General Information

  • IRR%: -
  • CoC%: -
  • Minimum: 5k USD
  • Type: -
  • Asset: -
  • Investors: 0
  • Start Date: 2018-04-10
  • End Date: 2018-04-10
  • Target: 300k USD
  • Completed: 100%

Additional Information

  • 323 Yarmouth Road
  • 48301
  • Bloomfield Hills
  • MI
  • United States

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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