McClellan Rd, Cupertino
Update
Construction Drew 0%
As of 10/10, the current construction progress has been demolish and the next stage will be continuously updated on the website
Project Update
Invesment Summary
| Type | Underlying Asset | Underlying Security | Guarantee | |
|---|---|---|---|---|
| Construction Completion | 18 Unit Townhouse Community | 2nd Position | Personal guarantee |
| Cost | Used of Proceeds | % of loan | |
|---|---|---|---|
| At Close | $1,609,555 | $1,415,431 | 74.5% |
| Purchase | $500,000 | $305,876 | 16.1% |
| Construction Draw at Close | $1,109,555 | $1,109,555 | 58.4% |
| Remaining Construction/Rehab | $401,119 | $401,119 | 21.1% |
| Prepaid Int | $61,750 | $61,750 | 3.3% |
| Closing | $21,700 | $21,700 | 1.1% |
| Total | $2,094,124 | $1,900,000 | 100% |
Loan to Cost
| Cost | Amount Disbursed | Borrower Contribution | Loan to Cost | |
|---|---|---|---|---|
| At close | $1,609,555 | $1,415,431 | $2,413,234 | 87.9% |
| Purch. | $500,000 | $305,876 | $194,124 | 61.2% |
| Construction Draw at Close | $1,109,555 | $1,109,555 | $0 | 100.0% |
| Remaining Construction/Rehab | $401,119 | $401,119 | $0 | 100.0% |
| Prepaid Int | $61,750 | $0 | $61,750 | 0.0% |
| Closing | $21,700 | $21,700 | $21,700 | 100.0% |
| Total | $2,094,124 | $1,838,250 | $24,805 | 87.8% |
YeeleeCapital’s Internal Real Estate Analysts use industry standard valuation software, independent real estate data, and internal proprietary modeling to estimate the expected After Repair Value of the property.
YeeleeCapital develops an internal valuation on all projects using an automated valuation model (AVM), which estimates real estate property valuations using mathematical modeling, combined with a database of real estate information for comparable properties. The comparable properties in the analysis are within 4.09 miles of the subject, have a similar number of bedrooms, bathrooms, and square footage, and are of similar home style.
The internal valuation of $800,000 on the property is supported by the following data points:
• 3 comparable properties have recently sold between $737,000 and $817,000.
• Price per square foot of these comparable properties ranges from $243 to $246.
• Our internal valuation yielded a price per square foot of $246.
• Gross monthly rents are estimated at $2,300 for similar properties in the area.
YeeleeCapital supplemented our internal valuation with an appraisal. The appraisal indicated an ARV of $750,000 for the property. We believe a more accurate portrayal of the subject property to be our internal analysis and valuation.
YeeleeCapital used the FTF internal valuation when making the final decision to fund this project.
About the Property
| Details | |
|---|---|
| Address | |
| Full Bathrooms | |
| Year built | |
| Square Footage | |
| Garage Spaces | |
| Purchase Price | |
| Estimated Rehab Budget | |
| ARV | |
| Current Appraised Value | |
| Developer Equity | |
| Bedroom |
Project Strategy
The developer previously bought this property. They will receive financing from Yeelee Capital on May 05, 2023. Your investment will begin accruing interest the day it clears escrow.
Construction will begin shortly after loan closing and includes the following:
• Framing
• Footing/Foundation
• HVAC
• Drywall
• Roofing
• Siding
• Windows
• Electrical
• Plumbing
• Paint
Upon completion, the developer intends to rent the property and refinance out of Yeelee Capital loan.
The full statement of work is available below.
Documents
About the Redeveloper
This is the developer’s 1st project funded with Fund That Flip. The developer historically focuses on projects in Washington but are moving to the Texas market. They typically execute 4-6 projects every 2 years. The developer has a strong background in fix and flips, residential renovations, and high end new construction.
Fund That Flip has verified the developer has liquid assets in excess of the required developer contribution amount of approximately $116,179.
The developer’s credit score is 734.
Projects by the Redeveloper
Summary
Loans with Yeelee
|
You invested
|
Your exposure
|
|
|---|---|---|---|
| Active | $1,900,000 | 1 | $0 | 0 | 0.0% |
|
Not past maturity
|
$1,900,000 | 1 | $0 | 0 | 0.0% |
|
Past maturity
|
$0 | 0 | $0 | 0 | 0.0% |
|
Loans with Yeelee
|
Loan repayment
|
Your repayment
|
|
|---|---|---|---|
| Repaid | $1,240,000 | 1 | $1,240,000 ($0) | $0 ($0) |
|
Repaid in full
|
$1,240,000 | 1 | $1,240,000 ($0) | $0 ($0) |
|
Repaid with loss
|
$0 | 0 | $0 ($0) | $0 ($0) |
Projects
| Deal | Funded | Maturity | |
|---|---|---|---|
|
|
Lake Winnebago, MO - 55148 | $1,240,000 |
|
|
|
Lake Winnebago, MO - 70910 |
$468,000
|
Projects by the Redeveloper
Having a thorough understanding of the risks of each investment in your portfolio is important prior to making an investment. Fund That Flip encourages you to do full due diligence on each deal and consult your investment, tax and legal advisors prior to investing.
Risk:
The market value of the property drops significantly removing opportunity for the developer to make a profit.
Mitigating Factor:
The property is located in a stable market and was purchased at a discount providing downside protection in a falling-price environment.
Risk:
The developer chooses not to complete the project.
Mitigating Factors:
• The developer has considerable equity in the project and the LTV on an ARV basis is 65.0%.
• Fund That Flip holds a first position lien on the property and the partner has personally guaranteed the loan.
Risk:
The developer is unable to complete the project in the allotted 12 month period.
Mitigating Factor:
Fund That Flip has built in a 3 month optional extension, approved only if project is advancing at a satisfactory pace. Extension corresponds with an additional fee to be shared on a pro-rata basis with investors.
A more complete list of risks for this investment is provided in the Investor Offering Materials and should be read and reviewed with your investment, tax and legal advisors.