C

LOAN SUMMARY | 30014 West Huron River Drive, Flat Rock, MI 48134

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
58.0%
$133,380
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$133,380
Repaid on 05/26/2020
Started on
Funded on
Repaid on
Matures on
09/11/2019
05/26/2020
09/19/2020

LOAN UPDATES

GROUNDFLOOR - 5/14/2020

GROUNDFLOOR has received a payoff request for May 20, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/10/2020

The borrower has advised the closing is now scheduled for May 20, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/9/2020

GROUNDFLOOR has received a payoff request for April 30, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/12/2020

The borrower has advised the project is complete and they are in the process of listing it on the market.

GROUNDFLOOR - 2/11/2020

The borrower has advised that the following work is complete, or in progress:

  • The foundation work is complete.
  • The bathroom and kitchen tile has been installed.
  • The kitchen cabinet and granite installation is complete.
  • The molding and door installation is complete.
  • The HVAC and furnace installation are near completion.
  • The painting, carpet installation, and clean-up are in progress.
GROUNDFLOOR - 12/23/2019

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

  • The foundation is complete.
  • Plumbing and electrical is nearly complete.
  • Drywall and framing are in progress.
GROUNDFLOOR - 11/25/2019

The borrower has advised that the following works have been completed, or in progress:

  • The foundation has been completed.
  • The plumbing works have been completed.
  • The AC and furnace are 80% complete.
  • The electric works are scheduled to begin by the end of the month.
  • The siding has been completed.
  • The windows have been ordered.
GROUNDFLOOR - 10/30/2019

The borrower has advised they are working on the foundation.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$230,000
Total Project Costs
$166,780
$63,220
GROUNDFLOOR
$133,380
$33,400
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$108,000
Purchase Date
09/20/2019
Loan To ARV
58.0%
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)
$230,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

30014 WEST HURON RIVER DRIVE, FLAT ROCK, MI 48134
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on September 20, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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.
  • The Borrower is using $74,600 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • Please consult the Offering Circular