B

LOAN SUMMARY | 931 E Ramseur St, Durham, NC 27701

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
69.8%
$288,400
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$288,400
Repaid on 07/29/2021
Started on
Funded on
Repaid on
Matured on
12/13/2018
03/01/2019
07/29/2021
12/18/2019

FINANCIAL OVERVIEW

After Repair Value (ARV)
$412,000
Total Project Costs
$330,400
$81,600
GROUNDFLOOR
$288,400
$42,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$225,000
Purchase Date
03/18/2016
Loan To ARV
69.8%
Loan To Total Project Cost
86.9%

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

VALUATION REPORTS

As Complete (ARV)
$412,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

931 E RAMSEUR ST, DURHAM, NC 27701
The Borrower intends to use the loan proceeds to complete a new construction. 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 needs to begin construction of this property on December 19, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower will has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • Borrower is using $180,000 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • The Borrower has not completed any project in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular