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LOAN SUMMARY | 6803 SOUTHWEST 35TH WAY 6803 Southwest 35th Way, Gainesville, FL 32608

Fd9c7dcaaa7172b59f4db784548995cc94feb505

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.5%
12 months
45.5%
$255,000
358
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$255,000
Funded
Started on
Funded on
Repaid on
Matures on
05/22/2017
Pending
05/25/2018

LOAN UPDATES

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GROUNDFLOOR - 11/2/2017
The borrower has advised that the renovations are underway, and the demolition has been completed.
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GROUNDFLOOR - 10/5/2017
Groundfloor is pleased to announce that there was no damage to the property due to Hurricane Irma. There were some minor delays to the renovations due to loss of power for a few weeks. The borrower has advised that the demolition is in progress, and the rehab is scheduled to begin on October 23, 2017. 
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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

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GROUNDFLOOR - 8/8/2017

The borrower has advised that the design package has been completed and demolition is underway. Please note that the borrower has also advised that the roof is scheduled to be completed next week.


FINANCIAL OVERVIEW

After Repair Value (ARV)
$560,000
Total Project Costs
$387,600
$172,400
GROUNDFLOOR
$255,000
$132,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$305,000
Purchase Date
05/26/2017
Loan To ARV
45.5%
Loan To Total Project Cost
65.8%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
6
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 the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • We advanced the Borrower the money it needed to purchase this property on May 26, 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.
  • The Borrower is a new entity and does not have any assets or operating history.
  • Please consult the Offering Circular