Fund That Flip closed the loan on this property on July 26, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $285,250 to the developer at closing for a loan to purchase of 53.8%. Fund That Flip is holding back $8,000 for 3 months of pre-paid interest.
The construction budget is $300,000. The borrower will be leveraging his personal funds to cover the remaining construction costs.
Over the course of the project, the developer will contribute an estimated $559,500 in equity, including an estimated $244,750 at the time of closing. The total loan-to-ARV is 29.6%. There is a 3 month pre-payment penalty, meaning investors will earn interest through October 26, 2017, even if paid back earlier. The term of the underlying loan is 9 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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