Fund That Flip closed the loan on this property on March 28, 2018. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $252,539 to the developer at closing for a loan to purchase of 63.7%. Fund That Flip is holding back $15,461 for 6 months of pre-paid interest.
The construction budget is $263,500. Fund That Flip will not be financing the construction rehab for this loan but we have verified the borrower’s reserves to be sufficient to complete the project.
Over the course of the project, the developer will contribute an estimated $430,081 in equity, including an estimated $144,120 at the time of closing. The total loan-to-ARV is 27.5%. There is a 3 month pre-payment penalty, meaning investors will earn interest through June 28, 2018, 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.
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