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LOAN SUMMARY | 3510 SW 63RD LANE 3510 Southwest 63rd Lane, Gainesville, FL 32608

296bbed5c6831fb4bafdc611be68c95e2d8d4818

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.5%
12 months
31.0%
$155,000
349
Purpose
Loan Position
Total Loan Amount
Loan Status
Renovation
First Lien
$155,000
Funded
Started on
Funded on
Repaid on
Matures on
02/09/2017
Pending
02/13/2018

LOAN UPDATES

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GROUNDFLOOR - 10/5/2017
Groundfloor is pleased to announce that there was no damage to the property due to Hurricane Irma. There were some minor setbacks with the renovations due to no power for a couple of weeks. The borrower has advised that the renovations are back on track, and very close to completion of the interior. The borrower anticipates that the property will be on the market very soon.
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GROUNDFLOOR - 9/9/2017

Please be advised, this loan could potentially be impacted by Hurricane Irma. We have confirmed that the appropriate insurance coverage is in place. We will provide additional updates as they are received and the storm passes.

Please refer to our September 08, 2017 Hurricane Response blog post for additional information on how Groundfloor manages the risk posed by natural disasters, including more information about our management of insurance coverage. 

Visit: Hurricane Response

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GROUNDFLOOR - 8/7/2017
The borrower has advised that a significant portion of the interior renovation has been completed. The exterior renovation will begin upon completion of the interior work. Pursuant to the borrower, the kitchen floor has been completed, and the cabinets are in progress of being installed. Please note that the borrower has also advised that renovations on both master suites and bathrooms are almost complete. 
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GROUNDFLOOR - 6/13/2017

The borrower has advised that the property is 50% complete.

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GROUNDFLOOR - 4/27/2017

The borrower has advised that works are continuing expeditiously.  The borrower expects the works to be completed in the next two months.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$500,000
Total Project Costs
$350,000
$150,000
GROUNDFLOOR
$155,000
$195,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$250,000
Purchase Date
09/06/2016
Loan To ARV
31.0%
Loan To Total Project Cost
44.3%

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)
$500,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

The Borrower intends to use the loan proceeds to 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 February 14, 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 $250,000. The Borrower intends to use $150,000 of the proceeds from our loan to offset that amount of the purchase price of the property. The Borrower has already completed $40,000 worth of renovations since the purchase and intendeds to use $55,000 of its own funds to complete the renovation. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $195,000 that is tied up in the project after completion of our loan.
  • The Borrower is a new entity and does not have any assets or operating history.
  • Please consult the Offering Circular