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LOAN SUMMARY | 2216 TELHURST STREET SOUTHWEST 2216 Telhurst Street Southwest, Atlanta, GA 30310

4656b7ca7ae8ed1278ef0cbc7a01d9005ed6e5ba

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
58.3%
$58,340
101
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$58,340
Funded
Started on
Funded on
Repaid on
Matures on
06/05/2017
Pending
06/08/2018

LOAN UPDATES

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GROUNDFLOOR - 11/10/2017
The borrower has advised that the third tenant has not been evicted yet due to an issue with the eviction paperwork, which has been refiled. Please note that the property has been listed for sale.
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GROUNDFLOOR - 10/27/2017
The borrower has advised that all of the units are vacant, painted, and rent ready. New windows are scheduled to be installed on December 01, 2017.
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GROUNDFLOOR - 10/4/2017

The borrower has advised that one of the other tenants has been evicted, and the last tenant eviction was delayed due to the hurricanes. The court has ordered the Writ of Possession to the borrower, and he is currently awaiting for the Marshall to evict the last remaining tenant. Please note that the renovations have begun on one of the units. The painting and window replacement will be occurring over the next few weeks. 

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GROUNDFLOOR - 9/7/2017

The borrower has advised that one of the tenants has been evicted, and the other two go to court next week for the eviction proceedings. The borrower intends to begin the interior renovations by the end of the month.

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GROUNDFLOOR - 8/7/2017
The borrower has advised that the triplex is fully occupied with inherited tenants. The borrower intends to make minor upgrades to two of the units, and to bring in new tenants at a higher monthly rent. At this time, the borrower is working on the timing of moving the current tenants out of the property. 
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GROUNDFLOOR - 8/3/2017
The borrower has advised that works on the property are expected to commence at the end of August.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$100,000
Total Project Costs
$88,340
$11,660
GROUNDFLOOR
$58,340
$30,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$81,000
Purchase Date
03/24/2017
Loan To ARV
58.3%
Loan To Total Project Cost
66.0%

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
6
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$100,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

The Borrower intends to use the loan proceeds to 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 June 9, 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.
  • Some of the Borrower's 2016 revenue was derived from rental properties because the Borrower's primary focus in 2016 was buy and hold.
  • The property was purchased for $81,000. The Borrower intends to use $51,000 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 $30,000 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular