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LOAN SUMMARY | 3818 Adirolf Road, Jacksonville, FL 32207

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
9 months
61.2%
$113,200
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$113,200
Repaid on 03/11/2021
Started on
Funded on
Repaid on
Matures on
09/28/2020
10/29/2020
03/11/2021
06/27/2021

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 - 2/10/2021

The borrower has advised the property is currently under contract, with an expected closing date of March 5, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 1/26/2021

The borrower has advised that renovations are complete.

GROUNDFLOOR - 1/7/2021

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

  • Demolition is complete.
  • Flooring is complete.
  • Painting is complete.
  • Bathroom renovations are in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$185,000
Total Project Costs
$125,800
$59,200
GROUNDFLOOR
$113,200
$12,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$94,000
Purchase Date
09/28/2020
Loan To ARV
61.2%
Loan To Total Project Cost
90.0%

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)
$185,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3818 ADIROLF ROAD, JACKSONVILLE, FL 32207
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 September 28, 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.
  • Please consult the Offering Circular