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LOAN SUMMARY | 1241 ANNAPOLIS WAY 1241 Annapolis Way, Grayson, GA 30017

07bbad042c68e3c98c0f7ca18b7ac97009144696

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
64.9%
$303,210
373
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$303,210
Funded
Started on
Funded on
Repaid on
Matures on
03/28/2017
Pending
03/30/2018

LOAN UPDATES

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GROUNDFLOOR - 10/30/2017
The borrower has advised that the following renovations are completed, or are underway:
  • Exterior renovations are complete.
  • New windows installed.
  • Exterior paint is complete.
  • Deck stained.
  • Deck painted.
  • New sod and irrigation system installed.
  • The master bathroom tiling, flooring, and interior paint will be completed next.
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GROUNDFLOOR - 10/11/2017
The borrower has advised that the following renovations have been completed, or are underway: 
  • New ductless HVAC system was installed in the basement.
  • Exterior of home, chimney, and garage has been painted.
  • Steel deck railing was painted with high gloss finish.
  • Fence painted.
  • Window remodeling work is complete.
  • Basement electrical work is complete.
  • Installed canned lights, new ceiling speakers, fan boxes, HDMI cable, data cable, AC power in basement.
  • Plumbing is complete.
  • Installed basement shower and bar studs.
  • Kitchen back-splash remodeling is complete.
  • Installed new custom island box in kitchen.
  • Master bathroom demolition and renovations are in progress.
  • Installed new irrigation and sprinkler systems in front and back yard.
  • Bermuda sod is being installed this week.
In the coming weeks, the borrower will be focusing on the landscape, exterior lighting, kitchen counter-tops, kitchen appliances, master bathroom upgrades, new plumbing fixture upgrades, interior painting, and new floors will be installed throughout the basement and entire house.
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GROUNDFLOOR - 9/13/2017
The borrower has advised that the project is continuing to move forward. The following renovations have been completed, or are underway:
  • Brand new ducting was fully installed in the basement and rerouted in a better way to gain more height in the basement. 
  • Brand new HVAC system for the basement was purchased and delivered to the site to be installed in the next few days. 
  • Complete steel deck railing was installed for securing the outdoor deck.
  • Window remodeling work is 75% complete. The windows have been installed and are being painted. 
  • New electrical systems for the basement are being installed and underway for lighting and ceiling speakers. 
  • Kitchen cabinets and back-splash remodeling is in progress. 
  • Basement plumbing and drainage work is in progress. 
  • Master bathroom demolition and renovations is in progress. 
  • Exterior Soffit and Fascia renovations are in progress.
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GROUNDFLOOR - 8/14/2017
The borrower has advised that the following renovations have been completed or underway:
  • The entire basement was demolished down to the frameworks due to water retention and mold. New beams were installed to support the floor and the ceilings were raised to create more space.
  • Replaced and installed a new water heater with an expansion tank.
  • Repaired water leaks on the interior and exterior of the property to prevent further water damage.
  • Excavated the foundation and repaired cracks. 
  • Installed new french drains that extend to the street.
  • Cleaned up the front and rear yard for better curb appeal.
  • The pool and spa was cleaned and pressure washed.
  • The deck was completely renovated.
  • Installed new roof.
  • Installed new garage door with 3/4 HP motor and chain-link, new security pad, and garage door openers.
  • Installed new doors to kitchen and basement entrances.

The borrower advised that the following work will be completed during the next phase of the project:

  • Complete basement remodeling, which includes insulation, sheetrock, electrical, new heating, ventilation and air conditioning (HVAC), new flooring.
  • Complete kitchen and bathroom renovations
  • Complete main level flooring, appliance installation, interior painting, pool and landscaping.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$467,500
Total Project Costs
$393,212
$74,288
GROUNDFLOOR
$303,210
$90,002
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$260,586
Purchase Date
TBD
Loan To ARV
64.9%
Loan To Total Project Cost
77.1%

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
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$467,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower intends to sell the property to repay our loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on March 31, 2017 by Groundfloor Finance Inc. (“Groundfloor”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession of the property. If this offering is fully subscribed, the property will be assigned to Groundfloor Real Estate 1, LLC (“GRE 1,” the “Company,” “we,” “us,” or “our”) and Groundfloor (as GRE 1’s agent) will continue to administer and service the loan as further described in the Offering Circular.
  • 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.
  • Please consult the Offering Circular.