C

LOAN SUMMARY | 1262 Mull St, Jacksonville, FL 32205

BORROWER

SOVEREIGN INVESTMENT GROUP FLA LLC
Joy Robinson - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
69.5%
$125,160
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$125,160
Repaid on 06/27/2022
Started on
Funded on
Repaid on
Matures on
08/31/2021
03/01/2022
06/27/2022
08/24/2022

LOAN UPDATES

GROUNDFLOOR - 6/30/2022

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 6/24/2022

The borrower has advised that sale negotiations are in progress.

GROUNDFLOOR - 6/22/2022

GROUNDFLOOR has received an updated payoff request good through June 30, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/14/2022

GROUNDFLOOR has received a payoff request good through June 17, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/2/2022

The borrower has advised that the property remains listed on the market.

GROUNDFLOOR - 5/2/2022

The borrower has advised the following renovations are complete:

  • Interior painting is complete.
  • Plumbing fixtures are complete.
  • Electrical fixtures are complete.
  • Countertops are complete.
  • Inspections are complete.
GROUNDFLOOR - 4/27/2022

The borrower has advised the property is actively listed on the market.

GROUNDFLOOR - 3/14/2022

The borrower has advised that the renovations are in progress.

GROUNDFLOOR - 1/19/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 11/12/2021

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 10/13/2021

The borrower has advised that renovations have begun.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$180,000
Total Project Costs
$139,070
$40,930
GROUNDFLOOR
$125,160
$13,910
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$130,000
Purchase Date
08/25/2021
Loan To ARV
69.5%
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
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$180,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1262 MULL ST, JACKSONVILLE, FL 32205
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 August 25, 2021 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.
  • 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.
  • Please consult the Offering Circular