Trailblazer

1445 Westmont Ave, Campbell, CA 95008

trailblazer

6 single family home development project in Campell, CA. Each home features modern design and the size ranges from 2,500 sf to 3,000 sf. The sponsor has a 700+ FICO score and completed 200+ projects in the past three years.

Update

Construction Drew 0%

As of October 10, the current construction schedule has progressed to: Lot1,Lot2, Lot3& Lot6Start Framing

 

Invesment Summary

The current lender has provided a $6.7mm purchase loan since it’s closing. The developer has spent 2 years to get the land entitled. The project is shoval ready now and construction started on May 23 and expceted to be completed on Jun 24.  Yeelee will finance the construction budget of $7,500,000 and disburse funds based on verificationof work performed, as determined by an independent 3rd party inspection firm. Yeelee reviews each inspection report aand releases funds based on the percentage of completion of the project. Yeelee expects to make 10 conastruction draws, but may schedule additional inspections as needed. The final draw will be released after all vwork is verified to be complete. Once construction is complete, the developer plans to sell out all new homes to pay off the loan.

Over the course of the project, the developer will contribute anestimated $3,800,000 in equity. The total loan-to-ARV is 57.5%. The term of the underlying loan is 12 months with an option to extend. Should Yeelee choose to grant the extension(s), half of the extension fee(s) collected will be distributed to investors upon receipt.

Use of Proceeds

Type Underlying Asset Underlying Security Guarantee
Construction Completion 6 single family homes 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.

Valuation
About the Property

Details
Address 1445 Westmont Ave, Campbell, CA 95008
Full Bathrooms 3
Year built 2023
Square Footage 3106
Garage Spaces 2
Purchase Price 1,800,000
Estimated Rehab Budget 3,310,800
ARV 3,130,000
Current Appraised Value 119,900
Developer Equity 1,161,179
Bedroom 4

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 Carbonell IT Solutions You invested Carbonell IT Solutions Your exposure Carbonell IT Solutions
Active $1,900,000 | 1 $0 | 0 0.0%
Not past maturity Carbonell IT Solutions $1,900,000 | 1 $0 | 0 0.0%
Past maturity Carbonell IT Solutions $0 | 0 $0 | 0 0.0%

Loans with Yeelee Carbonell IT Solutions Loan repayment Carbonell IT Solutions Your repayment Carbonell IT Solutions
Repaid $1,240,000 | 1 $1,240,000 ($0) $0 ($0)
Repaid in full Carbonell IT Solutions $1,240,000 | 1 $1,240,000 ($0) $0 ($0)
Repaid with loss Carbonell IT Solutions $0 | 0 $0 ($0) $0 ($0)

Projects

Deal Funded Maturity
REPAID
Lake Winnebago, MO - 55148 $1,240,000 Carbonell IT Solutions
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.