C

LOAN SUMMARY | 66 Avalon Street, Highland Park, MI 48203

BORROWER

Evergreen United LLC
Shannon M. Holcomb - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
59.0%
$83,260
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$83,260
Repaid on 10/30/2020
Started on
Funded on
Repaid on
Matured on
10/23/2018
12/11/2018
10/30/2020
10/22/2019

FINANCIAL OVERVIEW

After Repair Value (ARV)
$141,000
Total Project Costs
$107,260
$33,740
GROUNDFLOOR
$83,260
$24,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$12,200
Purchase Date
10/23/2018
Loan To ARV
59.0%
Loan To Total Project Cost
77.6%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
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)
$141,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

66 AVALON STREET, HIGHLAND PARK, MI 48203
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 October 23, 2018 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 Principal has not undertaken any project in the past. As such, the Principal's experience, average revenue, costs, and margins cannot be calculated.
  • The Borrower is a new entity and does not have any assets or operating history.
  • Please consult the Offering Circular