Fund That Flip has provided $200,000 to the developer at closing for an as-is loan-to-value of 42.6%. Fund That Flip is holding back $6,600 for 3 months of pre-paid interest.
The developer already owns this property. The total proceeds of the loan of $193,400 will be used for improvements.
The as-is value of the home is $470,000. The After Renovated Value is $680,00 for a total loan-to-ARV of 29.4%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through July 26th, 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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