|Underlying Asset||Single Family|
|Underlying Security||1st Position|
|Guarantee||Personal Guarantee x3|
Fund That Flip closed the loan on this property on November 05, 2020. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $496,931 to the developer at closing for a loan to purchase of 75.3%. Fund That Flip is holding back $36,269 for 3 months of pre-paid interest.
The construction budget is $580,200. Fund That Flip will finance $515,860 of the total construction budget, [which includes a small contingency amount above the estimated rehab budget.] Fund That Flip disburses construction 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 5 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 developer will contribute an estimated $286,619 in equity, including an estimated $163,069 at the time of closing. The total loan-to-ARV is 67.0%. There is a 3 month pre-payment penalty, meaning investors will earn interest through February 05, 2021, even if paid back earlier. The term of the underlying loan is 12 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.