D

LOAN SUMMARY | 22 Galloway Oaks Cove, Memphis, TN 38111

BORROWER

Alice's Creativity all in One LLC
Ravyn Boyce - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
70.2%
$167,540
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$167,540
Repaid on 06/05/2023
Started on
Funded on
Repaid on
Matured on
12/28/2021
06/30/2022
06/05/2023
12/27/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$625,000
Total Project Costs
$624,900
$100
GROUNDFLOOR
$418,850
$206,050
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$625,000
Purchase Date
04/04/2020
Loan To Value
70.2%
Loan To Total Project Cost
67.0%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
10
10
Quality of Valuation Report
4
4
Skin-in-the-Game
6
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$625,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

22 GALLOWAY OAKS COVE, MEMPHIS, TN 38111
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on December 28, 2021 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • This LRO represents the second draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $167,540, the second series of LROs will be for $167,540, and the third series of LROs will be for $83,770. 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.
  • 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