C

LOAN SUMMARY | 2604 Crestdale Circle Southeast, Atlanta, GA 30316

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
65.3%
$169,850
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$169,850
Repaid on 10/18/2019
Started on
Funded on
Repaid on
Matures on
04/10/2019
10/18/2019
04/15/2020

LOAN UPDATES

GROUNDFLOOR - 10/22/2019

GROUNDFLOOR is pleased to announce that this loan repaid in full on October 18, 2019, with the contract interest rate of 11.0%. 

GROUNDFLOOR - 10/3/2019

GROUNDFLOOR has received a payoff request for October 25, 2019. Please note that closing dates are subject to change. 

GROUNDFLOOR - 9/16/2019

The property is actively listed on the market.

GROUNDFLOOR - 8/19/2019
The borrower has advised the project is complete. 
GROUNDFLOOR - 7/25/2019
The borrower has advised the project is nearly complete. 
GROUNDFLOOR - 7/15/2019
The borrower has advised that the renovations should be completed in about two weeks.
GROUNDFLOOR - 7/2/2019
The borrower has advised the following renovations are complete, or in progress:
  • Demolition and clean out is complete. 
  • Paint, trim, and sod on the exterior are complete. 
  • New fencing has been installed. 
  • Interior floor installation is scheduled. 
GROUNDFLOOR - 6/26/2019

The borrower has advised that the framing inspection has passed, and the drywall will begin over the weekend. The landscaping is scheduled to begin by the end of the week, the exterior paint will begin over the weekend, and the back yard fence will be installed on Monday.

GROUNDFLOOR - 6/21/2019

The borrower has advised that the following works have been completed, or in progress:

  • All mechanical inspections have passed.
  • The last inspection needed is the framing inspection. The drywall will start thereafter.
  • The basement has been completed.
  • The front porch has been extended, which requires a site plan. The site plan has been ordered and should be received next week.

The borrower anticipates that the project will now be complete by mid-July.

GROUNDFLOOR - 5/23/2019
The borrower has advised the renovations are on schedule. 
GROUNDFLOOR - 5/16/2019
The borrower has advised the renovations are on schedule. 
GROUNDFLOOR - 5/7/2019
The borrower has advised that the following works have been completed:
  • The building permit has been obtained.
  • Garage door.
  • Framing and grading. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$260,000
Total Project Costs
$188,850
$71,150
GROUNDFLOOR
$169,850
$19,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$115,000
Purchase Date
04/16/2019
Loan To ARV
65.3%
Loan To Total Project Cost
89.6%

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
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$260,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2604 CRESTDALE CIRCLE SOUTHEAST, ATLANTA, GA 30316
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 April 16, 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.
  • Please consult the Offering Circular