Fund That Flip closed the loan on this property on July 27th. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided $116,700 to the developer at closing for an as-is loan-to-value of 77.8%. Fund That Flip is holding back $3,300 for 3 months of pre-paid interest.
The rehab budget is $66,000 and Fund That Flip will not finance any of the rehab budget.
Over the course of the project, the developer will contribute an estimated $120,900 in equity, including an estimated $38,400 at the time of closing. The total loan-to-ARV is 43.6%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through October 27th, 2016, even if paid back earlier. The term of the underlying loan is 12 months with an option to extend for an additional 3 months. Should Fund That Flip chose to grant the extension, investors will earn an additional one-time .5% fee on their investment.
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