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LOAN SUMMARY | 2612 LAFAYETTE AVENUE 2612 Lafayette Avenue, Winter Park, FL 32789

Bd1c8adab34336705df0c1f5c8cc7e79fc882a0b

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
56.7%
$327,230
404
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$327,230
Funded
Started on
Funded on
Repaid on
Matures on
04/25/2017
Pending
04/27/2018

LOAN UPDATES

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GROUNDFLOOR - 11/8/2017

The borrower has advised that the city inspections were approved on November 08, 2017. The borrower anticipates that the renovations should be complete within the next 30 days.

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GROUNDFLOOR - 10/9/2017

Groundfloor is pleased to announce that there was no damage to the property due to Hurricane Irma. The borrower has advised that all materials for the renovations have been received; however, they are waiting on city inspections before work can resume. 

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GROUNDFLOOR - 9/9/2017

Please be advised, this loan could potentially be impacted by Hurricane Irma. We have confirmed that the appropriate insurance coverage is in place. We will provide additional updates as they are received and the storm passes.

Please refer to our September 08, 2017 Hurricane Response blog post for additional information on how Groundfloor manages the risk posed by natural disasters, including more information about our management of insurance coverage. 

Visit: Hurricane Response

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GROUNDFLOOR - 8/29/2017
The borrower has advised that the project is progressing along.
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GROUNDFLOOR - 8/3/2017
The borrower has advised that the plans and demolition are done and materials have been ordered.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$577,500
Total Project Costs
$362,530
$214,970
GROUNDFLOOR
$327,230
$35,300
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$175,000
Purchase Date
TBD
Loan To ARV
56.7%
Loan To Total Project Cost
90.3%

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

VALUATION REPORTS

As Complete (ARV)
$577,500
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 our loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on April 28, 2017 by Groundfloor Finance Inc. (“Groundfloor”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession of the property. If this offering is fully subscribed, the property will be assigned to Groundfloor Real Estate 1, LLC (“GRE 1,” the “Company,” “we,” “us,” or “our”) and Groundfloor (as GRE 1’s agent) will continue to administer and service the loan as further described in the Offering Circular.
  • Z
  • 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 is a new entity and does not have any assets or operating history.
  • Please consult the Offering Circular.