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LOAN SUMMARY | 5260 SOUTH LANDINGS DRIVE 5260 South Landings Drive #1703, Fort Myers, FL 33919

335e1a7fb5b5e6164d1c28b11bfa259fc316274d

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9.6%
12 months
61.0%
$372,090
431
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$372,090
Funded
Started on
Funded on
Repaid on
Matures on
11/16/2016
Pending
12/20/2017

LOAN UPDATES

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GROUNDFLOOR - 6/15/2017
The borrower has advised that the property is now listed for sale.
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GROUNDFLOOR - 5/8/2017
The borrower has advised that works are almost complete.  The appliances and finishes still need to be installed.
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GROUNDFLOOR - 4/26/2017

The borrower has advised that works are expected to be completed in the next week.

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GROUNDFLOOR - 3/21/2017
The borrower has advised that the drywall works have been completed and cabinets have been installed.
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GROUNDFLOOR - 2/16/2017
The borrower has advised that demolition works have been completed. In addition, plumbing rough-in works have been completed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$610,000
Total Project Costs
$413,434
$196,566
GROUNDFLOOR
$372,090
$41,344
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$337,834
Purchase Date
12/12/2016
Loan To ARV
61.0%
Loan To Total Project Cost
90.0%

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
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$610,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • We advanced the Borrower the money it needed to purchase this property on December 12, 2016 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.
  • Although the Borrower has negotiated to purchase the property for the stated purchase price, there can be no assurances the Borrower will close on the acquisition at this price. However, the Borrower's Skin-in-the-Game will not change regardless of any changes to the closing price.
  • 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 funding of this senior loan will be subject to a clean title search, and the resolution of any title or tax issues.
  • The Borrower has not completed any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • 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
  • GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
  • GROUNDFLOOR does not take a 'spread' on any part of the interest payments.
  • Developers 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, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR 'Fees and Expenses' in the Offering Circular.
SEC FILING INFORMATION
  • The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No.38 to the Offering Circular dated December 8, 2015 (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.