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LOAN SUMMARY | 3481 Charlemagne Drive, Decatur, GA 30034 [2nd Payment Position]

BORROWER

BVI Management LLC
Stephen Watson - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
16.5%
12 months
16.4%
$37,610
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
Second Lien
$37,610
Repaid on 09/13/2021
Started on
Funded on
Repaid on
Matured on
06/18/2019
10/25/2019
09/13/2021
06/17/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$230,000
Total Project Costs
$186,510
$43,490
GROUNDFLOOR
$37,610
$135,420
$13,480
0%
Skin-in-the-Game
First Lien Loan
Second Lien Loan
Cushion
Purchase Price
$130,000
Purchase Date
06/18/2019
Loan To ARV
16.4%
Loan To Total Project Cost
20.2%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
9
10
Quality of Valuation Report
4
4
Skin-in-the-Game
10
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$230,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to begin renovation of this property on June 18, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation of the property. If this offering is fully subscribed, Groundfloor 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.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The property was purchased for $130,000. The Borrower intends to use $75,000 of the proceeds from our loan to offset that amount of the purchase price of the property. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $55,000 that is tied up in the project after completion of our loan.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $135,420. The second loan is subordinate to the first loan and is for $37,610. The Financial Overview box represents the aggregate amount of all loans to be secured by this property, giving a complete financial picture of the project.
  • We will be in a first and secondary lien position as primary lender.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 3481 Charlemagne Drive #1 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 3481 Charlemagne Drive #2 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • Please consult the Offering Circular