C

LOAN SUMMARY | 1654 Poinsettia Avenue, Tarpon Springs, FL 34689

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13.4%
12 months
68.9%
$158,500
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$158,500
Repaid on 05/07/2019
Started on
Funded on
Repaid on
Matured on
10/12/2016
11/22/2016
05/07/2019
10/11/2017

FINANCIAL OVERVIEW

After Repair Value (ARV)
$230,000
Total Project Costs
$192,600
$37,400
GROUNDFLOOR
$158,500
$34,100
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$141,000
Purchase Date
01/28/2016
Loan To ARV
68.9%
Loan To Total Project Cost
82.3%

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
3
4
Skin-in-the-Game
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$230,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1654 POINSETTIA AVENUE, TARPON SPRINGS, FL 34689
The Borrower intends to use the loan proceeds to complete a renovation to the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.

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 Borrower is using $147,000 of the loan proceeds to pay off an existing loan that was used to acquire the property, including accrued but unpaid interest. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the rennovation of the property, much like an acquisition and renovation loan.
  • 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