C

LOAN SUMMARY | 415 Brenda Drive, Albemarle, NC 28001

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
59.5%
$122,050
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$122,050
Repaid on 10/05/2020
Started on
Funded on
Repaid on
Matures on
12/17/2019
03/03/2020
10/05/2020
12/18/2020

LOAN UPDATES

GROUNDFLOOR - 10/6/2020

GROUNDFLOOR is pleased to announce that this loan repaid in full on October 5, 2020, with a contract interest rate of 11%.

GROUNDFLOOR - 10/5/2020

The borrower has advised the property has been sold.

GROUNDFLOOR - 9/14/2020

The borrower has advised the closing date has been pushed back due to appraisal delays. The updated closing date is now September 28, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/10/2020

The borrower has advised the property is under contract, with an expected closing date of September 15, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 7/20/2020

The borrower has advised the property remains actively listed.

GROUNDFLOOR - 6/14/2020

The borrower has advised the property is actively listed.

GROUNDFLOOR - 5/13/2020

The borrower has advised the house is on the market and there have been 4 showings in the last week.

GROUNDFLOOR - 4/15/2020

The borrower has advised the property is still actively listed and they have just dropped the price.

GROUNDFLOOR - 3/11/2020

There are no additional updates at this time. The property remains actively listed on the market.

GROUNDFLOOR - 2/12/2020

The borrower has advised that the renovations are complete and the property has been listed.

GROUNDFLOOR - 1/14/2020

The borrower has advised that the following works have been completed, or in progress:

  • The flooring has been completed upstairs, downstairs, and the kitchen.
  • The light fixtures are 50% complete.
  • The granite has been completed.
  • The cabinet paint has been completed.
  • The interior paint is 80% complete.
  • The tile resurfacing has been completed.
  • The interior trim is 75% completed.
  • The interior doors have been painted.
  • The priming for paint has been completed.
  • The exterior paint is 50% complete.
GROUNDFLOOR - 1/2/2020

The borrower has advised that the tile resurfacing is scheduled for tomorrow. The flooring is in progress, and the painter is scheduled for January 6th. The property is tentatively scheduled to be listed on February 1st.

GROUNDFLOOR - 12/21/2019

The borrower has advised that the following works have been completed, or in progress:

  • The demolition and trash-out has been completed.
  • The plumbing has been repaired.
  • The counter-tops have been ordered.
  • The painter is scheduled for December 30th.
  • All interior materials have been ordered.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$205,000
Total Project Costs
$152,650
$52,350
GROUNDFLOOR
$122,050
$30,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$118,000
Purchase Date
12/18/2019
Loan To ARV
59.5%
Loan To Total Project Cost
79.2%

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
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$205,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

415 BRENDA DRIVE, ALBEMARLE, NC 28001
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 December 18, 2019 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.
  • 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