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LOAN SUMMARY | 8274 CONTINENTAL COURT 8274 Continental Court, Pensacola, FL 32506

22d72c62c0cd14f18e849c7314e95cbab097f471

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
63.2%
$80,860
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$80,860
Repaid on 02/27/2018
Started on
Funded on
Repaid on
Matures on
05/31/2017
02/27/2018
06/08/2018

LOAN UPDATES

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GROUNDFLOOR - 2/27/2018

Groundfloor is pleased to announce that the loan repaid in full on February 27, 2018 with the contract interest rate of 11.0%.

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GROUNDFLOOR - 2/23/2018
The borrower has advised that he has a clear-to-close disclosure from the buyer's lender and closing is scheduled for February 26, 2018. As previously mentioned, closing dates are subject to change.
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GROUNDFLOOR - 2/13/2018
The borrower has advised that due to a change in financing, the new roof must be completed prior to closing. Unfortunately, rain has delayed this process. The borrower anticipates that the new roof will be completed this week, and closing will be delayed until February 19, 2018. Please note that closing dates are subject to change.
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GROUNDFLOOR - 2/6/2018
The borrower has advised that the buyer switched from VA to FHA financing. The closing has been pushed back to on or before February 16, 2018.
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GROUNDFLOOR - 1/25/2018
The borrower has advised that closing is still scheduled for February 05, 2018. There was some mold discovered in the attic during the inspection, which is being worked through with the borrower. The borrower and and buyer are splitting the cost of a new roof, but the repair costs will be held in escrow until closing. Some other minor issues will be corrected by the end of this week.
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GROUNDFLOOR - 1/16/2018
The borrower has advised that there is a new buyer, and the closing date is scheduled for February 05, 2018. Please note that closing dates are subject to change.
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GROUNDFLOOR - 12/8/2017
The borrower has advised that he is In negotiations with a conventional loan buyer. There is a possible January 26, 2018 closing.
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GROUNDFLOOR - 11/13/2017
The borrower has advised that the full price buyer was not properly pre-qualified by her bank. The borrower is now exploring a short term lease with the option to purchase. In the meantime, the property has once again been listed on the market.
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GROUNDFLOOR - 11/8/2017
The borrower has advised that the cash buyer backed out during the inspection period; however, the borrower has a full price offer with another buyer. The scheduled closing date is December 01, 2017. As previously mentioned, closing dates are subject to change.
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GROUNDFLOOR - 10/27/2017
The borrower has advised that he recently changed realtors, and is currently in negotiations with a cash buyer with a scheduled closing date of November 17, 2017. Please note that closing dates are subject to change. 
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GROUNDFLOOR - 10/10/2017

The borrower has advised that there are no changes since the last update. The property is still actively listed on the market.

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GROUNDFLOOR - 9/11/2017

The borrower has advised that there was no damage to the property due to Hurricane Irma. Flood protection insurance is being added to the property tomorrow. The borrower also advised that the property is still actively listed on the market.

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GROUNDFLOOR - 9/9/2017

Please be advised, this loan could potentially be impacted by Hurricane Irma. During our audit of insurance coverage for this property in advance of the storm, we discovered that the appropriate and required coverage had lapsed. Our efforts to force place a new policy this week were unsuccessful. We are investigating the circumstances that caused the lapse in coverage and will be prepared to assert legal claims should damage result to the property that would have been covered had insurance been properly in place. 

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 - 8/31/2017
The borrower has advised that the home is still active on the market.
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GROUNDFLOOR - 8/11/2017
We have been advised by the borrower that the property is currently on the market.
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GROUNDFLOOR - 8/10/2017
The borrower has advised that the project has been 100% completed and is ready for sale. Groundfloor will update accordingly once the borrower has advised that the property is on the market. 
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GROUNDFLOOR - 8/3/2017
The borrower has advised that the project will be completed in the next week and listed for sale.
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GROUNDFLOOR - 7/28/2017
The borrower has advised that they are now a week away from completion. After the house was leveled, the drywall was repaired and work on the trim started. The tile shower has been installed and is being grouted this weekend. 

Walls are painted with second coat right now. Bathroom vanities have been delivered together with the vinyl flooring. 

Ceiling fans and lighting fixtures will be installed in the next week.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$128,000
Total Project Costs
$100,266
$27,734
GROUNDFLOOR
$80,860
$19,406
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$60,000
Purchase Date
TBD
Loan To ARV
63.2%
Loan To Total Project Cost
80.6%

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
3
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$128,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

8274 CONTINENTAL COURT, PENSACOLA, FL 32506
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
  • We advanced the Borrower the money it needed to purchase this property on June 9, 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