C

LOAN SUMMARY | 87 Joseph E. Lowery Boulevard Northwest, Atlanta, GA 30314

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
54.4%
$204,140
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$204,140
Repaid on 07/21/2020
Started on
Funded on
Repaid on
Matures on
03/23/2020
06/17/2020
07/21/2020
11/14/2020

LOAN UPDATES

GROUNDFLOOR - 7/15/2020

The borrower has advised they are currently in the process of refinancing the GROUNDFLOOR loan.

GROUNDFLOOR - 6/11/2020

The borrower has advised that final inspections are complete.

GROUNDFLOOR - 5/10/2020

The borrower has advised there have been delays with obtaining utility permits. They have now hired a third-party inspector.

GROUNDFLOOR - 4/3/2020

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

  • Main floor is complete.
  • Exterior is complete.
  • Utility permit is in process.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$375,000
Total Project Costs
$279,140
$95,860
GROUNDFLOOR
$204,140
$75,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$70,000
Purchase Date
11/14/2019
Loan To ARV
54.4%
Loan To Total Project Cost
75.6%

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
4
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$375,000
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 November 14, 2019 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