Thank you all for your support in helping us achieve this meaningful milestone. Hear from our Founder on how we got here and where we’re going next.
I came up with the idea for Fund That Flip out of a personal frustration with the lack of reliable funding available to fund fix-and-flip investments. I also believed that there were passive investors who wanted to participate in this asset class if they were provided access and high levels of transparency. In other words, there was a group of entrepreneurs who needed capital to restore unlivable homes and a group of investors who were looking for a fair risk-adjusted return. I just needed to figure out a way to bring these two groups together in a way that was beneficial for everyone.
With just a fledgling idea of what Fund That Flip could be, I abandoned my comfortable corporate life and moved to New York City. What happened next totally exceeded my wildest dreams.
January 2015: We fund our first loan in Trumbull, CT. A total of 4 investors participate in the offering.
June 2015: We’re accepted into Entrepreneurs Roundtable Accelerator, a top-tier NYC startup accelerator. Through their network we secured a meaningful commitment to fund the loans we originate.
December 2015: We complete our first year in business, funding 17 loans for just under $5M in volume. We are still “bootstrapping” the business while we watch several other players in the market raise large rounds of financing.
March 2016: We close our Seed Round of financing for $2.1M and begin investing in talent development, marketing and technology infrastructure.
Fast forward to present day, and here’s what we’ve accomplished since those early days:
- This week we crossed the $100M mark in Loan Originations.
- We’ve helped restore more than 400 homes in 15+ states.
- Our team has grown to 30, and we’ve been recognized by Smart Business for our outstanding company culture.
- We’ve created significant wealth for Lenders on our platform, with more than $3.75M in interest income paid out and over $30M in returned principal.
- Our portfolio has had $0 in lost principal or earned interest since founding. We’ve always valued quality over quantity.
- We’ve developed proprietary technology which provides a first-class customer experience for both our lender and borrower clients.
While we may not be the biggest real estate funding platform, we’ve accomplished an incredible amount with a fraction of the outside financing others have received. In other words, we’ve grown exponentially while also focusing on building a sustainable business model. We finished 2017 with a profitable fourth quarter and expect to turn a profit in 2018 – a significant accomplishment in such a short timeline.
We’re only able to achieve this because of our amazing, relentless borrowers who are dedicated to helping bring back neglected properties and improving their communities. We’re also forever appreciative of the support and trust that our lenders put in us. We couldn’t have accomplished this without you!
While $100M is a significant milestone, it’s only just the beginning! With a stronger team than ever, we’re positioned for more sustainable growth and look forward to continuing to bring new innovative products, services and technology to our valued partners.
Thank you all for your support and helping us achieve so much over the last few years.
Founder and CEO