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LOAN SUMMARY | 5 ARGYLE AVENUE 5 Argyle Avenue, Blackwood, NJ 08012

Ab2426fcfe9956593c885059d0fdd821f6d15f58

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
62.7%
$114,170
154
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$114,170
Funded
Started on
Funded on
Repaid on
Matures on
04/25/2017
Pending
05/30/2018

LOAN UPDATES

Gf triangle
GROUNDFLOOR - 9/18/2017
The borrower has advised that the buyer backed out of the contract, and the property is back on the market.
Gf triangle
GROUNDFLOOR - 9/6/2017

The borrower has advised that the refinance is still scheduled to close on or before October 05, 2017. As previously stated, closing dates are subject to change. 

Gf triangle
GROUNDFLOOR - 8/21/2017
The borrower has advised that they have accepted an offer on the property. The tentative closing date is scheduled for October 05, 2017. Please note that closing dates are subject to change.
Gf triangle
GROUNDFLOOR - 8/3/2017
The borrower has advised that the following work has been completed on the property:
  • Garbage has been removed from the interior and exterior of the property
  • Bathrooms renovated
  • Minor electrical repairs
  • New windows installed
  • Exterior of the home has been power washed 
  • New paint
  • New appliances and fixtures
  • New granite counter tops
  • New carpeting
Please note that the borrower has scheduled pictures to be taken of the property, and the Multiple Listing Service (MLS) will be updated accordingly. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$182,000
Total Project Costs
$133,720
$48,280
GROUNDFLOOR
$114,170
$19,550
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$88,331
Purchase Date
TBD
Loan To ARV
62.7%
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
3
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$182,000
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 May 31, 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.
  • Please consult the Offering Circular