C

LOAN SUMMARY | 1018 Burney Road, Asheboro, NC 27205

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
58.2%
$109,950
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$109,950
Repaid on 02/16/2021
Started on
Funded on
Repaid on
Matured on
09/30/2019
12/30/2019
02/16/2021
10/16/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$198,000
Total Project Costs
$197,950
$50
GROUNDFLOOR
$109,950
$88,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$198,000
Purchase Date
04/01/2016
Loan To Value
58.2%
Loan To Total Project Cost
55.6%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
10
10
Quality of Valuation Report
4
4
Skin-in-the-Game
9
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$198,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1018 BURNEY ROAD, ASHEBORO, NC 27205
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on October 16, 2019 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • 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 Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • Please consult the Offering Circular