Fund That Flip closed the loan on this property on November 24, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $164,342 to the developer at closing for a loan to purchase of 68.5%. Fund That Flip is holding back $5,658 for 3 months of pre-paid interest.
This property was purchased as a turnkey rental property. The property is fully occupied. Therefore, there is no expected rehab budget. The borrower previously completed $15,000 of repairs that were required to keep this property in rentable condition.
Over the course of the project, the developer will contribute an estimated $86,318 in equity, including an estimated $75,658 at the time of closing. The total loan-to-ARV is 63.6%. There is a 3 month pre-payment penalty, meaning investors will earn interest through February 24, 2018, 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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