Fund That Flip closed the loan on this property on January 12, 2018. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $33,799 to the developer at closing for a loan to purchase of 75.1%. Fund That Flip is holding back $1,176 for 3 months of pre-paid interest.
There is no construction budget on this project. The property was purchased as a tenanted turnkey rental. No work will be done. The borrower will hold the property as a rental and refinance out og FTF's loan.
Over the course of the project, the developer will contribute an estimated $12,404 in equity, including an estimated $11,201 at the time of closing. The total loan-to-ARV is 70.0%. There is a 3 month pre-payment penalty, meaning investors will earn interest through April 12, 2018, 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 choose to grant the extension, investors will earn an additional one-time 0.5% fee on their investment.
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