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LOAN SUMMARY | 34 South Longview Road, Howell, NJ 07731

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
12 months
70.0%
$262,420
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$262,420
Repaid on 11/10/2020
Started on
Funded on
Repaid on
Matures on
12/11/2019
06/17/2020
11/10/2020
01/27/2021

LOAN UPDATES

GROUNDFLOOR - 11/13/2020

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 8/17/2020

The borrower has advised the project is complete, and the property is actively listed on the market.

GROUNDFLOOR - 8/10/2020

GROUNDFLOOR has reached out to the borrower for an update.

GROUNDFLOOR - 4/29/2020

The borrower has advised they are in the process of finishing landscaping.

GROUNDFLOOR - 3/31/2020

The borrower has advised that the following works are complete:

  • Bathroom renovations are complete.
  • Window replacement is complete.
  • Interior painting is complete.
  • Light fixture replacement is complete.
  • Door installation is complete.
GROUNDFLOOR - 2/28/2020

The borrower has advised that the roof and demo on two bathrooms is complete and that sheet-rock installation is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$375,000
Total Project Costs
$314,170
$60,830
GROUNDFLOOR
$262,420
$51,750
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$280,000
Purchase Date
01/28/2020
Loan To ARV
70.0%
Loan To Total Project Cost
83.0%

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
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$375,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

34 SOUTH LONGVIEW ROAD, HOWELL, NJ 07731
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 January 28, 2020 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