In line with our goal of 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.
In October, we originated 154 loans and funded $58.7 million in origination volume. With a strong forward pipeline, we continue to be selective in the loans we choose to fund.
As of October 15, 7.19% of our book was 30 days or more late on payments. This increase is due to two borrowers whose loans have moved into late status and is not, we believe, indicative of systemic issues or market changes. We are in close contact with these two borrowers as we work on a resolution and the quickest path to liquidity while managing downside risk. Investors in these projects will be notified as our team makes progress on these loans.
We are continuing to increase our origination volume while monitoring the situation in each market closely. You can read more about our approach to COVID-19 here: Lender COVID-19 FAQs. Moreover, we are working with our borrowers to be supportive in keeping their projects on track and current on interest payments. We also continue to build a strong forward pipeline, meaning we will continue to be selective when deciding which loans to fund.
Learn more about how we handle loans that are 30+ days late in an episode of Investor Insights here.
Success Stories
We are constantly impressed by the quality of work our customers are completing with their funded projects. Check out our recent featured flips to see before and after photos of the homes and communities we're helping to improve.
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.