Status: Repaid

Annual Return Term Remaining
8.75% -
Loan to ARV
64.1%
Investment Offering
$295,000
Min. Investment
$5,000
Term
6 mo.
Underlying Asset
Portfolio
Guarantee
Personal Guarantee
Underlying Security
1st Position

This offering is fully funded

Columbus, OH Portfolio

REPEAT BORROWER

Updates

  • 03/01/21

    Fund That Flip is pleased to inform you that the loan has been paid off. The payoff date is 02/23/2021.

    You will receive the following payments related to this payoff: February 2021 Partial Normal Interest, 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.

  • 02/12/21

    The updated maturity date for this loan is 05/07/2021.

    The developer has requested a loan extension to finalize the refinance and payoff of the project.

    After communication with the developer about the revised timeline for the refinance, Fund That Flip has approved the customer's request. The maturity date will be extended an additional three months.

    Investors will receive their share of collected extension fees at time of payoff.

  • 01/13/21

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

    The developer has represented that they are targeting to close on a refinance by mid-February. The title company working on the transaction has requested a loan payoff.

    Investors will continue to be updated as further developments occur.

  • 11/24/20

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

    The developer has represented that they have continued to make progress on the rehab and plan on requesting a construction draw in the coming weeks.

    Investors will continue to be updated as further developments occur.

  • 10/05/20

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

    Based on the Inspection Report 1928 Marsdale is at 100% completion.

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

    Investors will be notified as further developments occur.

  • 09/24/20

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

    Based on the Inspection Report 1928 Marsdale is at 75% completion.

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

    Investors will be notified as further developments occur.

  • 09/15/20

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

    Based on the Inspection Report 1724 Eastbrook is at 100% completion.

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

    Investors will be notified as further developments occur.

  • 08/28/20

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

    Based on the Inspection Report 1724 Eastbrook is at 54% 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 Portfolio
Underlying Security 1st Position
Guarantee Personal Guarantee

Fund That Flip closed the loan on this property on August 07, 2020. Your investment will begin accruing interest on the day it clears escrow.

Fund That Flip has provided a first distribution of $241,851 to the developer at closing for a loan to purchase of 80.6%. Fund That Flip is holding back $9,424 for 3 months of pre-paid interest.

The construction budget is $47,500. Fund That Flip will finance $32,625 of the total construction 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 4 construction draws, but may schedule additional inspections as needed. The final draw will be released after all work is verified to be complete. Upon completion of construction, the borrower intends to rent the properties and refinance Fund That Flip's loan.

Over the course of the project, the developer will contribute an estimated $93,547 in equity, including an estimated $58,149 at the time of closing. The total loan-to-ARV is 64.1%. There is a 3 month pre-payment penalty, meaning investors will earn interest through November 07, 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. Additionally, Fund That Flip has established a paydown schedule so that as collateral is released, the principal balance of the loan will be paid down correspondingly.

Use of Proceeds


  Cost Use of Proceeds % of Loan
At close $300,000 $241,851 82.0%
Purch. $300,000 $241,851 82.0%
Construction Draw at Close $0 $0 0.0%
Remaining Construction/Rehab $47,500 $32,625 11.1%
Prepaid Int $9,424 $9,424 3.2%
Closing $11,100 $11,100 3.8%
Total $368,024 $295,000 100.0%

Loan to Cost


  Cost Amount Disbursed Borrower Contribution Loan to Cost
At close $300,000 $241,851 $58,149 80.6%
Purch. $300,000 $241,851 $58,149 80.6%
Construction Draw at Close $0 $0 $0
Remaining Construction/Rehab $47,500 $32,625 $14,875 68.7%
Prepaid Int $9,424 $0 $9,424 0.0%
Closing $11,100 $11,100 $11,100 100.0%
Total $368,024 $285,576 $93,547 77.6%

Valuation


Valuation Method Estimated Value Amount Distributed LTV
Purchase Price $300,000 $241,851 80.6%
FTF Valuation: $460,000 $295,000 64.1%

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 have a similar number of bedrooms, bathrooms, and square footage, and are of similar home style.

The total internal valuation of $460,000 on the property is supported by the following data points:
1093 Brown Rd
FTF ARV: $125,000
• 6 comparable properties have recently sold between $100,000 and $138,380.
    • The comparables used within the analysis are within 0.85 miles of the subject property.
• Price per square foot of these comparable properties ranges from $78 to $96.
• Our internal valuation yielded a price per square foot of $95.
• Gross monthly rents are estimated at $1,000 for similar properties in the area.

1660 Eastfield Dr N
FTF ARV: $110,000
• 5 comparable properties have recently sold between $119,900 and $129,700.
    • The comparables used within the analysis are within 0.26 miles of the subject property.
• Price per square foot of these comparable properties ranges from $130 to $140.
• Our internal valuation yielded a price per square foot of $119.
• Gross monthly rents are estimated at $925 for similar properties in the area.

1724 Eastbrook Dr S
FTF ARV: $110,000
• 4 comparable properties have recently sold between $119,900 and $129,700.
    • The comparables used within the analysis are within 0.32 miles of the subject property.
• Price per square foot of these comparable properties ranges from $121 to $140.
• Our internal valuation yielded a price per square foot of $138.
• Gross monthly rents are estimated at $925 for similar properties in the area.

1928 Marsdale Ave
FTF ARV: $115,000
• 5 comparable properties have recently sold between $119,900 and $143,500.
    • The comparables used within the analysis are within 0.40 miles of the subject property.
• Price per square foot of these comparable properties ranges from $103 to $140.
• Our internal valuation yielded a price per square foot of $104.
• Gross monthly rents are estimated at $925 for similar properties in the area.

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

About the Property


Details

Purchase Price $300,000
Estimated Rehab Budget $47,500
ARV $460,000
Developer Equity $93,547 plus closing & holding costs

Market Overview


• Columbus is a city in Franklin County, OH

The subject properties are:
    • Within 8 miles of Downtown Columbus
    • Within 6 miles of Lou Berliner Sports Park
    • Within 6 miles of the Hollywood Casino Columbus

• Retail Sales Sold: 85%
• Short Sales Sold: 0%
• REO Sold: 15%

  • data acquired from internal sources.

Project Strategy


The developer bought these properties with financing from Fund That Flip on August 07, 2020. Your investment will begin accruing interest the day it clears escrow.

The addresses and corresponding specs of each property in the portfolio are as follows:
1093 Brown Rd, Columbus, OH 43223
• 4 bedrooms
• 2 full bathrooms
• 1,319 square feet
• Builtin 1976

1660 Eastfield Dr N, Columbus, OH 43223
• 3 bedrooms
• 1 full bathroom
• 925 square feet
• 1-car detached garage
• Built in 1954

1724 Eastbrook Dr S, Columbus, OH 43223
• 2 bedrooms
• 1 full bathroom
• 800 square feet
• Built in 1954

1928 Marsdale Ave Columbus, OH 43223
• 3 bedrooms
• 1 full bathroom
• 1,105 square feet
• Built in 1954

Construction will begin shortly after loan closing and includes the following:
• Paint
• Door Replacement and/or Repair
• Repair Flooring as needed
• Bathroom Repairs as needed

The full statements of work are available below.

Upon completion of construction, the borrower intends to rent the properties and refinance Fund That Flip's loan.

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 64.1%.
• 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 6 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.