Rockhill, SC Rehab

General Information

  • IRR%: -
  • CoC%: -
  • Minimum: 5k USD
  • Type: -
  • Asset: -
  • Investors: 0
  • Start Date: 2018-04-10
  • End Date: 2018-04-10
  • Target: 165k USD
  • Completed: 100%

Additional Information

  • 350 Marion Street
  • 29730
  • Rock Hill
  • SC
  • United States

Fund That Flip closed the loan on this property on August 12th, 2016. Your investment will begin accruing interest on the day it clears escrow.

The developer purchased the property for $65,000, and has invested over $60,000 of improvements to date.

Fund That Flip will provided $47,050 to the developer at closing for an as-is loan-to-value of 72.4%. Fund That Flip is holding back $4,950 for 3 months of pre-paid interest.

The construction budget is $130,000. Fund That Flip will finance $108,050 and will be released to the borrower as work is completed. At close, Fund That Flip will advance an initial construction draw of $10,000 based on a pre-closing inspection by Fund That Flip to verify work already completed. Additional construction draws will be released on the percentage of work verified complete. The final draw will be release upon completion.

Over the course of the project, the developer will contribute an estimated $33,250 in equity, including an estimated $21,400 at the time of closing. The total loan-to-ARV is 65.6%.

There is a 3 month pre-payment penalty, meaning investors will earn interest through November 12th, 2016, 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 chose to grant the extension, investors will earn an additional one-time .5% fee on their investment.

Project offered by

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