B

LOAN SUMMARY | 6624 SOUTHWEST 37TH WAY 6624 Southwest 37th Way, Gainesville, FL 32608

0188c90a24f9b26ec6fc8135867b445522f5bb22

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
62.1%
$347,630
427
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$347,630
Funded on 01/11/2017
Started on
Funded on
Repaid on
Matures on
12/27/2016
01/11/2017
Pending
01/10/2018

LOAN UPDATES

Gf triangle
GROUNDFLOOR - 9/9/2017

Please be advised, this loan could potentially be impacted by Hurricane Irma. We have confirmed that the appropriate insurance coverage is in place. We will provide additional updates as they are received and the storm passes.

Please refer to our September 08, 2017 Hurricane Response blog post for additional information on how Groundfloor manages the risk posed by natural disasters, including more information about our management of insurance coverage. 

Visit: Hurricane Response

Gf triangle
GROUNDFLOOR - 8/17/2017
The borrower has advised that the property is still actively on the market.
Gf triangle
GROUNDFLOOR - 7/18/2017
The borrower has advised that the construction on this property is complete. The house is now on the market.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$560,000
Total Project Costs
$375,000
$185,000
GROUNDFLOOR
$347,630
$27,370
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$355,000
Purchase Date
01/11/2017
Loan To ARV
62.1%
Loan To Total Project Cost
92.7%

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)
$560,000
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 January 11, 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 and Groundfloor (as GRE 1’s agent) will continue to administer and service the loan per the terms of 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 only undertaken one project in the past, and has not sold it yet. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular.