C

LOAN SUMMARY | 166 MILL GLEN ROAD 166 Mill Glen Road, Winchendon, MA 01475

8c06cff78602d9a4a75ac3da5938b8229829fa1d

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
60.1%
$117,980
255
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$117,980
Funded
Started on
Funded on
Repaid on
Matures on
06/22/2017
Pending
06/22/2018

LOAN UPDATES

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GROUNDFLOOR - 10/20/2017
The borrower has advised that the buyer has been cleared to close, which is still scheduled for October 27, 2017. As previously mentioned, closing dates are subject to change.
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GROUNDFLOOR - 10/9/2017
The borrower has advised that closing is scheduled for October 27, 2017. Please note that closing dates are subject to change.
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GROUNDFLOOR - 9/14/2017
The borrower has advised that the project is 99% complete. The plumber has a few fixtures to tie in and one additional electrical outlet needs to be added to the kitchen island.
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GROUNDFLOOR - 9/11/2017
The borrower has advised that the renovations are 97% complete. The property is expected to be listed by the end of the week.
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GROUNDFLOOR - 8/3/2017
The borrower has advised that renovations are under way. Per the borrower, the following has been under way:

  • Some trash has been been removed from the property
  • Deck repaired
  • Plumbing and electrical work is under way
  • Drywall underway
  • Painting has been scheduled
  • Septic design completed and scheduled for installation 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$196,440
Total Project Costs
$155,980
$40,460
GROUNDFLOOR
$117,980
$38,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$76,000
Purchase Date
05/12/2017
Loan To ARV
60.1%
Loan To Total Project Cost
75.6%

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
3
4
Skin-in-the-Game
4
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$196,440
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

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 the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to begin renovation of this property on June 23, 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, Groundfloor Finance Inc. (“GFI” the “Company,” “we,” “us,” or “our”) 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 $76,000. The Borrower intends to use $38,000 of the proceeds from our loan to offset that amount of the purchase price of the property. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $38,000 that is tied up in the project after completion of our loan.
  • The Borrower has not undertaken any project in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular