C

LOAN SUMMARY | 209 Clay Street Southeast #1, Atlanta, GA 30317

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11.5%
12 months
80.0%
$388,300
864
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$388,300
Funded
Started on
Funded on
Repaid on
Matured on
05/23/2019
Pending
05/23/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$615,000
Total Project Costs
$532,410
$82,590
$100,960
GROUNDFLOOR
$388,300
$43,150
0%
Skin-in-the-Game
First Payment Position
Second Payment Position
Cushion
Purchase Price
$320,000
Purchase Date
05/24/2019
Loan To ARV
80.0%
Loan To Total Project Cost
90.0%

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

VALUATION REPORTS

As Complete (ARV)
$615,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

209 CLAY STREET SOUTHEAST #1, ATLANTA, GA 30317
The Borrower intends to use the loan proceeds to payoff an existing loan and complete a renovation to 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 begin renovation of this property on May 24, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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 is using $173,300 of the loan proceeds to pay off an existing loan that was used to acquire and begin renovation of the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards completing the renovation of the property, much like an acquisition and renovation loan.
  • There will be two loans on this project, each representing subsequent draws. This represents the first loan of $388,300. The second loan is subordinate to the first loan and is for $100,960. 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.
  • 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 209 Clay 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 209 Clay 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