East Rockaway, NY Rehab

General Information

  • IRR%: -
  • CoC%: -
  • Minimum: 5k USD
  • Type: -
  • Asset: -
  • Investors: 0
  • Start Date: 2018-04-10
  • End Date: 2018-08-15
  • Target: 350k USD
  • Completed: 92%

Additional Information

  • 149 West Blvd
  • 11518
  • East Rockaway
  • NY
  • United States

Fund That Flip has re-opened this project for additional investment as the borrower has advanced construction and begun drawing on rehab funds.

Fund That Flip closed the loan on this property on May 05, 2017. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip initially provided a first distribution of $171,719 to the developer at closing for a loan to purchase of 68.7%. Fund That Flip is holding back $25,156 for 6 months of pre-paid interest.

The construction budget is $175,933. Fund That Flip will finance $140,625 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 project completion percentage. Fund That Flip expects to make 5 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 $151,246 in equity, including an estimated $78,281 at the time of closing. The total loan-to-ARV is 63.8%. There is a 3 month pre-payment penalty, meaning investors will earn interest through August 05, 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.

Project offered by

Fund That Flip

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