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LOAN SUMMARY | 1725 BOULDERCREST ROAD 1725 Bouldercrest Road, Atlanta, GA 30316

575f0a31429cf881f544db62d597e15538177408

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6%
9 months
38.3%
$115,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$115,000
Repaid on 07/14/2017
Started on
Funded on
Repaid on
Matures on
12/27/2016
07/14/2017
10/12/2017

LOAN UPDATES

Gf triangle
GROUNDFLOOR - 5/16/2017

The borrower has advised that the property is currently under contract.

Gf triangle
GROUNDFLOOR - 4/11/2017
The borrower has advised that the framing, insulation, plumbing rough-in and electrical rough-in works have been completed. The property is 55% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$300,000
Total Project Costs
$189,000
$111,000
GROUNDFLOOR
$115,000
$74,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$98,000
Purchase Date
11/15/2016
Loan To ARV
38.3%
Loan To Total Project Cost
60.8%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
7
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)
$300,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

The Borrower intends to use the loan proceeds to payoff an existing lien and 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
  • We advanced the Borrower the money it needed to begin renovation of this property on January 13, 2017 through a wholly owned subsidiary. The Borrower has now begun renovation. If this offering is fully subscribed, the property will be assigned to us from the subsidiary, and we will continue to administer and service the loan per the terms of our 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 $98,000. The Borrower intends to use $24,000 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 $74,000 that is tied up in the project after completion of our loan.
  • The Borrower has only undertaken one project in the past, and has not sold it yet. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • 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.41 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.