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LOAN SUMMARY | 823 GILBERT STREET 823 Gilbert Street, Columbus, OH 43206

2562e3d7edcabff47cfa0d76e01b3b34b8c4de5e

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
62.0%
$124,000
299
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$124,000
Funded
Started on
Funded on
Repaid on
Matures on
06/28/2017
Pending
07/13/2018

LOAN UPDATES

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GROUNDFLOOR - 10/5/2017
The borrower has advised that the demolition of the old garage and interior of the home is completed. The drywall is expected to begin shortly.
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GROUNDFLOOR - 10/4/2017
The borrower has advised that the roofing and siding are 95% complete. The borrower had to do some chimney work that was unexpected, which is in the process of being completed. The windows and mechanics will begin shortly.
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GROUNDFLOOR - 9/8/2017
The borrower has advised that the electrical and roof works are in progress.
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GROUNDFLOOR - 8/17/2017
The borrower has advised that the demolition has begun and he is in the process of obtaining the necessary permits.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$200,000
Total Project Costs
$145,225
$54,775
GROUNDFLOOR
$124,000
$21,225
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$47,000
Purchase Date
TBD
Loan To ARV
62.0%
Loan To Total Project Cost
85.4%

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
3
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$200,000
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
  • The Borrower was advanced the money it needed to purchase this property on July 14, 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, Groundfloor Finance Inc. (“GFI” the “Company,” “we,” “us,” or “our”) will continue to administer and service the loan as further described in 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.
  • Please consult the Offering Circular