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LOAN SUMMARY | 369 NOLAN STREET SOUTHEAST 369 Nolan Street Southeast, Atlanta, GA 30315

C2922c84ff34c401c2801732803100f837461959

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
62.8%
$241,860
429
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$241,860
Funded
Started on
Funded on
Repaid on
Matures on
05/10/2017
Pending
05/16/2018

LOAN UPDATES

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GROUNDFLOOR - 11/20/2017
The borrower has advised that the closing date has been postponed until December 15, 2017. As previously mentioned, closing dates are subject to change.
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GROUNDFLOOR - 10/31/2017
The borrower has advised that the property is under contract with a scheduled closing date of November 15, 2017. Please note that closing dates are subject to change. 
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GROUNDFLOOR - 10/26/2017
The borrower has advised that the following renovations are underway, or have been completed:
  • The interior trim has been completed.
  • The interior paint is in progress.
  • Grading works for the yard and driveway are in progress.
  • The sod and pea gravel will be completed next week.
  • The front porch will be completed next week.
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GROUNDFLOOR - 10/5/2017
The borrower has advised that the following renovations are underway, or have been completed:
  • Insulation completed.
  • Drywall completed.
  • New floors installed.
  • Beams have been installed, and the interior trim is in progress.
  • Kitchen has been renovated with the exception of the counter-tops. 
  • Tile is currently being installed.
  • The interior paint is scheduled to begin on October 16, 2017.
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GROUNDFLOOR - 9/18/2017

The borrower has advised that she is waiting on the installation inspections, which is expected to be complete this week. The Sheetrock has been delivered and should be installed next week. The borrower is currently working on some small exterior repairs, and the grading will begin within the next two weeks. The borrower is still aiming for a November 15, 2017 completion date; however, this date is subject to change. 

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GROUNDFLOOR - 8/21/2017
The borrower has advised that the project is running ahead of schedule.
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GROUNDFLOOR - 8/14/2017
The borrower has advised that the following renovations have been completed or are underway:
  • Framing is complete.
  • Windows and doors have been installed.
  • Heating, ventilation and air conditioning (HVAC) has been installed and passed inspection.
  • Plumbing and electrical work will begin soon.
  • 90% of the siding has been completed.
  • Repairs to the front porch will begin in the upcoming weeks.
  • Roof is nearly complete.
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GROUNDFLOOR - 8/10/2017

The borrower has advised that construction works are progressing as planned and they will be requesting another construction draw in the next week.

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GROUNDFLOOR - 7/5/2017
The borrower has advised that demolition, cleanup and foundation works have been completed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$385,000
Total Project Costs
$283,260
$101,740
GROUNDFLOOR
$241,860
$41,400
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$99,500
Purchase Date
05/17/2017
Loan To ARV
62.8%
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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$385,000
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 our loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on May 17, 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, the property will be assigned to Groundfloor Real Estate 1, LLC (“GRE 1,” the “Company,” “we,” “us,” or “our”) and Groundfloor (as GRE 1’s agent) 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 Borrower has not undertaken any projects since its inception. As such, the Borrower does not have any Financial Data or Projects/Revenue to report for the applicable reporting periods.
  • Please consult the Offering Circular.