Fund That Flip closed the loan on this property on March 30, 2018. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $127,850 to the developer at closing for a loan to purchase of 79.7%. Fund That Flip is holding back $3,450 for 3 months of pre-paid interest.
The construction budget is $24,500. Fund That Flip will not be financing the construction rehab for this loan but we have verified the borrower’s reserves to be sufficient to complete the project.
Over the course of the project, the developer will contribute an estimated $64,300 in equity, including an estimated $32,650 at the time of closing. The total loan-to-ARV is 65.2%. There is a 3 month pre-payment penalty, meaning investors will earn interest through June 30, 2018, 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.
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