Fund That Flip closed the loan on this property on April 25, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $35,947 to the developer at closing for a loan to purchase of 49.9%. Fund That Flip is holding back $2,453 for 3 months of pre-paid interest.
The construction budget is $100,750. Fund That Flip will finance $38,100 of the total construction budget. Fund That Flip disburses constructions 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 the percentage of completion of the project. Fund That Flip expects to make 4 construction draws, but may schedule additional inspections as needed. 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 $104,657 in equity, including an estimated $36,053 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 July 25, 2017, 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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