Fund That Flip closed the loan on this property on August 5th, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip will provide $313,838 to the developer at closing for an as-is loan-to-value of 76.2%. Fund That Flip is holding back pre-paid interest of $15,736, which represents interest for the balance of the current month and the next 3 months.
Over the course of the project, the developer will contribute an estimated $160,123 in equity, including an estimated $113,235 at the time of closing. The total loan-to-ARV is 62.3%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through November 5th, 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 chose to grant the extension, investors will earn an additional one-time .5% fee on their investment.
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