Fund That Flip closed the loan on this property on February 21, 2018. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $150,209 to the developer at closing for a loan to purchase of 60.1%. Fund That Flip is holding back $4,791 for 3 months of pre-paid interest.
The construction budget is $15,500. Fund That Flip will not be financing the construction rehab for this loan but we have verified the borrower’s reserves to be sufficient to complete the project.
Over the course of the project, the developer will contribute an estimated $125,082 in equity, including an estimated $99,791 at the time of closing. The total loan-to-ARV is 59.3%. There is a 3 month pre-payment penalty, meaning investors will earn interest through May 21, 2018, 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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