C

LOAN SUMMARY | 119 Carver Drive, Wenonah, NJ 08090

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
70.0%
$147,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$147,000
Repaid on 06/11/2020
Started on
Funded on
Repaid on
Matures on
10/24/2019
06/11/2020
10/30/2020

LOAN UPDATES

GROUNDFLOOR - 4/14/2020

The borrower has advised the closing should be taking place this month.

GROUNDFLOOR - 3/17/2020

The borrower has advised the property is under contract and will close before April 30, 2020. Please keep in mind closing dates are subject to change.


GROUNDFLOOR - 2/11/2020

There are no additional updates at this time.

GROUNDFLOOR - 1/14/2020

There are no additional updates at this time.

GROUNDFLOOR - 12/7/2019

The renovations have been completed.

GROUNDFLOOR - 11/7/2019

The borrower has advised that the renovations are about 80% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$210,000
Total Project Costs
$198,800
$11,200
GROUNDFLOOR
$147,000
$51,800
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$180,000
Purchase Date
10/30/2019
Loan To ARV
70.0%
Loan To Total Project Cost
73.0%

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
4
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$210,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

119 CARVER DRIVE, WENONAH, NJ 08090
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 purchase this property on October 30, 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.
  • The Borrower is using $128,200 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.
  • Please consult the Offering Circular