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LOAN SUMMARY | 1368 Aniwaka Avenue Southwest, Atlanta, GA 30311

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6%
9 months
60.6%
$206,140
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$206,140
Repaid on 08/24/2021
Started on
Funded on
Repaid on
Matures on
04/05/2021
05/24/2021
08/24/2021
12/25/2021

LOAN UPDATES

GROUNDFLOOR - 6/8/2021

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

  • Sheetrock installation is complete.
  • Subfloor installation is complete.
  • Door installation is complete.
  • Interior painting is in progress.
  • Tiling is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$340,000
Total Project Costs
$256,140
$83,860
GROUNDFLOOR
$206,140
$50,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$165,000
Purchase Date
02/11/2021
Loan To ARV
60.6%
Loan To Total Project Cost
79.7%

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

VALUATION REPORTS

As Complete (ARV)
$340,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1368 ANIWAKA AVENUE SOUTHWEST, ATLANTA, GA 30311
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 March 26, 2021 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.
  • 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