Repeat Borrower: Newark, NJ Refinance

General Information

  • IRR%: -
  • 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

  • 536 S 18th Street
  • 07103
  • Newark
  • NJ
  • United States

Fund That Flip closed the loan on this property on November 24, 2017. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip has provided a first distribution of $164,342 to the developer at closing for a loan to purchase of 68.5%. Fund That Flip is holding back $5,658 for 3 months of pre-paid interest.

This property was purchased as a turnkey rental property. The property is fully occupied. Therefore, there is no expected rehab budget. The borrower previously completed $15,000 of repairs that were required to keep this property in rentable condition.

Over the course of the project, the developer will contribute an estimated $86,318 in equity, including an estimated $75,658 at the time of closing. The total loan-to-ARV is 63.6%. There is a 3 month pre-payment penalty, meaning investors will earn interest through February 24, 2018, even if paid back earlier. The term of the underlying loan is 6 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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