Information Générale

  • IR% : 10
  • CoC% : -
  • Minimum : 5k USD
  • Type de financiation : -
  • Type de bien : -
  • Investisseurs : 0
  • Date de lancement : 2018-04-10
  • Date de fin : 2018-04-10
  • Objectif : 150k USD
  • Complété : 100%

Information additionnelle

  • 931 Poplar Rd
  • 22556
  • Stafford
  • VA
  • États-Unis

Fund That Flip closed the loan on this property on March 20, 2017. Your investment will begin accruing interest on the day it clears escrow.

The developer purchased the unimproved land for $55,000 in Q4 of 2016 and began construction. To date, the developer has invested ~$202,00 of work of the $306,982. Fund That Flip has verified this work with a 3rd party inspection.

Fund That Flip has provided a first distribution of $46,825 to the developer at closing for a loan to purchase of 85.1%. Fund That Flip is holding back $5,738 for 3 months of pre-paid interest.

The construction budget is $306,982. Fund That Flip will finance the balance of the rehab budget of $89,938. Fund That Flip disburses constructions funds based on verification of work performed, as determined by an independent 3rd party inspection firm. One inspection has already been conducted to asses the progress of the construction. Fund That Flip reviews each inspection report and releases funds based the percentage of completion of the project. Fund That Flip expects to make 3 construction draws, but may schedule additional inspections as needed. The final draw will be release after all work is verified to be complete.

Over the course of the project, the developer will contribute an estimated $238,457 in equity, including an estimated $8,175 at the time of closing. The total loan-to-ARV is 31.7%.

There is a 3 month pre-payment penalty, meaning investors will earn interest through June 20, 2017, 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.

Projet proposé par

Fund That Flip

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