C

LOAN SUMMARY | 1131 Martin Luther King Jr Dr SW, Atlanta, GA 30314

BORROWER

ASCENSION HOUSE LLC
Natalie McCants - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
52.8%
$178,300
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$178,300
Repaid on 10/01/2020
Started on
Funded on
Repaid on
Matured on
03/07/2019
04/25/2019
10/01/2020
03/06/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$338,000
Total Project Costs
$233,050
$104,950
GROUNDFLOOR
$178,300
$54,750
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$75,000
Purchase Date
12/31/1997
Loan To ARV
52.8%
Loan To Total Project Cost
76.5%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
4
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$338,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1131 MARTIN LUTHER KING JR DR SW, ATLANTA, GA 30314
The Borrower intends to use the loan proceeds to complete a renovation to 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 begin renovation of this property on March 7, 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 any project in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The Principal has not undertaken any project in the past. As such, the Principal's experience, average revenue, costs, and margins cannot be calculated.
  • The property was purchased for $75,000 and the Borrower has since completed $10,000 worth of renovations out of the Borrower's own funds.The Borrower intends to use $38,283 of the proceeds from our loan to offset the entire purchase price of the property and the cost of renovations to date. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $46,717 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular