B

LOAN SUMMARY | 281 New Hope Dr, McDonough, GA 30252

BORROWER

Thom holdings llc
Triston Thom - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
15 months
60.7%
$261,410
3662
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$261,410
Funded
Started on
Funded on
Repaid on
Matured on
05/22/2023
12/02/2023
Pending
08/21/2024

FINANCIAL OVERVIEW

After Repair Value (ARV)
$450,000
Total Project Costs
$449,900
$100
GROUNDFLOOR
$261,410
$188,490
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$450,000
Purchase Date
04/01/2022
Loan To Value
60.7%
Loan To Total Project Cost
58.1%

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
9
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$450,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

281 NEW HOPE DR, MCDONOUGH, GA 30252
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 May 22, 2023 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 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.
  • 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 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