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LOAN SUMMARY | 405 Orange Street, Charlotte, NC 28205

BORROWER

Exo Group, Inc
Carlos Gancedo - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.9%
12 months
63.0%
$197,940
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$197,940
Repaid on 08/27/2020
Started on
Funded on
Repaid on
Matured on
08/08/2019
10/17/2019
08/27/2020
08/10/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$325,000
Total Project Costs
$324,940
$60
GROUNDFLOOR
$197,940
$127,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$325,000
Purchase Date
03/06/2016
Loan To Value
63.0%
Loan To Total Project Cost
60.9%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
10
10
Quality of Valuation Report
4
4
Skin-in-the-Game
7
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$325,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

405 ORANGE STREET, CHARLOTTE, NC 28205
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on August 8, 2019 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • 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's 2018 revenue was derived from rental properties because the Principal's primary focus in 2018 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • Please consult the Offering Circular