C

LOAN SUMMARY | 1619 Bain Street, Portsmouth, VA 23704

BORROWER

Second Chance Property Group LLC
Lori Smith - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
70.0%
$138,910
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$138,910
Repaid on 06/29/2020
Started on
Funded on
Repaid on
Matured on
08/15/2019
10/30/2019
06/29/2020
08/14/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$198,500
Total Project Costs
$170,010
$28,490
GROUNDFLOOR
$138,910
$31,100
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$90,500
Purchase Date
08/15/2019
Loan To ARV
70.0%
Loan To Total Project Cost
81.7%

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

VALUATION REPORTS

As Complete (ARV)
$198,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1619 BAIN STREET, PORTSMOUTH, VA 23704
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.
  • Please consult the Offering Circular