Welcome to Investor Insights! In this ongoing series, we provide a behind-the-scenes look into how the business works, from underwriting and risk mitigation to monthly loan performance, and beyond. You will hear from leaders within the organization who are driving day-to-day operations. We also answer your Frequently Asked Questions about investing with Fund That Flip, so that you can make better investment decisions with your hard-earned capital.
On this episode, Fund That Flip SVP of Sales, Jon Andrews, and Underwriting Team Lead, Scott Eilerman join Matt to discuss a deal that is currently open for investment on our platform; a 5-unit mixed-use building with one retail space, two office/residential flex spaces, and two 3-story residential units in Edgewater, NJ. The borrowing team for this project has a unique background, getting started in China and Southeast Asia before moving to executing projects in the United States, where they've focused on townhome and new construction projects, mostly in the state of New Jersey.
Jon goes into detail regarding the team's plan A and plan B for the project. Plan A involves getting the project stabilized and seeking out permanent financing. If needed, the team's plan B would involve selling each of the 5 units individually. Scott discusses what aspects of the real estate project stuck out to him from an underwriting perspective. He underlines that the first thing was that the project is near completion and nearly ready to be occupied, meaning execution risk is much lower. He notes that the residential units are particularly attractive, offering each tenant 2,500 square feet of space, two garage parking spaces, four bedrooms, and three bathrooms. He believes the units will be particularly attractive to families trying to move outside of New York City.
The project is expected to be market-ready by late March 2021. Click below to invest in the project and tune into the full conversation below:
Check back for more installments of Investor Insights. As always, email us at InvestorRelations@fundthatflip.com with any questions, comments, or feedback. Thank you for your continued support and participation on the platform!