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 April, we closed 28 new loans for a total volume of $12.7 million, more than double our March volume. Moreover, with $159 million in loan applications, we maintain a strong forward pipeline, meaning we will continue to be selective when deciding which loans to fund.
As of May 15, 7.34% of our book was 30 days or more late on payments. This slight increase is caused by 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 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.
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