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LOAN SUMMARY | 319 THOMAS DORSEY DRIVE 319 Thomas Dorsey Drive, Villa Rica, GA 30180

F5687f5ad244f26b4be925aa9c7fd97ff6f7aa3d

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
16%
12 months
62.7%
$69,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$69,000
Repaid on 10/18/2016
Started on
Funded on
Repaid on
Matures on
07/05/2016
07/20/2016
10/18/2016
07/26/2017

LOAN UPDATES

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GROUNDFLOOR - 10/4/2016

There is no update on this loan at this time.

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GROUNDFLOOR - 9/7/2016

The borrower has advised that the property has gone under contract.

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GROUNDFLOOR - 8/30/2016
The borrower has advised that all renovation works have been completed and the property is being marketed for sale.
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GROUNDFLOOR - 8/1/2016

The loan closed on 27 July 2016. The Borrower has advised works have progressed expeditiously and the project is 50% completed.

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GROUNDFLOOR - 7/20/2016

This loan was fully funded on 7/20/2016 by 110 investors. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$110,000
Total Project Costs
$69,000
$41,000
GROUNDFLOOR
$69,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$47,324
Purchase Date
TBD
Loan To ARV
62.7%
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
3
4
Skin-in-the-Game
0
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$110,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • 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 $47,324. The Borrower is using loan proceeds for the entire purchase price of the property, and will therefore have no skin-in-the-game.
  • 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.
  • 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.26 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.