B

LOAN SUMMARY | 1501 Jones Avenue Northeast, Renton, WA 98056

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
45.2%
$284,750
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$284,750
Repaid on 05/04/2018
Started on
Funded on
Repaid on
Matured on
04/21/2017
07/13/2017
05/04/2018
04/20/2018

FINANCIAL OVERVIEW

After Repair Value (ARV)
$630,601
Total Project Costs
$486,669
$143,932
GROUNDFLOOR
$284,750
$201,919
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$242,500
Purchase Date
06/05/2015
Loan To ARV
45.2%
Loan To Total Project Cost
58.5%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
7
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$630,601
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1501 JONES AVENUE NORTHEAST, RENTON, WA 98056
The Borrower intends to use the loan proceeds to complete a renovation to 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 begin renovation of this property on April 21, 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.
  • The property was purchased for $242,500. The Borrower has already completed $225,869 worth of work. The Borrower intends to use $275,000 of the proceeds from our loan to offset that amount of the property value. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $193,369 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular