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LOAN SUMMARY | 146 ERICSON ST. 146 Ericson St, Atlanta, GA 30317

C99676f39c6bbac2818ab26204aaa0716c1abff3

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
7%
12 months
30.0%
$61,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$61,000
Repaid on 01/30/2016
Started on
Funded on
Repaid on
Matures on
11/17/2014
01/13/2015
01/30/2016
N/A

LOAN UPDATES

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GROUNDFLOOR - 8/19/2015

HVAC, plumbing and electrical roughed in. Next up, drywall.

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GROUNDFLOOR - 6/10/2015
All permits are in and work is beginning.
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GROUNDFLOOR - 5/18/2015
Still awaiting final permit approval from city of Atlanta to begin major renovations.
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GROUNDFLOOR - 3/13/2015
We will be starting on minor electrical work next week.
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GROUNDFLOOR - 1/28/2015
The Atlanta Police Foundation project team has selected their general contractor.
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GROUNDFLOOR - 1/14/2015
The loan was successfully funded by 101 lenders!

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
CLOSING CONDITIONS
  • Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
  • We generally charge borrowers an origination fee (which typically ranges between 2% and 6% of the principal loan amount) and a servicing fee (which typically ranges between 0.5% and 2%) for our services.
  • We do not take a "spread" on any part of the interest payments.
  • Borrowers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
  • Unless otherwise limited by applicable law, we will charge a penalty of up to 2% for any extension made to the Borrower. See “Fees and Related Expenses” in the Offering Circular.
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.