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LOAN SUMMARY | 125 COUNTRY CLUB DRIVE 125 Country Club Drive, Edenton, NC 27932

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BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
57.6%
$288,000
435
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$288,000
Funded
Started on
Funded on
Repaid on
Matures on
06/28/2017
Pending
01/19/2018

LOAN UPDATES

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GROUNDFLOOR - 11/1/2017

The borrower has advised that he is working with marketing to get the property listed, and is also looking into refinance options.

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GROUNDFLOOR - 10/2/2017
The borrower has advised that there has been a slight delay in getting the property on the market for sale; however, he anticipates that the property will be listed soon.
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GROUNDFLOOR - 9/7/2017

The borrower advised that there are no changes since the last update. The property should still be on the market by the end of September 2017.

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GROUNDFLOOR - 8/8/2017
The borrower has advised that the property is market ready, and intend to list the home at the end of September 2017.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$500,000
Total Project Costs
$320,000
$180,000
GROUNDFLOOR
$288,000
$32,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$310,000
Purchase Date
01/19/2017
Loan To ARV
57.6%
Loan To Total Project Cost
90.0%

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
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$500,000
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 plans to refinance 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 January 19, 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 and Groundfloor (as GRE 1’s agent) will continue to administer and service the loan per the terms of 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.
  • The Borrower has only undertaken one project in the past, and has not sold it yet. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular.