Fund That Flip closed the loan on this property on August 15th, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip will provide $94,150 to the developer at closing for an as-is loan-to-value of 75.3%. Fund That Flip is holding back $5,850 for 3 months of pre-paid interest.
Over the course of the project, the developer will contribute an estimated $63,650 in equity, including an estimated $36,100 at the time of closing. The total loan-to-ARV is 64.3%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through November 15th 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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