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LOAN SUMMARY | 1646 WESTWOOD AVENUE SOUTHWEST 1646 Westwood Avenue Southwest, Atlanta, GA 30310

F22377322ccffa50c1868af39d70d9f17cdebb9a

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
7.4%
12 months
28.6%
$60,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$60,000
Repaid on 09/23/2016
Started on
Funded on
Repaid on
Matures on
06/08/2016
06/22/2016
09/23/2016
N/A

LOAN UPDATES

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GROUNDFLOOR - 8/1/2016

We are presently working with the Borrower's attorney to clear up title issues. Closing is expected to occur within 30 days.

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GROUNDFLOOR - 6/22/2016

This loan was fully funded on 6/22/2016 by 85 investors. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$210,000
Total Project Costs
$129,000
$81,000
GROUNDFLOOR
$60,000
$69,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$69,000
Purchase Date
04/26/2016
Loan To ARV
28.6%
Loan To Total Project Cost
46.5%

Grade Factors

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

VALUATION REPORTS

As Complete (ARV)
$210,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • 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 funding of this senior loan will be subject to a clean title search, and the resolution of any title or tax issues.
  • Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
  • Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
  • GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
  • GROUNDFLOOR does not take a 'spread' on any part of the interest payments.
  • Developers 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, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR 'Fees and Expenses' in the Offering Circular.
SEC FILING INFORMATION
  • The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No.22 to the Offering Circular dated December 8, 2015 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
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.