C

LOAN SUMMARY | 1615 South Memorial Boulevard, Kill Devil Hills, NC 27948 [1st]

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9.75%
12 months
55.8%
$360,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$360,000
Repaid on 12/21/2020
Started on
Funded on
Repaid on
Matures on
07/16/2020
08/24/2020
12/21/2020
02/24/2021

LOAN UPDATES

GROUNDFLOOR - 8/18/2020

The borrower has advised the property is actively listed on the market.

GROUNDFLOOR - 8/11/2020

GROUNDFLOOR has reached out to the borrower for an update.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$645,000
Total Project Costs
$507,000
$138,000
$90,000
GROUNDFLOOR
$360,000
$57,000
0%
Skin-in-the-Game
First Payment Position
Second Payment Position
Cushion
Purchase Price
$462,000
Purchase Date
02/25/2020
Loan To ARV
55.8%
Loan To Total Project Cost
88.8%

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)
$645,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on February 25, 2020 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.
  • There will be two loans on this project, each representing subsequent draws. The first loan is for $360,000. The second loan is subordinate to the first loan and is for $90,000. The Financial Overview box represents the aggregate amount of all loans 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. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 1615 South Memorial Boulevard [1st] share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 1615 South Memorial Boulevard [2nd] have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • Please consult the Offering Circular