C

LOAN SUMMARY | 701 LAKEWOOD AVENUE 701 Lakewood Avenue, Tampa, FL 33613

Ffe510a15b998ad6b86950c2dbc22e64b1c8c7db

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13.4%
12 months
63.2%
$113,700
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$113,700
Repaid on 01/30/2017
Started on
Funded on
Repaid on
Matures on
10/04/2016
01/30/2017
10/11/2017

LOAN UPDATES

Gf triangle
GROUNDFLOOR - 1/24/2017

The borrower has advised that the property is now under contract.

Gf triangle
GROUNDFLOOR - 12/23/2016

The borrower has advised that the works have been completed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$180,000
Total Project Costs
$126,300
$53,700
GROUNDFLOOR
$113,700
$12,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$100,000
Purchase Date
TBD
Loan To ARV
63.2%
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
4
10
Quality of Valuation Report
3
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$180,000
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
  • 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.
  • 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.35 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.