B

LOAN SUMMARY | 1175 Monroe Dr NE, Atlanta, GA 30306

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
15 months
70.0%
$234,370
2679
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$234,370
Funded
Started on
Funded on
Repaid on
Matures on
02/22/2023
10/02/2023
Pending
05/21/2024

LOAN UPDATES

GROUNDFLOOR - 2/20/2024

Per borrower, they are moving forward with internal refinancing.

GROUNDFLOOR - 10/23/2023

A notice of default has been sent to the borrower because the project is behind schedule. If the default is not cured by the expiration of the cure period, foreclosure proceedings could commence.


GROUNDFLOOR - 8/29/2023

Groundfloor has reached out to the borrower for an update.

GROUNDFLOOR - 7/11/2023

Per borrower, the project is starting.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$1,005,000
Total Project Costs
$915,630
$89,370
GROUNDFLOOR
$703,130
$212,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$750,000
Purchase Date
11/19/2021
Loan To ARV
70.0%
Loan To Total Project Cost
76.8%

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

VALUATION REPORTS

As Complete (ARV)
$1,005,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1175 MONROE DR NE, ATLANTA, GA 30306
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 February 22, 2023 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.
  • This LRO represents the third draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $234,380, the second series of LROs will be for $234,380, and the third series of LROs will be for $234,370. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • The Borrower's 2022 revenue was derived from rental properties because the Borrower's primary focus in 2022 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • Please consult the Offering Circular