C

LOAN SUMMARY | 317 Driftwood Road, Neptune Beach, FL 32266

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
9 months
74.5%
$326,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$326,000
Repaid on 03/11/2021
Started on
Funded on
Repaid on
Matures on
10/13/2020
11/19/2020
03/11/2021
07/13/2021

LOAN UPDATES

GROUNDFLOOR - 3/16/2021

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

GROUNDFLOOR - 2/9/2021

The borrower has advised that window installation is complete.

GROUNDFLOOR - 11/19/2020

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

  • Drywall installation and framing is complete.
  • Painting is in progress.
  • Plumbing renovations are in progress.
  • Outlet installation is in progress.
  • Bathroom fixture installation is is progress.
GROUNDFLOOR - 10/31/2020

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

  • Materials have been purchased.
  • Demolition is complete.
  • Plumbing and electrical rough-ins are complete.
  • Drywall and insulation installation is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$437,400
Total Project Costs
$326,000
$111,400
GROUNDFLOOR
$326,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$262,540
Purchase Date
10/14/2020
Loan To ARV
74.5%
Loan To Total Project Cost
100.0%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
4
4
Skin-in-the-Game
0
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$437,400
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

317 DRIFTWOOD ROAD, NEPTUNE BEACH, FL 32266
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 14, 2020 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 had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular