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LOAN SUMMARY | 27 DOUGLAS AVENUE 27 Douglas Avenue, Maynard, MA 01754

3f5576cfec4ff35e7a9125bfe66b62faa271359c

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.5%
12 months
38.3%
$147,290
298
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$147,290
Funded
Started on
Funded on
Repaid on
Matures on
03/01/2017
Pending
03/09/2018

LOAN UPDATES

Gf triangle
GROUNDFLOOR - 6/2/2017

Works on the property are 50% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$385,016
Total Project Costs
$328,234
$56,782
GROUNDFLOOR
$147,290
$180,944
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$220,794
Purchase Date
03/10/2017
Loan To ARV
38.3%
Loan To Total Project Cost
44.9%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
7
10
Quality of Valuation Report
4
4
Skin-in-the-Game
10
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$385,016
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 March 10, 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.
  • The property was purchased for $220,794. The Borrower intends to use $39,850 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 180,944 that is tied up in the project after completion of our loan.
  • 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.46 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.