmetic overhaul.
The finished result is a restored craftsman home with preserved character, a renovated secondary living space, and a large shop that adds real functional value.
A long-standing neighborhood eyesore is now a clean, livable home that improves the surrounding area.
Fastest Close of 2025: Roseburg Fix-and-Flip
Speed made this deal possible.
The borrower identified an opportunity and needed certainty and fast execution to secure it. Because all underwriting and capital decisions are handled in-house, we were able to fully underwrite and approve the loan in one business day.
Once the title confirmed a clean report and signings were scheduled, funding followed quickly. The loan closed and funded in just five days.
The rehab was completed on schedule, and the property is now listed for sale. This deal highlights the advantage of private capital when timing matters.
Most Complex Deal of 2025: Brookings Six-Home Construction Loan
This project involved a single construction loan covering six speculative homes across six lots, using three different floor plans. The complexity went well beyond the scope of a typical construction loan.
Key challenges included an existing high-leverage land loan, title transfers between related entities, and borrower self-contracting through an affiliated construction company.
We worked through each issue by restructuring the existing land debt, paying down a portion at closing, and setting up loan terms that allowed individual homes to be sold as they were completed.
Ownership and financing were reorganized at closing to keep everything aligned.
All homes are now complete, with one sold, one under contract, and steady buyer interest in the remaining listings.
Most Creative Financing of 2025: Roseburg Fix-and-Flip #2
This deal required a flexible capital stack that most traditional lenders would not consider.
The structure combined private financing from Cetan Funds with seller carry financing, resulting in nearly full project funding and minimal cash required from the borrower.
Because the borrowers were repeat clients with a strong track record, we were comfortable customizing the structure to fit the opportunity. Approximately two-thirds of the project was funded through our loan, with the seller financing the balance.
The rehab is complete, the property is pending sale, and projected returns remain strong despite limited upfront capital.
Most Distressed Property of 2025: Portland House Fire
At the time of funding, this property had suffered significant fire damage. Portions of the roof and siding were destroyed, and the interior was fully gutted.
Many lenders would not consider a project in this condition.
What made the difference was the borrower, who is an experienced investor and contractor.
The fire damage had been mitigated by the seller, and the borrower provided a detailed scope of work, realistic budget, adequate insurance, and strong contingency planning, giving everyone confidence in the project moving forward.
The loan recently closed, and rehabilitation is now underway.
Best Comeback Deal of 2025: Corvallis Commercial Bridge Loan
This project started with a bank denial.
A local construction business was turned down for a cash-out refinance due to office exposure concerns and bookkeeping issues, despite owning valuable real estate and operating a viable business.
We took a deeper look at the full picture. By providing bridge capital, we helped consolidate debt, stabilize operations, and give the borrower time to clean up financials.
The result was a successful refinance into a long-term bank loan at a significantly lower rate. A deal that initially stalled ultimately found a path forward.
Looking Ahead to 2026
Markets will continue to change. What doesn’t change is the need for capital that’s flexible, responsive, and grounded in real-world execution.
As we move into 2026, Cetan Funds remains committed to funding smart projects with experienced borrowers across Oregon and Southwest Washington.
With in-house underwriting and funding often completed within a week, we help investors move quickly when opportunities arise.
If you’re planning your next project, contact us today.
For more information on how Cetan Funds can finance your real estate project, please fill out our inquiry form below. We will respond in two business days.
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BORROWER FAQs
What is a Private or Hard Money Loan?
A private or hard money loan is a short-term, business-purpose loan secured by real estate. These loans are typically used when traditional bank financing is unavailable, too slow, or not well suited to the project.
At Cetan Funds, private loans are used for fix and flip projects, rental rehab loans, residential and commercial bridge loans, construction projects, and land development. Our loans are designed for real estate investors, developers, builders, and businesses executing time-sensitive or transitional projects.
Here at Cetan Funds, we empower people to build wealth through real estate.
Why choose a private or hard money loan instead of a bank loan?
Private loans are built for speed and flexibility. Banks often require lengthy documentation, rigid underwriting, and properties that already meet strict conditions or income requirements.
Cetan Funds focuses primarily on the property, project, and exit strategy. This allows us to finance properties and scenarios that banks frequently decline due to condition, timing, complexity, or transitional use.
Private loans are commonly used when execution speed matters or when a project does not yet qualify for permanent financing.
Where does your lending capital come from?
Cetan Funds originates loans using capital from two pooled private equity funds. These funds are invested in by qualified Oregon residents and accredited investors, depending on the fund.
Rather than matching individual investors to individual loans or borrowing from banks or Wall Street, all capital is pooled and managed internally. Loans are held in portfolio and serviced by Cetan Funds.
This structure provides funding certainty, faster execution, and consistency throughout the life of the loan.
What types of loans does Cetan Funds offer?
We provide short-term, business-purpose loans secured by real estate, including:
- Fix and flip rehab loans
- Rental rehab loans
- Residential bridge loans
- Residential construction loans
- Commercial bridge loans
- Commercial construction loans
- Land development loans
All loans are for investment or business use only.
Do You Lend on Primary or Secondary Residences?
No. We do not lend on owner-occupied primary or secondary residences. All loans must be for business or investment purposes. Check out our blog to learn more about what we do and what we don't do.
Where Do You Lend?
We lend exclusively in Oregon and Southwest Washington. Our focus is on markets we know well and can evaluate accurately.
Do you only look at the property or collateral?
No. While collateral is critical, we also evaluate the borrower, project, and exit strategy.
We consider experience, capital, capacity, and overall risk profile. Our goal is to build long-term relationships, not just make one-off loans.
Do you have minimum or maximum loan amounts?
Loan amounts vary by product and scenario.
- Our minimum loan size is $50,000
- Maximum loan sizes vary by product and can reach up to $5 million for commercial loans
Please contact us to discuss your specific project.
How Long Are Your Loans?
Most of our loans are short-term, typically ranging from 6 to 18 months, depending on the product. Many loans include extension options to provide flexibility if timelines change.
What Are Your Application and Underwriting Requirements?
Requirements vary by loan type, but generally include:
- Borrower background and experience
- Property and project details
- Exit strategy
- Personal Financial Snapshot
- Bank statements
- Credit check
Construction, rehab, commercial, or land projects may require additional documentation such as plans, budgets, permits, or tax returns.
How Fast Can I Get a Loan Decision?
Loan decisions are typically made within 1–3 business days, depending on loan type and complexity.
How fast can you fund?
Once approved, loans can often fund within 3–7 business days, depending on documentation, title, and project readiness.
Can I Get Pre-Approved?
Yes. Many borrowers obtain pre-approvals to strengthen offers or prepare for upcoming projects. Pre-approvals typically take 1–2 business days.
What is the typical cash requirement?
Cash requirements vary by loan type and structure. Many projects require approximately 10% cash or equivalent equity contribution, subject to underwriting.
What Are Your Interest Rates?
Rates vary by loan type and risk profile. Typical interest rates range from 11–12%.
Interest is charged only on the outstanding loan balance, not on undrawn funds.
What fees should I expect?
Origination fees generally range from 2–3%, depending on the loan. Administrative fees typically range from $995 to $1,495.
Can I Live in the Property While I Have This Loan?
Unfortunately, no. Our borrowers cannot live in the residential properties we finance for them.
The only exception is in very specific commercial loan scenarios. If you wish to get a loan on a property you would like to live in now, or in the future, please contact us so we can help you find a lender for that. We are happy to help.
Can I Pay Off My Loan Early?
Yes. Most loans do not carry a prepayment penalty. Specific terms vary by loan and will be outlined in your loan documents.
Do You Fund Rehab and Construction Loans?
Yes. Rehab and construction loans are core products at Cetan Funds.
Do you charge interest on the full loan commitment?
No. Interest is charged only on the outstanding balance.
How do construction or rehab draws work?
Borrowers submit draw requests directly to their loan officer. Draws are typically based on completed work, materials on site, or invoices ready to be paid.
We do not charge draw fees. Draws are usually processed within 24–48 hours once documentation is received.
Do You Fund Loans on Bare Land?
Yes. We provide bare land acquisition and refinance loans, subject to underwriting.
Do You Finance Mobile or Manufactured Homes?
Yes, if the home is classified as real property, affixed to a permanent foundation, and deeded with the land.
What is “Cetan”?
“Cetan” is a Lakota word meaning “hawk spirit.” It represents vision, speed, and loyalty. These values reflect how we approach lending and long-term partnerships.
Supporting local organizations like the Cascades Raptor Center also helps us honor that connection to hawks and our beautiful raptors in the Pacific Northwest while giving back to the community.