C

LOAN SUMMARY | 2209 Royall Avenue, Richmond, VA 23224

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
55.9%
$83,880
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$83,880
Repaid on 07/01/2021
Started on
Funded on
Repaid on
Matures on
10/29/2020
11/19/2020
07/01/2021
10/29/2021

LOAN UPDATES

GROUNDFLOOR - 7/16/2021

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 6/22/2021

The borrower has advised the property is currently under contract, with an expected closing date of June 28, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/8/2021

The borrower has advised the property is currently under contract, with an expected closing date of June 28, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/18/2021

The borrower has advised that the contract fell through, and the property is being re-listed.

GROUNDFLOOR - 5/11/2021

The borrower has advised that the closing was delayed because the buyer switched his lender.

GROUNDFLOOR - 2/26/2021

The borrower has advised the property is actively listed on the market, and there have been multiple showings.

GROUNDFLOOR - 2/12/2021

The borrower has advised that renovations are complete, and the property is actively listed on the market.

GROUNDFLOOR - 1/29/2021

The borrower has advised they are in the process of listing the property on the market.

GROUNDFLOOR - 1/4/2021

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 11/20/2020

The borrower has advised that HVAC and drywall installation is in progress.

GROUNDFLOOR - 11/6/2020

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

  • Demolition is complete.
  • Tree removal is complete.
  • Dumpster has been delivered.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$150,000
Total Project Costs
$104,880
$45,120
GROUNDFLOOR
$83,880
$21,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$68,000
Purchase Date
10/30/2020
Loan To ARV
55.9%
Loan To Total Project Cost
79.2%

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)
$150,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2209 ROYALL AVENUE, RICHMOND, VA 23224
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 October 30, 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.
  • 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