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LOAN SUMMARY | 201 Clay Street Southeast, Atlanta, GA 30317 [2nd Payment Position]

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
17%
12 months
72.6%
$155,630
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$155,630
Repaid on 05/14/2021
Started on
Funded on
Repaid on
Matured on
04/22/2019
08/21/2019
05/14/2021
03/21/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$715,000
Total Project Costs
$565,800
$149,200
GROUNDFLOOR
$155,630
$363,140
$47,030
0%
Skin-in-the-Game
First Payment Position
Second Payment Position
Cushion
Purchase Price
$250,000
Purchase Date
03/22/2019
Loan To ARV
72.6%
Loan To Total Project Cost
91.7%

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)
$715,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on March 22, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession of the property. If this offering is fully subscribed, Groundfloor 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.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $363,140 and the second loan is for $155,630. The Financial Overview box represents the aggregate amount of all loans to be secured by this property, giving a complete financial picture of the project.
  • The Borrower is using $190,000 of the loan proceeds to pay off an existing loan that was used to acquire and begin renovation of the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards completing the renovation of the property, much like an acquisition and renovation loan.
  • This loan represents the second draw for the project.
  • Each draw on this project is structured as an individual loan. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 12 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 201 Clay Street Southeast #1 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 201 Clay Street Southeast #2 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • Please consult the Offering Circular