Type:
Real Estate
Focus:
Debt

Overall:

Platform Provided Due Diligence:

Platform Fees:

Quality of Deals:

URL - Fund That Flip

Fees - 2% to 4% loan points as an origination fee deducted from loan funds at loan closing, plus 1% to 3% interest rate spread taken from loan repayments over the course of the loan. There is no cost for investors to sign up and review deals.

Phone - (646) 895-6090

SEC REG - USES 506(c) Open Investments can be advertised and publicly discussed

Fund That Flip specializes in funding the rehabilitation of homes by re-developers. All funding is by debt, not equity investment. Investors are secured with a first-position lien on the underlying real estate.

Loans are given only to qualified re-developers with a minimum of six successfully completed previous projects. The minimum equity investment required of the re-developers seeking the loan funds is 20% of the real estate property's acquisition cost. In some cases, this requirement may be higher. Up to 100% of the construction costs are financed, with holdbacks that are released upon successful achievement of construction milestones, subject to physical inspection. Loan-to-value must be less than 65% of the value of the property after repairs are made.

Investors invest in a Borrower Dependent Note (BPN). This is a security issued by Fund That Flip, which represents a debt investment in the fund. The proceeds less the transaction fees of 2-4% are used to invest in a first-position mortgage note on the property. Investors invest in a specific loan on a specific piece of real estate for a specific borrower. The performance of the investment is directly correlated with the performance of the underlying borrower note (mortgage). Annual returns for investors are in the range of 8% to 14%. There is no indication of how much they have raised so far. The minimum investment is US$5,000.

Due Diligence & Discussions

Share your experience. Rate and comment!

Andrew Goldberg

Feb 03, 2017

Have 6 investments with them, 1 matured. All payments have been on time. Extensions have been granted on a few, but I have full confidence that they will mature and pay back principal. 

James Mc Ree

Jan 30, 2017

FtF is one of my favorite platforms.  "Who is your customer?"  FtF answers this question as, "The investor."  Naturally, they need to pay attention to both sides, but they lean more towards protecting the investor.

I like that they provide a lot of up front information about the property and borrower.  I feel like I have a good understanding of the deal after reading their information and I have enough information to do more research if I feel so inclined.  They have shown in my experiences an inclination to protect investors by refusing extensions to borrowers while also working with them to find the best way forward for everyone.

Payments are consistently on-time.  There is one payment made per investment which can be a little hard to map payments back to specific investments, but it has all been in there.

Communications are fantastic.  Regular project updates are provided and investor relations folks are readily available for questions.  Sometimes, FtF can be a little more timely in their communications, but they far exceed my experiences in every other platform.

H S

Jan 30, 2017

Fund that Flip is like having a time capsule.  They feel like Patch of Land in 2014. Smaller deals (ie less risky in this market cycle) and slightly better rates. Patch of Land in 2014 loans were all 12% to 13%.  Now FTF has slightly better rates than POL.  Communication is their strong suite.  No real data to back this up, but I have heard of a lot less defaults on FTF than POL or LendingHome.  I have 5 investments on FTF and all are current.

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Fund That Flip Fund That Flip
Rated 3.8/5 based on 17 customer reviews

URL - Fund That Flip

Fees - 2% to 4% loan points as an origination fee deducted from loan funds at loan closing, plus 1% to 3% interest rate spread taken from loan repayments over the course of the loan. There is no cost for investors to sign up and review deals.

Phone - (646) 895-6090

SEC REG - USES 506(c) Open Investments can be advertised and publicly discussed

Fund That Flip specializes in funding the rehabilitation of homes by re-developers. All funding is by debt, not equity investment. Investors are secured with a first-position lien on the underlying real estate.

Loans are given only to qualified re-developers with a minimum of six successfully completed previous projects. The minimum equity investment required of the re-developers seeking the loan funds is 20% of the real estate property's acquisition cost. In some cases, this requirement may be higher. Up to 100% of the construction costs are financed, with holdbacks that are released upon successful achievement of construction milestones, subject to physical inspection. Loan-to-value must be less than 65% of the value of the property after repairs are made.

Investors invest in a Borrower Dependent Note (BPN). This is a security issued by Fund That Flip, which represents a debt investment in the fund. The proceeds less the transaction fees of 2-4% are used to invest in a first-position mortgage note on the property. Investors invest in a specific loan on a specific piece of real estate for a specific borrower. The performance of the investment is directly correlated with the performance of the underlying borrower note (mortgage). Annual returns for investors are in the range of 8% to 14%. There is no indication of how much they have raised so far. The minimum investment is US$5,000.