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LOAN SUMMARY | 244 TIMOTHY DR, DALLAS, GA 30132 244 Timothy Drive, Dallas, GA 30132

C3e65ce17989ef9f5c9ab8f2f7772f9e67bd0ae1

BORROWER


Rate
Projected Term
Loan to Value Range
Loan Amount
Investors
9.2%
12 months
55.3%
$105,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$105,000
Repaid on 02/03/2017
Started on
Funded on
Repaid on
Matures on
11/11/2015
01/25/2016
02/03/2017
03/29/2017

LOAN UPDATES

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GROUNDFLOOR - 2/4/2017

Groundfloor took title to this property as part of a coordinated settlement of two loans outstanding with the borrower. This loan has been settled and is subject to the following final resolution:

  • Gross proceeds from sale of collateral property: $10,744.68.

  • Groundfloor reimbursement for expenses advanced during the recovery process: $2,319.68 (Commission $644.68, Real estate Tax $100.00 and Servicing Fee $1,575).

  • Refund of Groundfloor’s Fees: Servicing $1,575.

  • Net proceeds available for repayment: $105,000 (0% return).

Please read our blog post for more detail about the history and analysis of this outcome.
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GROUNDFLOOR - 10/17/2016

Groundfloor is actively working with the borrower. The borrower is proposing to sell the lot.

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GROUNDFLOOR - 6/10/2016

The Borrower continues to experience delays related to the permitting process. 

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GROUNDFLOOR - 4/29/2016

The Borrower is currently negotiating the construction contract with the General Contractor. 

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GROUNDFLOOR - 3/24/2016

There were delays during the closing process; however, the Borrower is expected to close on the property the week of 3/28/2016 with construction works to begin shortly thereafter. 

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GROUNDFLOOR - 2/26/2016

The Borrower is finalizing plans to begin this project.

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GROUNDFLOOR - 1/28/2016

This loan was fully funded on 1/24/2016 by 94 investors.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$189,900
Total Project Costs
$210,000
$189,900
GROUNDFLOOR
$105,000
$105,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$5,000
Purchase Date
05/29/2015
Loan To ARV
55.3%
Loan To Total Project Cost
0.0%

GRADE FACTORS

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
2
4
Skin-in-the-Game
3
10
Location
2
8
Borrower Experience
3
5
Borrower Commitment
2
1

VALUATION REPORTS

As Complete (ARV)
$189,900
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

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.