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LOAN SUMMARY | 1901 WAKEFIELD DRIVE 1901 Wakefield Drive, Houston, TX 77018

8d5d046ad7fb1e387c690686e237a7f5e690d12f

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
69.3%
$287,550
500
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$287,550
Funded
Started on
Funded on
Repaid on
Matures on
02/08/2017
Pending
02/09/2018

LOAN UPDATES

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GROUNDFLOOR - 11/8/2017

The borrower has advised that the drywall, siding, and exterior painting is in progress.

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GROUNDFLOOR - 10/12/2017
The borrower has advised that new windows are currently being installed.
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GROUNDFLOOR - 10/5/2017
The borrower has advised that the renovations continue to progress.
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GROUNDFLOOR - 9/25/2017
The borrower has advised that the following works have been completed, or are underway: 
  • All rough in electric, plumbing, and mechanical works have been completed. 
  • The borrower has received partials from the city of Houston inspectors to continue with the inside closing of the walls. 
  • Outside framing of additional square footage is complete with a new roof being tied into the existing structure, which is expected to be completed this week.
  • The borrower has requested a structural inspection for this week. 
  • The windows have been ordered and should arrive within a week.
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GROUNDFLOOR - 9/5/2017

Please be advised, we are pleased to inform our investors that there has been no damage to the property due to Hurricane Harvey.  

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GROUNDFLOOR - 9/1/2017

At Groundfloor, our number one concern during the time of a natural disaster, or tragedy is to always ensure that our borrowers and investors are safe. Unfortunately, we have identified that this property may have been impacted by Hurricane Harvey.

At this time, we do not know if the property was necessarily impacted by the storm. Due to the severe flooding and extensive damage, it may be a few weeks before we can inspect the potential property damage. Please be assured, we continue to monitor the situation in Texas as the flood waters recede. We will provide further updates as they are received.

Please note that Fannie Mae, Freddie Mac and the Federal Housing Authority are suspending foreclosures and evictions for 90 days. Also, the Agencies are permitting borrowers in impacted areas to apply for 6 - 9 month forbearances.

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GROUNDFLOOR - 8/23/2017
The borrower has advised that the concrete work has been completed, and the rough in plumbing under ground for the new addition is complete. The electrical rough in is still ongoing. The framing for the new addition will start one week after the concrete cure time.
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GROUNDFLOOR - 8/15/2017
The borrower has advised that the concrete forms and cages have been installed. The underground plumbing has been set in place and align with the main sewer line. The bathroom and laundry room is currently being re-piped. The borrower also advised that once the plumbers complete their work, the concrete will be ready to pour. All city inspections have been passed for concrete to be poured. Lastly, the borrower advised that the electric rough in has approximately three days until completion. 
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GROUNDFLOOR - 7/18/2017
The borrower has advised that due to rain in Texas, the concrete for the additional sq footage could not be poured, but rough plumbing should take about 8 days to complete then electrical will follow. 

As soon as the rain stops, the borrower will be cleared to pour the concrete for the addition.
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GROUNDFLOOR - 6/15/2017
The borrower has advised that rough electrical and plumbing are near completion. Concrete slab for additional square footage schedule for next week. 
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GROUNDFLOOR - 4/25/2017
The borrower has advised that works on the property have commenced. Demolition works have been completed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$415,000
Total Project Costs
$319,500
$95,500
GROUNDFLOOR
$287,550
$31,950
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$265,000
Purchase Date
02/10/2017
Loan To ARV
69.3%
Loan To Total Project Cost
90.0%

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

VALUATION REPORTS

As Complete (ARV)
$415,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

The Borrower intends to use the loan proceeds to purchase and renovate 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 purchase this property on February 10, 2017 through a wholly owned subsidiary. The Borrower is now in possession of the property. 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 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