|Type||No Rehab/No Construction|
|Underlying Asset||Single Family|
|Underlying Security||1st Position|
|Guarantee||Personal Guarantee x2|
Fund That Flip closed the loan on this property on October 28, 2019. Your investment will begin accruing interest on the day it clears escrow.
The purchase price of $72,500 is not the true purchase price of the property. The property was purchased for $52,500 and has been updated with an approximate $20,000 rehab budget. The borrower purchased the property in May 2016. Based on the time frame that the property was purchased, Fund That Flip decided to lend off of the as-is value.
Fund That Flip has provided a first distribution of $84,390 to the developer at closing. Fund That Flip is holding back $2,585 for 3 months of pre-paid interest.
The total loan-to-ARV is 66.7%. There is a 3 month pre-payment penalty, meaning investors will earn interest through January 28, 2020, even if paid back earlier. The term of the underlying loan is 9 months with an option to extend. Should Fund That Flip choose to grant the extension(s), half of the extension fee(s) collected will be distributed to investors upon receipt.