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LOAN SUMMARY | 325 THURSTON AVENUE 325 Thurston Avenue, Thomaston, GA 30286

Cf7a605bcc6f7f9d093c3a380b03155d66578a89

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
59.7%
$93,230
172
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$93,230
Funded
Started on
Funded on
Repaid on
Matures on
07/13/2017
Pending
07/13/2018

LOAN UPDATES

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GROUNDFLOOR - 11/22/2017

The borrower has advised that the refinance has been postponed until December 29, 2017. As previously mentioned, closing dates are subject to change.

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GROUNDFLOOR - 10/25/2017
The borrower has advised that the loan will be refinanced. The estimated closing date is November 30, 2017. Please note that closing dates are subject to change.
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GROUNDFLOOR - 9/25/2017

Please be advised, the borrower has requested a payoff for a refinance with a closing date of October 31, 2017. Please note that closing dates are subject to change. 

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GROUNDFLOOR - 9/15/2017

The borrower has advised that the property is fully leased, and has passed the 4-point inspection. The borrower is looking to refinance the loan by the end of October. 

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GROUNDFLOOR - 8/18/2017
The borrower has advised that the property successfully passed the four point inspection from the completed rehabilitation. The borrower also advised that two of the four units have been leased, and is screening new tenants for the other two apartments. The borrower intends to refinance upon full occupancy.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$156,050
Total Project Costs
$103,730
$52,320
GROUNDFLOOR
$93,230
$10,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$95,000
Purchase Date
TBD
Loan To ARV
59.7%
Loan To Total Project Cost
89.9%

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
3
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$156,050
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

325 THURSTON AVENUE, THOMASTON, GA 30286
The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on July 14, 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, Groundfloor Finance Inc. (“GFI” the “Company,” “we,” “us,” or “our”) will continue to administer and service the loan as further described in the 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.
  • Please consult the Offering Circular