|Type||No Rehab/No Construction|
|Underlying Asset||Multi-Family (5+ Units)|
|Underlying Security||1st Position|
Fund That Flip closed the loan on this property on July 31, 2020. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $1,569,368 to the developer at closing for a loan to purchase of 49.0%. Fund That Flip is holding back $114,382 for 6 months of pre-paid interest.
There is no construction to be done over the course of Fund That Flip's loan although the anticipated construction budget is approximately $9,200,00. Fund That Flip will not be financing any of that construction. The developer plans to refinance out of Fund That Flip's loan with another lender who will finance the construction or sell the property to another developer who will execute the build.
Over the course of the project, the developer will contribute an estimated $1,811,265 in equity, including an estimated $1,630,632 at the time of closing. The total loan-to-as-is is 38.9%. There is a 3 month pre-payment penalty, meaning investors will earn interest through October 31, 2020, even if paid back earlier. The term of the underlying loan is 6 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.