The developer closed on this project on December 12, 2016. The developer is taking over the project from a prior developer and will bring the home to completion.
The developer is advancing an estimated $91,000 in rehab funds into the project. Fund That Flip will monitor construction progress through regular construction inspections.
In addition, Fund That Flip continues to retain the personal guarantees from the two prior developers on this project. In addition, the new developer has provided a personal guarantee on the loan.
The term of the underlying loan is 6 months with a 3 month option to extend. In the event of an extension, investors will receive their pro-rata share of an additional .5% extension fee.
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