C

LOAN SUMMARY | 341 HIGHLAND AVENUE 341 Highland Avenue, City of Orange, NJ 07050

6eda15d69038920112e3ed4724f1aa85d0b7c1f8

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
65.9%
$214,050
404
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$214,050
Funded
Started on
Funded on
Repaid on
Matures on
05/16/2017
Pending
06/22/2018

LOAN UPDATES

Gf triangle
GROUNDFLOOR - 11/30/2017
The borrower has advised that the city approvals have been obtained and the renovations are nearing completion. The property is expected to be listed on the market by the third week in December.
Gf triangle
GROUNDFLOOR - 10/31/2017
The borrower has advised that the project has been delayed four to five weeks due to city inspection delays. The borrower is hoping to receive city approval by the first week in November and finish the project within two weeks of approval.
Gf triangle
GROUNDFLOOR - 10/2/2017
The borrower has advised that he is still waiting on the city inspections to complete the renovations. The borrower anticipates that the renovations will be completed by the end of October 2017.
Gf triangle
GROUNDFLOOR - 9/7/2017

The borrower has advised that he is waiting on the city inspections for the electrical and plumbing works, and is hoping to complete the renovations by the end of the month.

Gf triangle
GROUNDFLOOR - 8/7/2017
The borrower has advised that the renovation is on schedule and within budget. The demolition, plumbing, electrical work, window installation, and furnace installation have been completed. 
Gf triangle
GROUNDFLOOR - 8/3/2017
The borrower has advised that the siding works have been completing. The next phase of the work to be completed is the bathrooms and kitchen.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$325,000
Total Project Costs
$250,700
$74,300
GROUNDFLOOR
$214,050
$36,650
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$160,000
Purchase Date
TBD
Loan To ARV
65.9%
Loan To Total Project Cost
85.4%

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
2
10
Location
4
8
Borrower Experience
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$325,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

341 HIGHLAND AVENUE, CITY OF ORANGE, NJ 07050
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
  • The Borrower was advanced the money it needed to begin renovation of this property on June 23, 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.
  • The property was purchased for $160,000. The Borrower intends to use $123,350 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 $36,650 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular