Fund That Flip closed the loan on this property on June 15, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $92,467 to the developer at closing for a loan to purchase of 71.1%. Fund That Flip is holding back $3,533 for 3 months of pre-paid interest.
The construction budget is $60,000. Fund That Flip will finance 0.0% of the total construction budget. Fund That Flip disburses construction funds based on verification of work performed, as determined by an independent 3rd party inspection firm. Fund That Flip reviews each inspection report and releases funds based on project completeion percentage. Fund That Flip does not expect to make any construction draws, but may schedule additional inspections as needed. The final draw will be released after all work is verified to be complete.
The construction budget is $60,000. Fund That Flip will not be financing the construction rehab for this loan but we have verified the borrower’s reserves to be sufficient to complete the project.
Over the course of the project, the developer will contribute an estimated $105,067 in equity, including an estimated $37,533 at the time of closing. The total loan-to-ARV is 37.3%. There is a 3 month pre-payment penalty, meaning investors will earn interest through September 15, 2017, even if paid back earlier. The term of the underlying loan is 9 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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