Fund That Flip closed the loan on this property on July 15th, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided $67,073 to the developer at closing for an as-is loan-to-value of 74.5%. Fund That Flip is holding back $4,928 for 3 months of pre-paid interest.
The rehab budget is $71,000. Fund That Flip will finance $69,073 and will release to the borrower as work is completed. The construction draws will be made in three equal distributions of $23,024 as work is completed and verified. 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 $39,073 in equity, including an estimated $27,310 at the time of closing. The total loan-to-ARV is 64.9%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through October 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 0.5% fee on their investment.
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