Fund That Flip closed the loan on this property on December 22, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $163,985 to the developer at closing for a loan to purchase of 58.6%. Fund That Flip is holding back $5,405 for 3 months of pre-paid interest.
No construction will be done on this property. The property was purchased as a tenanted rental property. The borrower will continue to hold the property as a rental and refinance out of FTF's loan with another lender.
Over the course of the project, the developer will contribute an estimated $133,031 in equity, including an estimated $116,015 at the time of closing. The total loan-to-ARV is 64.6%. There is a 3 month pre-payment penalty, meaning investors will earn interest through March 22, 2018, even if paid back earlier. The term of the underlying loan is 6 months with an option to extend for an additional 3 months. Should Fund That Flip choose to grant the extension, investors will earn an additional one-time 0.5% fee on their investment.
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