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LOAN SUMMARY | 7141 - 7145 Rum Bay Dr, Englewood, FL 34224

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12.5%
18 months
73.3%
$95,530
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$95,530
Repaid on 07/15/2022
Started on
Funded on
Repaid on
Matures on
03/31/2022
06/16/2022
07/15/2022
08/07/2023

LOAN UPDATES

GROUNDFLOOR - 6/30/2022

GROUNDFLOOR has received a payoff request good through July 11, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/15/2022

GROUNDFLOOR has reached out to the borrower for an update.

GROUNDFLOOR - 6/8/2022

The borrower has advised that insurance fees are in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$978,000
Total Project Costs
$796,480
$181,520
GROUNDFLOOR
$716,480
$80,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$125,000
Purchase Date
04/15/2021
Loan To ARV
73.3%
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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$978,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

7141 - 7145 RUM BAY DR, ENGLEWOOD, FL 34224
The Borrower intends to use the loan proceeds to complete a new construction. 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 needs to begin construction of this property on February 8, 2022 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • This LRO represents the second draw for the loan and is secured by an individual note.
  • There will be seven LROs on this project, each representing subsequent draws. The LROs will range from $100,000 to $140,000. 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.
  • Please consult the Offering Circular