LOAN SUMMARY | 244 TIMOTHY DR, DALLAS, GA 30132 244 Timothy Drive, Dallas, GA 30132
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).
Groundfloor is actively working with the borrower. The borrower is proposing to sell the lot.
The Borrower continues to experience delays related to the permitting process.
The Borrower is currently negotiating the construction contract with the General Contractor.
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.
The Borrower is finalizing plans to begin this project.
This loan was fully funded on 1/24/2016 by 94 investors.
After Repair Value (ARV)
Total Project Costs
First Lien Loan
As Complete (ARV)
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps