B

LOAN SUMMARY | 3521 Lee Street Southeast, Smyrna, GA 30080

BORROWER

Geer Construction Company
Jacqueline Geer - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9.6%
12 months
57.5%
$250,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$250,000
Repaid
Started on
Funded on
Repaid on
Matured on
09/27/2016
Pending
09/26/2017

FINANCIAL OVERVIEW

After Repair Value (ARV)
$435,000
Total Project Costs
$330,745
$104,255
GROUNDFLOOR
$250,000
$80,745
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$72,000
Purchase Date
07/08/2014
Loan To ARV
57.5%
Loan To Total Project Cost
75.6%

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

VALUATION REPORTS

As Complete (ARV)
$435,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3521 LEE STREET SOUTHEAST, SMYRNA, GA 30080
The Borrower intends to use the loan proceeds to payoff an existing lien and 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 funding of this senior loan will be subject to a clean title search, and the resolution of any title or tax issues.
  • 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 Borrower is using $142,000 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the rennovation of the property, much like an acquisition and renovation loan.
  • Please consult the Offering Circular