Fund That Flip closed the loan on this property on March 13, 2017. Your investment will begin accruing interest on the day it clears escrow.
Single investments will be limited to ~25% of loan amount.
Fund That Flip has provided $257,075 to the developer at closing for an as-is loan-to-value of 76.3%. Fund That Flip is holding back $7,987 for 1.84 months of pre-paid interest.
The construction budget is $76,500. Fund That Flip will finance $34,618 of the total construction budget. Fund That Flip disburses constructions funds based on verification of work performed, as determined by an independent 3rd party inspection firm. Fund That Flip reviews each inspection report and releases funds based the percentage of completion of the project. Fund That Flip expects to make 6 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 $139,914 in equity, including an estimated $79,725 at the time of closing. The total loan-to-ARV is 61.4%. There is a 3 month pre-payment penalty, meaning investors will earn interest through June 13, 2017, even if paid back earlier. The term of the underlying loan is 12 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.
The list of addresses in the portfolio are:
1. 1526 Methyl St, Pittsburgh, PA 15216
2. 2223 Vodeli St, Pittsburgh, PA 15216
3. 1820 Fallowfield Ave, Pittsburgh, PA 15216
4. 1528 Methyl St, Pittsburgh, PA 15216
5. 1714 Dagmar Ave, Pittsburgh, PA 15216
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