C

LOAN SUMMARY | 755 Grant Street Southeast, Atlanta, GA 30315 [1st Payment Position]

BORROWER

AJAY Properties LLC
Jimmy Sprayberry II - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.25%
12 months
0.0%
$461,540
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$461,540
Repaid on 01/06/2021
Started on
Funded on
Repaid on
Matured on
06/18/2019
12/06/2019
01/06/2021
06/17/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$1,060,000
Total Project Costs
$601,680
$458,320
$461,540
GROUNDFLOOR
$0
$140,140
0%
Skin-in-the-Game
First Payment Position
Second Payment Position
Cushion
Purchase Price
$615,000
Purchase Date
06/18/2019
Loan To ARV
0.0%
Loan To Total Project Cost
0.0%

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

VALUATION REPORTS

As Complete (ARV)
$1,060,000
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 purchase this property on June 18, 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.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $461,540. The second loan is subordinate to the first loan and is for $332,460. 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.
  • This is a collateral loan secured by both the subject property 755 Grant Street Southeast, Atlanta, GA 30315 and 502 Pryor Street SW. #102, Atlanta, GA 30312, which was previously purchased and is owned by the borrower.
  • 502 Pryor Street SW. #102, which serves as additional collateral, has a market value of $160,000 according to a certified appraisal. 502 Pryor Street SW. #102, is not subject to any encumbrances, and Groundfloor is in first lien position. The value of 502 Pryor Street SW. #102 bas been factored into the ARV for this loan.
  • 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 755 Grant Street Southeast #1 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 755 Grant Street Southeast #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