C

LOAN SUMMARY | 2441 Etowah St, Birmingham, AL 35217

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
60.5%
$78,670
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$78,670
Repaid on 10/15/2021
Started on
Funded on
Repaid on
Matures on
06/21/2021
09/16/2021
10/15/2021
06/10/2022

LOAN UPDATES

GROUNDFLOOR - 10/5/2021

The borrower has advised the property is currently under contract, with an expected closing date of October 12, 2021. Please keep in mind closing dates are subject to change.   

GROUNDFLOOR - 9/14/2021

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

GROUNDFLOOR - 7/28/2021

The borrower has advised that trash out is complete, and materials have been ordered.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$130,000
Total Project Costs
$98,670
$31,330
GROUNDFLOOR
$78,670
$20,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$65,000
Purchase Date
06/11/2021
Loan To ARV
60.5%
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
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$130,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2441 ETOWAH ST, BIRMINGHAM, AL 35217
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 June 11, 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.
  • 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