The borrower previously purchased the property for $310,299, rehabbed the property for a total of $50,000, and is currently renting the property at full occupancy. Fund That Flip estimates the current As-is value to be $410,000. There will be no additional rehab done to this property.
Fund That Flip closed the loan on this property on September 07, 2017. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $101,617 to the developer at closing for a loan to purchase of 32.7%. Fund That Flip is holding back $3,483 for 3 months of pre-paid interest.
Over the course of the project, the developer will contribute an estimated $217,067 in equity, including an estimated $208,682 at the time of closing. The total loan-to-ARV is 26.8%. There is a 3 month pre-payment penalty, meaning investors will earn interest through December 07, 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.
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