C

LOAN SUMMARY | 1208 11th Street, Pleasant Grove, AL 35127

BORROWER

Bailey Investment Group LLC
Dwight Bailey - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
63.6%
$153,930
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$153,930
Repaid on 09/08/2021
Started on
Funded on
Repaid on
Matured on
04/26/2018
05/27/2018
09/08/2021
04/25/2019

FINANCIAL OVERVIEW

After Repair Value (ARV)
$242,000
Total Project Costs
$217,790
$24,210
GROUNDFLOOR
$153,930
$63,860
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$203,930
Purchase Date
09/19/2016
Loan To ARV
63.6%
Loan To Total Project Cost
70.7%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
4
10
Quality of Valuation Report
4
4
Skin-in-the-Game
7
10
Location
5
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$242,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1208 11TH STREET, PLEASANT GROVE, AL 35127
The Borrower intends to use the loan proceeds to payoff an existing loan and complete a renovation of the property. Upon completion, the Borrower intends to refinance the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to refinance this property on April 26, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower still has possession of the property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The Borrower intends to use the loan proceeds to payoff an existing loan. Groundfloor will assume the first lien position.
  • The Borrower acquired the property through a quitclaim transaction on April 26, 2018. Groundfloor paid off an existing loan in the amount of $45,000. Groundfloor will assume the first lien position.
  • The Borrower has not undertaken any projects since its inception. As such, the Borrower does not have any Financial Data or Projects/Revenue to report for the applicable reporting periods.
  • The Principal has not undertaken any project in the past. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • The Borrower intends to refinance the property instead of selling it in order to pay off the Groundfloor loan. At the time of origination, the Borrower did not have a refinancing plan in place. If the Borrower is not able to refinance the property before maturity of the Groundfloor loan, the Borrower will be in default, and may be forced to sell the property in order to pay off the Groundfloor loan.
  • Please consult the Offering Circular