In an effort to promote industry-leading transparency, Fund That Flip provides lenders relevant statistics related to loan origination and performance. You will also find updates related to technology and offering enhancements herein.
The month of May was one of the best months on record for the Company. We originated 24 new loans for total volume of $7.125M. We sourced over $130M in loan applications, which provides a solid forward pipeline, allowing us to continue to be selective when choosing which borrowers and projects to fund.
At the end of May, 3.48% of our book was 30 days or more late on payments.
Success Story
We also completed a successful loss-mitigation effort by resolving a loan that had been in default for 183 days. Investors received 100% of their principal and earned interest, including penalty payments. Investors on this project earned an annualized return of 14.85% and cash-on-cash return of 18.48%. We're still proud to say that there has been $0 principal or earned interest losses since founding. Read more about this success story.
Technology and Platform Updates
- All open investments in the month of June will have a reduced service fee of .5% as a way to thank our investors for helping us hit new milestones in the month of May.
- The “Invest Now” process has been streamlined so you no longer need to re-enter your personal or bank information on each investment.
- After the minimum investment has been met (i.e. $5,000), investment increments have been reduced to $1,000. This allows more flexibility to allocate in smaller increments.
- All projects will now have a minimum investment of $5,000. Previously, larger projects had $10,000 minimums. This is no longer the case.
- We’re developing new Lender Dashboards to provide more transparency and data related to your investments. More to come soon on this!
Thanks for your continued support. We appreciate your business and feedback!
Email us at: InvestorRelations@fundthatflip.com to schedule a call with a member of our investments team, ask a question or provide feedback.
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