C

LOAN SUMMARY | 3445 Silver Bridle Place, North Las Vegas, NV 89032

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
58.8%
$147,070
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$147,070
Repaid on 05/27/2020
Started on
Funded on
Repaid on
Matures on
01/02/2020
05/27/2020
05/27/2020
01/12/2021

LOAN UPDATES

GROUNDFLOOR - 4/28/2020

GROUNDFLOOR has received a payoff request for June 1, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/27/2020

The borrower has advised the property is under contract.

GROUNDFLOOR - 4/16/2020

The borrower has advised the project is complete.

GROUNDFLOOR - 4/16/2020

The borrower has advised the project is complete.

GROUNDFLOOR - 3/22/2020

The borrower has advised a new garage door has been installed.

GROUNDFLOOR - 3/22/2020

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

  • Flooring and cabinet installation is now complete.
  • New garage door has been installed.
GROUNDFLOOR - 3/17/2020

The borrower has advised the bathroom renovations are nearing completion and painting is scheduled.

GROUNDFLOOR - 3/2/2020

The borrower has advised that the following work is complete, or in progress:

  • The flooring, baseboards and kitchen cabinets have been installed.
  • The counter-top installation has been scheduled for this week.
  • The windows repairs are 90% complete.
  • The HVAC and plumbing has been inspected.
  • The bath rubs have been re-installed.
  • Painting has been scheduled for March 10, 2020.
GROUNDFLOOR - 2/13/2020

The borrower has advised that the following work is complete, or in progress:

  • The demo and clean-up are 90% complete.
  • The floor tiling has been scheduled for next week.
  • The backyard garden clean up is complete.
  • Coming soon sales flyers are being prepared.
GROUNDFLOOR - 1/23/2020

The borrower has advised that the renovation starting target date is February 1st. The current tenant is in the process of moving out.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$250,000
Total Project Costs
$229,480
$20,520
GROUNDFLOOR
$147,070
$82,410
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$206,306
Purchase Date
01/09/2020
Loan To ARV
58.8%
Loan To Total Project Cost
63.0%

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
6
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$250,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3445 SILVER BRIDLE PLACE, NORTH LAS VEGAS, NV 89032
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 January 9, 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 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.
  • Please consult the Offering Circular