B

LOAN SUMMARY | 1016 Egret Lane, Rockport, TX 78382

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9.6%
12 months
57.6%
$100,730
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$100,730
Repaid on 08/17/2018
Started on
Funded on
Repaid on
Matured on
06/23/2016
06/08/2016
08/17/2018
06/23/2017

FINANCIAL OVERVIEW

After Repair Value (ARV)
$175,000
Total Project Costs
$109,000
$66,000
GROUNDFLOOR
$100,730
$8,270
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$60,000
Purchase Date
06/18/2015
Loan To ARV
57.6%
Loan To Total Project Cost
92.4%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
10
Quality of Valuation Report
3
4
Skin-in-the-Game
1
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$175,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1016 EGRET LANE, ROCKPORT, TX 78382
The Borrower intends to use the loan proceeds to payoff an existing mortgage on the property and complete a renovation to prepare it for sale.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower is using $62,000 of the loan proceeds to pay off existing loans that were used to acquire and renovate the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • The renovation of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The renovation will require permitting, and permits may not be obtained on time or may be denied.
  • The funding of this senior loan will be subject to a clean title search, and the resolution of any title or tax issues.
  • Please consult the Offering Circular