General Information

  • IRR%: 11
  • CoC%: -
  • Minimum: 5k USD
  • Type: -
  • Asset: -
  • Investors: 0
  • Start Date: 2018-04-10
  • End Date: 2018-04-10
  • Target: 175k USD
  • Completed: 100%

Additional Information

  • 73 Boylan Street
  • 07106
  • Newark
  • NJ
  • United States

Fund That Flip closed the loan on this property on January 30, 2017. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip has provided $29,128 to the developer at closing for an as-is loan-to-value of 64.7%. Fund That Flip is holding back $5,590 for 3 months of pre-paid interest.

The construction budget is $138,750. Fund That Flip will finance $133,531 and will be released to the borrower as work is completed. The anticipated construction draws will be 4 equal distributions of $33,383 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 $33,431 in equity, including an estimated $15,872 at the time of closing. The total loan-to-ARV is 59.3%.

There is a 3 month pre-payment penalty, meaning investors will earn interest through April 30, 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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