C

LOAN SUMMARY | 832 Wilson St, Uvalde, TX 78801

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
70.0%
$87,470
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$87,470
Repaid on 05/22/2020
Started on
Funded on
Repaid on
Matures on
08/09/2019
05/22/2020
08/16/2020

LOAN UPDATES

GROUNDFLOOR - 5/19/2020

GROUNDFLOOR has received a payoff request for June 1, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/21/2020

The borrower has advised the property is under contract and closing May 29, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/12/2020

The borrower has advised the project is nearing completion.

GROUNDFLOOR - 3/9/2020

The borrower has advised that the renovations are complete and the property has been listed on the MLS.

GROUNDFLOOR - 2/17/2020

The borrower has advised that the interior rehab is complete and that the exterior lap siding installation, exterior paint, and landscaping are in progress.

GROUNDFLOOR - 1/16/2020

The borrower has advised that the following works have been complete, or in progress:

  • The roof has been completed.
  • All exterior trim, fascia, and soffits have been replaced.
  • The flooring has been completed.
  • The finish electrical works are nearing completion.
  • The baseboard, interior doors, and door trim have been installed and in the process of being painted.
  • The exterior siding is being siding is being prepped for paint.
  • The front of the house is being prepped for stucco.
GROUNDFLOOR - 12/17/2019

The borrower has advised that the following works have been completed, or in progress:

  • The roof works are nearing completion.
  • The upper kitchen cabinets have been installed.
  • The flooring has been installed.
  • The bathroom vanities have been installed.
  • The granite counter-tops and sinks have been installed.
  • The kitchen and bathroom faucets have been installed.
GROUNDFLOOR - 12/2/2019

The borrower has advised the following renovations are complete, or in progress:

  • Lower kitchen cabinets have been installed.
  • Interior paint is complete.
  • Flooring installation has begun.
  • Roof has been removed.
GROUNDFLOOR - 11/17/2019

The borrower has advised the following renovations are complete, or in progress:

  • New window installation is complete.
  • Bathroom tub and shower installation is completed.
  • Insulation has been installed.
  • Sheetrock installation is in progress.
  • Interior painting has begun.
  • New flooring has been ordered.
  • Kitchen cabinets have been ordered.
  • Rough-in HVAC installation is complete.
GROUNDFLOOR - 11/13/2019

The borrower has advised the following renovations are complete, or in progress:

  • Rough-in electrical is complete.
  • Window installation is in progress.
  • Roof installation is in progress.
  • Rough-in HVAC installation is complete.
  • Installation of insulation is complete.
GROUNDFLOOR - 10/14/2019
The borrower has advised that the following works have been completed:
  • The new exterior doors have been installed.
  • The new sleeper floor has been installedin the kitchen, dining room, and laundry room.
  • A new dryer vent has been installed.
  • A new master bedroom window has been installed.
  • The siding has been installed.
  • The appliance package has been purchased. 
GROUNDFLOOR - 9/30/2019
The borrower has advised the following renovations are complete, or in progress:
  • Construction permits have been acquired. 
  • Demolition is complete. 
  • Framing is complete. 
  • Rough-in plumbing is complete. 
GROUNDFLOOR - 9/16/2019
The borrower has advised that the following works have been completed, or in progress:
  • The demolition has been completed.
  • The subfloor is being installed where needed.
  • The framing of the new master closet, bathroom, and laundry/pantry area is in progress.
  • The rough-in electrical and plumbing works are scheduled to begin this week. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$125,000
Total Project Costs
$97,470
$27,530
GROUNDFLOOR
$87,470
$10,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$48,500
Purchase Date
08/15/2019
Loan To ARV
70.0%
Loan To Total Project Cost
89.5%

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

VALUATION REPORTS

As Complete (ARV)
$125,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

832 WILSON ST, UVALDE, TX 78801
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 August 15, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession 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 Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular