|Type||No Rehab/No Construction|
|Underlying Asset||Two Family|
|Underlying Security||1st Position|
Fund That Flip closed the loan on this property on April 01, 2021. Your investment will begin accruing interest on the day it clears escrow.
Fund That Flip has provided a first distribution of $602,140 to the developer at closing for a loan to as-is of 95.6%. Fund That Flip is holding back $18,734 for 2 months of pre-paid interest.
The borrower purchased the property for $630,000. The developer acquired approved permits for a condominium new build project associated with a lot of the property. Their cost for the permitting process is $28,900. The adjusted cost basis at the time of closing was $658,900. Fund That Flip will finance the permitting costs for the borrower. The developer plans to sell the property along with the permit approvals.
Over the course of the project, the developer will contribute an estimated $94,510 in equity, including an estimated $56,760 at the time of closing. The total loan-to-AS-IS is 52.1%. There is a 3 month pre-payment penalty, meaning investors will earn interest through July 01, 2021, even if paid back earlier. The term of the underlying loan is 3 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.