Status: Repaid

Annual Return Term Remaining
8.25% -
Loan to ARV
69.4%
Investment Offering
$250,000
Min. Investment
$5,000
Term
9 mo.
Underlying Asset
Single Family
Guarantee
Personal Guarantee x2
Underlying Security
1st Position

This offering is fully funded

Columbus, OH Rehab

REPEAT BORROWER

Updates

  • 12/23/21

    Fund that Flip is pleased to inform you that the loan has been paid off. The Payoff Date is 12/13/2021.

    You will receive the following payments related to this payoff: October 2021 Normal Interest, November 2021 Normal Interest, December 2021 Partial Normal Interest, 12 Late Fees (may vary depending on accrual date), 1 Extension Fee, and Principal.

    You can expect to see these funds deposited in your bank account within 5-8 business days. In addition, these payments will be view-able from your investor dashboard.

  • 12/17/21

    The monthly interest payment for November has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 11/24/21

    Fund That Flip has been in communication with the developer about the current status of the project.

    The developer has represented that they are closing on a sale of this property. The sale is expected to close in mid-late December.

    Fund That Flip will remain in communication with the developer to understand how the sale process is progressing.

    Investors will be updated as further developments occur.

  • 11/19/21

    The monthly interest payment for October has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 11/04/21

    Fund That Flip is pleased to inform you that a past due interest payment on this loan has been received and is being scheduled for payment to investors. A late fee for this payment has been assessed and will be distributed at payoff.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 09/24/21

    Fund That Flip is pleased to inform you that two past due interest payments on this loan have been received and are being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 09/22/21

    Fund That Flip has been in communication with the developer about the current status of the project.

    The developer has represented that they are working to close on a sale of the home.
    The sale is expected to close in early October.

    Fund That Flip will remain in communication with the developer to understand how the sale process is progressing and assist them as needed.

    Investors will be updated as further developments occur.

  • 09/22/21

    The monthly interest payment for August has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 08/20/21

    The monthly interest payment for July has not yet been received.
    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.
    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 07/29/21

    Fund That Flip is pleased to inform you that two past due interest payments on this loan have been received and are being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 07/22/21

    Based on the inspection report, this project is at 92.28% complete per the scope of work.

    Fund That Flip has processed a construction draw to reimburse developer expenses on 07/21/21.

  • 07/21/21

    Fund That Flip has been in communication with the developer about the current status of the project.

    The developer has requested a loan extension to finalize the completion of the rehab on the project.

    After communication with the developer about the revised timeline for the project, Fund That Flip has approved the customer's request.

    The maturity date will be extended an additional three months. The updated maturity date for this loan is 8/12/2021.

    Investors will receive their share of collected extension fees within 5-7 business days.

  • 07/21/21

    Fund That Flip is pleased to inform you that two past-due interest payments on this loan have been received and are being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 07/20/21

    The monthly interest payment for June has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 07/19/21

    Fund That Flip has received an inspection report of this property to monitor the progress.

    We are currently reviewing the inspection report to determine how much of the rehab has been completed.

  • 06/18/21

    The monthly interest payment for May has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 06/11/21

    Fund That Flip has been in communication with the developer about the current status of the project.

    Fund That Flip is still working with the developer to finalize an extension of this loan.

    The extension should be completed within the next week.

    Investors will be updated as further developments occur.

  • 05/21/21

    Fund That Flip is pleased to inform you that a past due interest payment on this loan has been received and is being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 05/17/21

    The monthly interest payment for April has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 05/12/21

    Fund That Flip is currently working with the developer to extend the loan to allow enough time for them to complete the rehab and sell the project.

    The extension should be wrapped up within the next two weeks.

    Investors will be updated as further developments occur.

  • 03/25/21

    Based on the inspection report, this project is at 72.06% complete.

    Fund That Flip has processed a construction draw to reimburse developer expenses on 03/24/21.

  • 03/24/21

    Fund That Flip has received an inspection report of this property to monitor the progress.

    We are currently reviewing the inspection report to determine how much of the rehab has been completed.

  • 03/10/21

    Fund That Flip has been in communication with the developer about the current status of the project.

    The developer has requested a loan extension to finalize the completion of the rehab on the project. 

    After communication with the developer about the revised timeline for the project, Fund That Flip has approved the customer's request.

    The maturity date will be extended an additional three months. The updated maturity date for this loan is 5/12/2021.

    Investors will receive their share of collected extension fees within 5-7 business days.

  • 02/08/21

    Based on the inspection report, this project is at 50.84% complete.

    Fund That Flip has processed a construction draw to reimburse developer expenses on 02/05/21.

  • 02/05/21

    Fund That Flip has received an inspection report of this property to monitor the progress.

    We are currently reviewing the inspection report to determine how much of the rehab has been completed.

  • 01/27/21

    Fund That Flip has been in communication with the developer about the current status of the project.

    The developer has represented that they are currently in the midst of hanging drywall.

    They have also represented that they will need additional time to complete and sell the project by maturity. Fund That Flip is currently working with the developer to extend the loan.

    Investors will be updated as further developments occur.

  • 12/23/20

    Fund That Flip is pleased to inform you that a past due interest payment on this loan has been received and is being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 12/17/20

    The monthly interest payment for November has not yet been received.

    A late fee has been assessed and will be distributed according to the investor’s pro-rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 11/30/20

    Fund That Flip has been in communication with the developer about the current status of the project.

    The developer has requested a loan extension to finalize the completion of the rehab on the project.

    After communication with the developer about the revised timeline for the project, Fund That Flip has approved the customer's request.

    The maturity date will be extended an additional three months. The updated maturity date for this loan is 2/12/2021.

    Investors will receive their share of collected extension fees within 5 business days.

  • 11/30/20

    Fund That Flip is pleased to inform you that the past due interest payment on this loan has been received and is being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 11/17/20

    The monthly interest payment for October has not yet been received.

    A late fee has been assessed and will be distributed according to investor’s pro rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 10/26/20

    Fund That Flip has been in communication with the developer about the project's progression and upcoming maturity date.

    The developer has represented that they will need additional time to complete the project and they plan on requesting a draw inspection within the next coming weeks.

    Fund That Flip is currently reviewing the extension request to allow for additional time to complete and exit the project.

    Investors will be updated as further developments occur.

  • 08/20/20

    This loan has a maturity date of 11/12/2020 and is paid current.

    The rehab budget has been drawn 37% with the last draw occurring on 06/12/2020.

    As this loan is approaching maturity and the rehab is not complete, the Fund That Flip team is working with the developer to understand timelines as well as an exit strategy.

    This loan may be eligible for an extension to complete the rehab.

    Fund That Flip will continue to provide updates as they are available.

  • 06/15/20

    Fund That Flip has ordered an inspection of this property to monitor the progress.

    Based on the Inspection Report this project is at 37% completion.

    Fund That Flip has processed a construction draw to reimburse developer expenses.

    Investors will be notified as further developments occur.

  • 06/11/20

    Fund That Flip is pleased to inform you that the past due interest payment on this loan has been received and is being scheduled for payment to investors.

    You can expect to see the funds deposited in your account within 3-5 business days.

    Investors will be updated as further developments occur.

  • 05/13/20

    The monthly interest payment for April has not yet been received.

    A late fee has been assessed and will be distributed according to investor’s pro rata share of the investment, upon payoff.

    Fund That Flip will continue to monitor this situation closely and investors will be notified as further developments occur.

  • 04/06/20

    Fund That Flip has ordered an inspection of this property to monitor the progress.

    Based on the Inspection Report this project is at 19% completion.

    Fund That Flip has processed a construction draw to reimburse developer expenses.

    Investors will be notified as further developments occur.

Investment Summary


Type Rehab
Underlying Asset Single Family
Underlying Security 1st Position
Guarantee Personal Guarantee x2

Fund That Flip closed the loan on this property on February 12, 2020. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip has provided a first distribution of $85,938 to the developers at closing for a loan to purchase of 85.9%. Fund That Flip is holding back $1,563 for 0 months of pre-paid interest.

The construction budget is $180,000. Fund That Flip will finance $155,000 of the total construction budget. Fund That Flip disburses constructions funds based on verification of work performed, as determined by an independent 3rd party inspection firm. Fund That Flip reviews each inspection report and releases funds based on the percentage of completion of the project. Fund That Flip expects to make 4 construction draws, but may schedule additional inspections as needed. The final draw will be released after all work is verified to be complete.

Over the course of the project, the developers will contribute an estimated $48,125 in equity, including an estimated $14,063 at the time of closing. The total loan-to-ARV is 69.4%. There is a 3 month pre-payment penalty, meaning investors will earn interest through May 12, 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.

Use of Proceeds


  Cost Use of Proceeds % of Loan
At close $100,000 $85,938 34.4%
Purch. $100,000 $85,938 34.4%
Construction Draw at Close $0 $0 0.0%
Remaining Construction/Rehab $180,000 $155,000 62.0%
Prepaid Int $1,563 $1,563 0.6%
Closing $7,500 $7,500 3.0%
Total $289,063 $250,000 100.0%

Loan to Cost


  Cost Amount Disbursed Borrower Contribution Loan to Cost
At close $100,000 $85,938 $14,063 85.9%
Purch. $100,000 $85,938 $14,063 85.9%
Construction Draw at Close $0 $0 $0
Remaining Construction/Rehab $180,000 $155,000 $25,000 86.1%
Prepaid Int $1,563 $0 $1,563 0.0%
Closing $7,500 $7,500 $7,500 100.0%
Total $289,063 $248,438 $48,125 85.9%

Valuation


Valuation Method Estimated Value Amount Distributed LTV
Purchase Price $100,000 $85,938 85.9%
FTF Valuation: $360,000 $250,000 69.4%

Fund That Flip's Internal Underwriters use industry standard valuation software, independent real estate data, and internal proprietary modeling to estimate the expected After Repair Value of the property.

Fund That Flip develops an internal valuation on all projects using an automated valuation model (AVM), which estimates real estate property valuations using mathematical modeling, combined with a database of real estate information for comparable properties. The comparable properties in the analysis are within 0.46 miles of the subject, have a similar number of bedrooms, bathrooms, and square footage, and are of similar home style.

The internal valuation of $360,000 on the property is supported by the following data points:
• 6 comparable properties have recently sold between $285,000] and $470,000.
• Price per square foot of these comparable properties ranges from $175 to $270.
• Our internal valuation yielded a price per square foot of $209.

Fund That Flip used the FTF internal valuation when making the final decision to fund this project.

About the Property


Details

Bedrooms 3
Full Bathrooms 2
Year Built 1900
Square Footage 1726 SF
Garage Spaces 2
Purchase Price $100,000
Estimated Rehab Budget $180,000
ARV $360,000
Developer Equity $48,125 plus closing & holding costs

Market Overview


• Columbus is a city in Franklin County, OH

The subject property is:
    • Less than 1 mile to Nationwide Children's Hospital
    • 2 miles to Downtown Columbus
    • Less than 1 mile to Franklin Park Conservatory and Botanical Gardens

• Retail Sales Sold: 91%
• Short Sales Sold: 0%
• REO Sold: 9%

  • data acquired from internal sources.

Project Strategy


The developer bought this property with financing from Fund That Flip on February 12, 2020. Your investment will begin accruing interest the day it clears escrow.

Construction will begin shortly after loan closing and includes the following:
• Build 2-Car Garage
• Roofing
• HVAC
• Plumbing
• Electrical
• Framing
• Drywall
• Windows
• Cabinets & Countertops
• Appliances

The full statement of work is available below.

Risk


Having a thorough understanding of the risks of each investment in your portfolio is important prior to making an investment. Fund That Flip encourages you to do full due diligence on each deal and consult your investment, tax and legal advisors prior to investing.

Risk:
The market value of the property drops significantly removing opportunity for the developer to make a profit.

Mitigating Factor:
The property is located in a stable market and was purchased at a discount providing downside protection in a falling-price environment.

Risk:
The developer chooses not to complete the project.

Mitigating Factors:
• The developer has considerable equity in the project and the LTV on an ARV basis is 69.4%.
• Fund That Flip holds a first position lien on the property and the partner has personally guaranteed the loan.

Risk:
The developer is unable to complete the project in the allotted 9 month period.

Mitigating Factor:
Fund That Flip has built in a 3 month optional extension, approved only if project is advancing at a satisfactory pace. Extension corresponds with an additional fee to be shared on a pro-rata basis with investors.

A more complete list of risks for this investment is provided in the Investor Offering Materials and should be read and reviewed with your investment, tax and legal advisors.