Fund That Flip closed the loan on this property on June 30th, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided $83,625 to the developer at closing for an as-is loan-to-value of 76.0%. Fund That Flip is holding back $4,375 for 3 months of pre-paid interest.
The rehab budget is $50,000 and Fund That Flip is financing $47,625. The construction draws will be made in three equal distributions of $15,875 as work is completed and verified. The final draw will be release after all work is verified to be complete.
Over the course of the project, the developer will contribute an estimated $41,775 in equity, including an estimated $30,650 at the time of closing. The total loan-to-ARV is 57.1%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through September 30th, 2016, 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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