D

LOAN SUMMARY | 4204 Basswood Circle, Adamsville, AL 35005

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12.2%
12 months
69.5%
$84,780
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$84,780
Repaid on 12/16/2020
Started on
Funded on
Repaid on
Matures on
02/24/2020
06/25/2020
12/16/2020
02/25/2021

LOAN UPDATES

GROUNDFLOOR - 10/29/2020

The borrower has advised they are still in the process of refinancing the GROUNDFLOOR loan.

GROUNDFLOOR - 9/24/2020

There are no additional updates at this time.

GROUNDFLOOR - 8/26/2020

The borrower has advised the refinance is scheduled to close by October 25, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/7/2020

The borrower has advised they are still in the process of refinancing the GROUNDFLOOR loan.

GROUNDFLOOR - 6/8/2020

The borrower has advised they are currently in the process of refinancing the GROUNDFLOOR loan.

GROUNDFLOOR - 4/22/2020

The borrower has advised the project is complete.

GROUNDFLOOR - 4/3/2020

The borrower has advised the project is progressing as planned.

GROUNDFLOOR - 3/17/2020

The borrower has advised the following renovations are in progress:

  • Door installation is in progress.
  • Ceiling repair is in progress.
  • Drywall repair and painting is scheduled.


FINANCIAL OVERVIEW

After Repair Value (ARV)
$122,000
Total Project Costs
$99,880
$22,120
GROUNDFLOOR
$84,780
$15,100
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$82,000
Purchase Date
02/26/2020
Loan To ARV
69.5%
Loan To Total Project Cost
84.5%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$122,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

4204 BASSWOOD CIRCLE, ADAMSVILLE, AL 35005
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 February 26, 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 not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular