Fund That Flip closed the loan on this property on November 29, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided $1,296,183 to the developer at closing for an as-is loan-to-value of 77.6%. Fund That Flip is holding back $74,317 for 6 months of pre-paid interest.
The construction budget is $1,005,000. Fund That Flip will not finance any of the construction.
Over the course of the project, the developer will contribute an estimated $1,482,633 in equity, including an estimated $373,817 at the time of closing. The total loan-to-ARV is 39.2%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through February 28, 2017, 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 choose to grant the extension, investors will earn an additional one-time 0.5% fee on their investment.
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