B

LOAN SUMMARY | 617 East Lenoir Street, Raleigh, NC 27601

BORROWER

Raleigh Restoration Group
Jason Queen - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
53.7%
$168,710
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$168,710
Repaid on 06/22/2017
Started on
Funded on
Repaid on
Matured on
02/15/2017
05/04/2017
06/22/2017
02/14/2018

FINANCIAL OVERVIEW

After Repair Value (ARV)
$314,000
Total Project Costs
$187,909
$126,091
GROUNDFLOOR
$168,710
$19,199
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$62,000
Purchase Date
12/05/2015
Loan To ARV
53.7%
Loan To Total Project Cost
89.8%

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)
$314,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

617 EAST LENOIR STREET, RALEIGH, NC 27601
The Borrower intends to use the loan proceeds to 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
  • We advanced the Borrower the money it needed to begin renovation of this property on February 15, 2017 through a wholly owned subsidiary. The Borrower has now begun renovation. 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.
  • The Borrower is using $93,500 of the loan proceeds to pay off an existing loan that was used to acquire the property and begin the renovation . Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • Please consult the Offering Circular