C

LOAN SUMMARY | 105 Myricks Road #2, Eatonton, GA 31024

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
68.8%
$116,770
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$116,770
Repaid on 07/20/2020
Started on
Funded on
Repaid on
Matures on
10/09/2019
02/03/2020
07/20/2020
10/06/2020

LOAN UPDATES

GROUNDFLOOR - 7/13/2020

GROUNDFLOOR has received a payoff request for July 23, 2020. Please keep in mind that the closing dates are subject to change.

GROUNDFLOOR - 6/24/2020

The borrower has advised the property is under contract, with an expected closing date of July 27, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/5/2020

The borrower has advised the property is still actively listed on the market.

GROUNDFLOOR - 5/6/2020

The borrower has advised the property is still actively listed on the market.


GROUNDFLOOR - 4/2/2020

The borrower has advised the property is actively listed on the market.

GROUNDFLOOR - 3/4/2020

The borrower has advised that the dock installation is in progress and that the driveway has been installed. They expect to list next week.

GROUNDFLOOR - 2/4/2020

The borrower has advised the interior is complete and the dock is scheduled to begin next week.

GROUNDFLOOR - 1/21/2020

The borrower has advised that the property should be listed in about two weeks. The granite counter-tops were installed yesterday, and the siding is in progress.

GROUNDFLOOR - 1/2/2020

The borrower has advised that the flooring and siding is in progress. The borrower hopes to complete the project within the next three weeks.

GROUNDFLOOR - 12/9/2019

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

  • The paint is in progress.
  • The light fixtures are scheduled to be installed this week.
  • The HVAC works have been completed.
  • The electricians are scheduled to complete their works this week.
  • The cabinets are scheduled to be installed today.
GROUNDFLOOR - 11/22/2019

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

  • The drywall has been hung.
  • The sheetrock and painting will be completed by the end of next week.
  • The electrical and HVAC works will be completed by December 3rd.

The borrower anticipates listing the property by late December.

GROUNDFLOOR - 10/28/2019

The borrower has advised the renovations have begun.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$360,000
Total Project Costs
$275,520
$84,480
GROUNDFLOOR
$247,520
$28,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$160,000
Purchase Date
10/04/2019
Loan To ARV
68.8%
Loan To Total Project Cost
92.8%

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
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$360,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

105 MYRICKS ROAD #2, EATONTON, GA 31024
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 October 4, 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.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $130,750 and the second loan is $116,770. 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.
  • This loan represents the second draw for the project.
  • Each draw on this project is structured as an individual loan. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 9 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • Please consult the Offering Circular