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.
We are pleased to report that February was another month of strong application and origination volume. In February, we closed 40 new loans for total volume of $10.1 million. With $342 million in loan applications, we maintain a strong forward pipeline, ensuring we will continue to be selective when deciding which loans to fund.
As of March 15, 4.29% of our book was 30 days or more late on payments. This is an increase after several months of steady decline and is due to a small group of borrowers who have multiple loans with us and are going through either sale or refinance. Moreover, while there is an increase in the 30-60 day late category, we commit to working with the borrowers to proceed towards 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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