Fund That Flip closed the loan on this property on June 28th, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided $106,050 to the developer at closing for an as-is loan-to-value of 75.8%. Fund That Flip is holding back $5,950 for 3 months of pre-paid interest.
The rehab budget is $55,000 and Fund That Flip will finance $52,050 which will be released to the borrower as work is completed. The construction draws will be made in three equal distributions of $17,350 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 $55,350 in equity, including an estimated $40,500 at the time of closing. The total loan-to-ARV is 65.4%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through September 28th, even if paid back earlier. The term of the underlying loan is 6 months with a 3 month option to extend. In the event of an extension, investors will receive their pro-rata share of an additional .5% extension fee.
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