Fund That Flip closed the loan on this property on August 16, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $291,759 to the developer at closing for a loan to purchase of 67.1%. Fund That Flip is holding back $10,041 for 3 months of pre-paid interest.
The construction budget is $3,000. The updates have already taken place and been verified. Fund That Flip will not be financing the construction rehab for this loan.
Over the course of the project, the developer will contribute an estimated $164,481 in equity, including an estimated $143,241 at the time of closing. The total loan-to-ARV is 55.9%. There is a 3 month pre-payment penalty, meaning investors will earn interest through November 16, 2017, even if paid back earlier. The term of the underlying loan is 9 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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