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LOAN SUMMARY | 3412 MARYLAND AVENUE 3412 Maryland Avenue, Richmond, VA 23222

Af4b965b7c4809cb38ad0420429d554e1e781622

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
14.5%
12 months
62.8%
$131,900
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$131,900
Repaid on 10/31/2017
Started on
Funded on
Repaid on
Matures on
05/26/2017
10/31/2017
06/05/2018

LOAN UPDATES

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GROUNDFLOOR - 10/31/2017

Groundfloor is pleased to announce that the loan repaid in full on October 31, 2017 with the contract interest rate of 14.5%.

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GROUNDFLOOR - 10/30/2017

The borrower has advised that the refinance is scheduled to close today. Please note that closing dates are subject to change.

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GROUNDFLOOR - 10/6/2017
The borrower has advised that the refinance has been delayed, and is now scheduled to occur in two weeks. As previously mentioned, closing dates are subject to change.
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GROUNDFLOOR - 9/7/2017
The borrower has advised that the property is under contract and scheduled to close on September 15, 2017. Please note that closing dates are subject to change.
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GROUNDFLOOR - 8/31/2017

The borrower has advised that the interior paint has been completed, and the windows have been replaced.

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GROUNDFLOOR - 7/28/2017
The borrower has advised that demo, framing, drywall, rough-in for both plumbing and electrical have been completed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$210,000
Total Project Costs
$162,220
$47,780
GROUNDFLOOR
$131,900
$30,320
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$91,000
Purchase Date
06/06/2017
Loan To ARV
62.8%
Loan To Total Project Cost
81.3%

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
3
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$210,000
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
  • We advanced the Borrower the money it needed to purchase this property on June 6, 2017 through a wholly owned subsidiary. The Borrower is now in possession of the property. 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 Borrower is a new entity and does not have any assets or operating history.
  • The Principal has not undertaken any projects in the past. As such, the Principal's experience, average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular