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LOAN SUMMARY | 604 Sioux Dr, Jacksonville, NC 28540

BORROWER

Royal Superior Properties, LLC
Jamal Issah - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
62.9%
$113,130
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$113,130
Repaid on 02/26/2022
Started on
Funded on
Repaid on
Matures on
09/17/2021
02/25/2022
02/26/2022
09/08/2022

LOAN UPDATES

GROUNDFLOOR - 1/28/2022

GROUNDFLOOR has received a payoff request good through February 15, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 1/24/2022

The borrower has advised the property is currently under contract, with an expected closing date of February 15, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 1/20/2022

The borrower has advised the project is complete.



GROUNDFLOOR - 1/20/2022

The borrower has advised that renovations are nearing completion, and listing is scheduled.

GROUNDFLOOR - 1/6/2022

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 12/14/2021

The borrower has advised that interior renovations are nearing completion, and exterior renovations are in progress.

GROUNDFLOOR - 12/8/2021

The borrower has advised the following renovations are complete:

  • Trim is complete.
  • Door installation is complete.
  • Flooring is complete.
  • Plumbing and electrical fixture installation is complete.
  • Cabinet and countertop installation is complete.
  • Drywall is nearing completion.
GROUNDFLOOR - 11/29/2021

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

  • Electrical fixture installation is complete.
  • Flooring is in progress.
  • Plumbing is in progress.
  • Door replacement is in progress.
  • Interior painting is in progress.
GROUNDFLOOR - 11/16/2021

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

  • HVAC inspection is complete.
  • Subfloor installation is nearing completion.
  • Painting is in progress.
GROUNDFLOOR - 11/12/2021

The borrower has advised the following renovations are complete:

  • Demolition is complete.
  • Roofing is complete.
  • Electrical rough-in is complete.
  • Heat pump installation is complete.
GROUNDFLOOR - 10/22/2021

The borrower has advised that roof inspection is complete, and floor repairs are in progress.

GROUNDFLOOR - 10/14/2021

Demolition is 90% complete and roofing 100% complete. new heat pump is installed with electrical. Painting and flooring work shall begin next week.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$179,900
Total Project Costs
$143,130
$36,770
GROUNDFLOOR
$113,130
$30,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$90,000
Purchase Date
09/09/2021
Loan To ARV
62.9%
Loan To Total Project Cost
79.0%

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)
$179,900
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

604 SIOUX DR, JACKSONVILLE, NC 28540
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 September 9, 2021 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.
  • Please consult the Offering Circular