Fund That Flip closed the loan on this property on August 30th, 2016. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided $635,877 to the developer at closing for an as-is loan-to-value of 72.2%. Fund That Flip is holding back $65,000 for 6 months of pre-paid interest.
The rehab budget is $475,000. Fund That Flip will finance $269,400 of the rehab and will release to the borrower as work is completed. The construction draws will be made in three equal distributions of $90,215 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 $558,918 in equity, including an estimated $220,715 at the time of closing. The total loan-to-ARV is 53.5%.
There is a 3 month pre-payment penalty, meaning investors will earn interest through November 30th, 2016, even if paid back earlier. The term of the underlying loan is 12 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 .5% fee on their investment.
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