C

LOAN SUMMARY | 7868 Winkman Dr, Fairburn, GA 30213

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
62.5%
$187,480
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$187,480
Repaid on 05/16/2022
Started on
Funded on
Repaid on
Matures on
09/13/2021
02/10/2022
05/16/2022
09/01/2022

LOAN UPDATES

GROUNDFLOOR - 5/12/2022

GROUNDFLOOR has received an updated payoff request good through May 16, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/8/2022

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

  • Driveway is complete.
  • Landscape is complete.
  • Plumbing fixtures are complete.
  • Plumbing trim is complete.
  • Flooring is complete.
  • Final clean is complete.
GROUNDFLOOR - 5/5/2022

The borrower has advised the project is complete.

GROUNDFLOOR - 4/21/2022

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

  • Deck is complete.
  • Exterior paint is complete.
  • Garage door is complete.
  • Gutters are complete.
  • Fireplace is complete.
  • Drywall hang is complete.
  • Drywall finish is complete.
  • Paint prime is complete.
  • Doors are complete.
  • Trim is complete.
  • Tile is complete.
  • Interior paint is complete.
  • Cabinets are complete.
  • Tops are complete.
  • Electrical fixtures are complete.
  • HVAC trim is complete.
  • Electrical trim is complete.
  • Appliances are complete.
  • Paint touch up is complete.
  • Flooring is in progress.


GROUNDFLOOR - 4/1/2022

GROUNDFLOOR has received a payoff request good through April 29, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/21/2022

The borrower has advised that electrical rough and insulation are complete.

GROUNDFLOOR - 2/1/2022

The borrower has advised that roof and electrical rough-is are complete.

GROUNDFLOOR - 1/28/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 1/20/2022

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

  • Window installation is complete.
  • HVAC rough-in is in progress.
  • Painting is in progress.
GROUNDFLOOR - 1/20/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 1/13/2022

The borrower has advised the following renovations are complete: 

  • Grading is complete.
  • Sewer work is complete.
  • Foundation work is complete.
GROUNDFLOOR - 1/6/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 12/14/2021

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 12/8/2021

The borrower has advised that renovations are ongoing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$300,000
Total Project Costs
$247,480
$52,520
GROUNDFLOOR
$187,480
$60,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$0
Purchase Date
01/29/2021
Loan To ARV
62.5%
Loan To Total Project Cost
75.8%

Grade Factors

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

VALUATION REPORTS

As Complete (ARV)
$300,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

7868 WINKMAN DR, FAIRBURN, GA 30213
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on September 2, 2021 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 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.
  • Please consult the Offering Circular