General Information

  • IRR%: 9
  • CoC%: -
  • Minimum: 5k USD
  • Type: -
  • Asset: -
  • Investors: 0
  • Start Date: 2018-04-10
  • End Date: 2018-04-10
  • Target: 110k USD
  • Completed: 100%

Additional Information

  • 59 Fryling Ave
  • 28025
  • Concord
  • NC
  • United States

Fund That Flip closed the loan on this property on August 10, 2017. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip has provided a first distribution of $60,094 to the developer at closing for a loan to purchase of 75.1%. Fund That Flip is holding back $3,593 for 3 months of pre-paid interest.

The construction budget is $50,000. Fund That Flip will finance $43,113 of the total construction budget. Fund That Flip disburses construction 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 on the percentage of completion of the project. Fund That Flip expects to make 3 construction draws, but may schedule additional inspections as needed. The final draw will be released after all work is verified to be complete.

Over the course of the project, the developer will contribute an estimated $33,587 in equity, including an estimated $19,906 at the time of closing. The total loan-to-ARV is 61.8%. There is a 3 month pre-payment penalty, meaning investors will earn interest through November 10, 2017, 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 choose to grant the extension, investors will earn an additional one-time 0.5% fee on their investment.

Project offered by

Fund That Flip

Rehab loans fast. Know in 60 seconds if we can help you fund your next flip. Real estate investing has never been more accessible. Get started today.

Would you like to add this platform to your list?

Please Log In first

Don't have an account yet?

Sign up & enjoy all the services BrickFunding provides