C

LOAN SUMMARY | 401 Morningside Drive, Valrico, FL 33594

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
69.9%
$131,130
724
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$131,130
Funded
Started on
Funded on
Repaid on
Matures on
07/30/2019
Pending
08/18/2020

LOAN UPDATES

GROUNDFLOOR - 5/29/2020

GROUNDFLOOR has placed the loan in default due a lien being placed on the property. We have engaged counsel to proceed with foreclosure.



GROUNDFLOOR - 4/19/2020

GROUNDFLOOR has reached out to the borrower for an update.

GROUNDFLOOR - 1/6/2020

The septic system has been replaced.

GROUNDFLOOR - 12/19/2019

GROUNDFLOOR is in receipt of the drive-by inspection report and there is no cause for concern at this time.

GROUNDFLOOR - 12/15/2019

GROUNDFLOOR has ordered a drive-by inspection.

GROUNDFLOOR - 12/12/2019

GROUNDFLOOR has reached out to the borrower for an update. If we do not receive an update by Friday, December 13th, we will order a drive-by inspection.

GROUNDFLOOR - 11/7/2019

The borrower has advised the following renovations are complete, or in progress:

  • Interior framing is complete.
  • Kitchen cabinets have been delivered.
  • Demolition has been completed.
GROUNDFLOOR - 11/6/2019

GROUNDFLOOR has reached out to the borrower for an update. If we do not receive a response by Friday, November 8th, we will order a drive-by inspection.

GROUNDFLOOR - 9/24/2019
The borrower has advised the following renovations are complete, or in progress:
  • Demolition is complete. 
  • The roof has been installed.
  • Yard work is complete. 
GROUNDFLOOR - 9/19/2019
The borrower has advised that the following works have been completed, or in progress:
  • The new roof and interior demolition are in progress.
  • The trees have been trimmed away from the roof and the yard debris has been cleaned up.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$187,500
Total Project Costs
$150,880
$36,620
GROUNDFLOOR
$131,130
$19,750
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$100,000
Purchase Date
08/19/2019
Loan To ARV
69.9%
Loan To Total Project Cost
86.4%

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

VALUATION REPORTS

As Complete (ARV)
$187,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

401 MORNINGSIDE DRIVE, VALRICO, FL 33594
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 August 19, 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.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular