Wayne, IL Rehab

General Information

  • IRR%: -
  • CoC%: -
  • Minimum: 5k USD
  • Type: -
  • Asset: -
  • Investors: 0
  • Start Date: 2018-04-10
  • End Date: 2018-07-10
  • Target: 500k USD
  • Completed: 100%

Additional Information

  • 33W349 Woodmere Lane
  • 60184
  • Wayne
  • IL
  • United States

Fund That Flip closed the loan on this property on December 29, 2016. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip has provided $272,000 to the developer at closing for an as-is loan-to-value of 76.6%. Fund That Flip is holding back $30,500 for 6 months of pre-paid interest.

The construction budget is $260,100. Fund That Flip will finance $186,000 and will be released to the borrower as work is completed. The construction draws will be made in 6 equal distributions of $30,573 as work is completed and verified. The final draw will be release after all work is verified to be complete.

Over the course of the project, the developer will contribute an estimated $198,750 in equity, including an estimated $83,000 at the time of closing. The total loan-to-ARV is 62.1%.

There is a 3 month pre-payment penalty, meaning investors will earn interest through March 29, 2017, 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.

Project offered by

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