C

LOAN SUMMARY | 2927 Noritake Trl, Albemarle, NC 28001

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
70.0%
$99,360
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$99,360
Repaid on 06/13/2022
Started on
Funded on
Repaid on
Matures on
01/27/2022
05/01/2022
06/13/2022
11/22/2022

LOAN UPDATES

GROUNDFLOOR - 6/24/2022

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 5/31/2022

GROUNDFLOOR has received a payoff request good through June 20, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/16/2022

The borrower has advised the project is complete.

GROUNDFLOOR - 4/14/2022

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

  • Drywall is complete.
  • Exterior and interior painting are complete.
  • Cabinets are complete.
  • Insulation is in progress.
  • Flooring is in progress.


GROUNDFLOOR - 4/4/2022

The borrower has advised that interior trim is complete.

GROUNDFLOOR - 2/22/2022

The borrower has advised the following renovations are complete:

  • Framing is complete.
  • Roof is complete.
  • Windows are complete.
  • Rough-ins are complete.  


GROUNDFLOOR - 2/14/2022

The borrower has advised that foundation is in progress.

GROUNDFLOOR - 2/11/2022

The borrower has advised that rough-ins are complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$355,000
Total Project Costs
$288,800
$66,200
GROUNDFLOOR
$248,400
$40,400
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$30,000
Purchase Date
03/15/2021
Loan To ARV
70.0%
Loan To Total Project Cost
86.0%

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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$355,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2927 NORITAKE TRL, ALBEMARLE, NC 28001
The Borrower intends to use the loan proceeds to complete a new construction. 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 needs to begin construction of this property on November 23, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • This LRO represents the second draw for the construction project and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The LROs will range from $45,000 to $100,000. 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.
  • 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.
  • The Borrower is using $0 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • 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 borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular