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LOAN SUMMARY | 859 JEFFERSON AVENUE 859 Jefferson Avenue, Cleveland, OH 44113

Df5c8f4d09c808d76159bbd455b43d62847a0d22

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
12 months
62.8%
$159,780
296
Purpose
Loan Position
Total Loan Amount
Loan Status
Acquisition & Renovation
First Lien
$159,780
Funded
Started on
Funded on
Repaid on
Matures on
03/22/2017
Pending
03/27/2018

LOAN UPDATES

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GROUNDFLOOR - 10/30/2017
The borrower has advised that there are no changes since the October 02, 2017 status update, and still intends to refinance the loan.
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GROUNDFLOOR - 10/2/2017
This project is completed and fully tenant occupied. In the process of re-financing
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GROUNDFLOOR - 9/7/2017

The borrower has advised that he is in the middle of a refinance. Please note that there is not a closing date scheduled at this time. 

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GROUNDFLOOR - 8/10/2017

The borrower has advised that the renovation works for the balance of the property are now complete.

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GROUNDFLOOR - 7/10/2017
The borrower has advised that they are renting top 2 units and finishing bottom 2 by the end of the month.
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GROUNDFLOOR - 6/1/2017
The borrower has advised that drywall works have been completed and exterior painting is 75% complete.
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GROUNDFLOOR - 5/16/2017
The borrower has advised that the demolition works have been completed. The new hot water tanks have been installed and drywall works are well underway.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$254,500
Total Project Costs
$177,700
$76,800
GROUNDFLOOR
$159,780
$17,920
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$130,000
Purchase Date
TBD
Loan To ARV
62.8%
Loan To Total Project Cost
89.9%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
7
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
0
1

VALUATION REPORTS

As Complete (ARV)
$254,500
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 plans to refinance 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 March 28, 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.
  • Please consult the Offering Circular