|Underlying Asset||Single Family|
|Underlying Security||1st Position|
Fund That Flip closed the loan on this property on October 09, 2020. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $367,400 to the developer at closing for a loan to purchase of 79.0%. Fund That Flip is holding back $2,600 for pre-paid interest. This is the partial month of interest for the month of October.
The construction budget is $95,000. Fund That Flip will not be financing the construction rehab for this loan but we have verified the borrower’s reserves to be sufficient to complete the project. Once construction is complete, the borrower plans to sell the property.
Over the course of the project, the developer will contribute an estimated $195,201 in equity, including an estimated $97,600 at the time of closing. The total loan-to-ARV is 61.7%. There is a 3 month pre-payment penalty, meaning investors will earn interest through January 09, 2021, 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.