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LOAN SUMMARY | 2698 CANDLER DRIVE 2698 Candler Drive, Marietta, GA 30064

71960a26071bb2b1fe860f6ae808c4de25aeede9

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
16%
12 months
70.3%
$130,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$130,000
Repaid on 01/13/2017
Started on
Funded on
Repaid on
Matures on
07/28/2016
08/10/2016
01/13/2017
09/27/2017

LOAN UPDATES

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GROUNDFLOOR - 12/14/2016

The borrower has advised that the property is under contract and is currently scheduled to close prior to the end of January.

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GROUNDFLOOR - 10/20/2016
The borrower has advised that works are now complete.
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GROUNDFLOOR - 10/17/2016

The borrower has advised that the renovation works are substantially complete.

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GROUNDFLOOR - 10/12/2016
We are pleased to advise that the loan has closed and the borrower has completed over 85% of the works to the property.
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GROUNDFLOOR - 9/13/2016

We advise that closing of the loan has been delayed whilst clear title is obtained. It is anticipated that the loan will close prior to the end of September 2016.

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GROUNDFLOOR - 8/10/2016

This loan was fully funded on 8/10/2016 by 199 investors. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$185,000
Total Project Costs
$130,000
$55,000
GROUNDFLOOR
$130,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$104,000
Purchase Date
TBD
Loan To ARV
70.3%
Loan To Total Project Cost
100.0%

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
0
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$185,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • A closing date has not been set yet for the purchase of this property. We will not originate a loan on this property until the closing process commences.
  • Although the Borrower has negotiated to purchase the property for the stated purchase price, there can be no assurances the Borrower will close on the acquisition at this price. However, the Borrower's Skin-in-the-Game will not change regardless of any changes to the closing price.
  • 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 funding of this senior loan will be subject to a clean title search, and the resolution of any title or tax issues.
  • Investor's Network is owned jointly by Brandon Thompson and Will Hardy, and Principal information reflects the entirety of their real estate experience.
  • The Borrower expects to purchase the property for $104,000. The Borrower is using loan proceeds for the entire purchase price of the property, and will therefore have no skin-in-the-game.
  • Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
  • Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
  • GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
  • GROUNDFLOOR does not take a 'spread' on any part of the interest payments.
  • Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
  • Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR 'Fees and Expenses' in the Offering Circular.
SEC FILING INFORMATION
  • The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No.28 to the Offering Circular dated December 8, 2015 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
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.