C

LOAN SUMMARY | 190 Old Andersonville Pike, Heiskell, TN 37754

BORROWER

Goodman Properties of TN Inc.
Walter Goodman - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
52.8%
$118,740
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$118,740
Repaid on 07/21/2020
Started on
Funded on
Repaid on
Matured on
01/31/2019
03/01/2019
07/21/2020
01/30/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$225,000
Total Project Costs
$188,740
$36,260
GROUNDFLOOR
$118,740
$70,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$50,000
Purchase Date
12/14/2018
Loan To ARV
52.8%
Loan To Total Project Cost
62.9%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
7
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$225,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

190 OLD ANDERSONVILLE PIKE, HEISKELL, TN 37754
The Borrower intends to use the loan proceeds to 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 January 31, 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 has not completed any projects since inception. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The Principal has not undertaken any project in the past. As such, the Principal's experience, average revenue, costs, and margins cannot be calculated.
  • The property was purchased for $50,000 and the Borrower has since completed $39,000 worth of renovations out of the Borrower's own funds.The Borrower intends to use $23,755 of the proceeds from our loan to offset the cost of renovations to date. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $65,245 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular