B

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

Gf triangle
GROUNDFLOOR - 6/29/2017
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. for further discussion of general risk factors.
CLOSING CONDITIONS
  • Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
  • We generally charge borrowers an origination fee (which typically ranges between 2% and 6% of the principal loan amount) and a servicing fee (which typically ranges between 0.5% and 2%) for our services.
  • We do not take a "spread" on any part of the interest payments.
  • Borrowers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
  • Unless otherwise limited by applicable law, we will charge a penalty of up to 2% for any extension made to the Borrower. See “Fees and Related Expenses” in the Offering Circular.
SEC FILING INFORMATION
  • The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No.2 to the Groundfloor Real Estate 1, LLC Offering Circular dated April 14, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.