C

LOAN SUMMARY | 901 Glen Oak Drive, Fairfield, AL 35064

BORROWER

Misty, LLC
Bridget Cooper - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
15 months
83.3%
$84,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$84,000
Repaid on 07/26/2022
Started on
Funded on
Repaid on
Matures on
03/18/2022
07/16/2022
07/26/2022
06/17/2023

LOAN UPDATES

GROUNDFLOOR - 7/28/2022

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

GROUNDFLOOR - 7/5/2022

The borrower has advised the property is currently under contract, with an expected closing date of August 8, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/21/2022

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

  • Insurance is complete.
  • Roof is complete.
  • Gutters are complete.
  • Deck/patio are complete.
  • Landscaping is complete.
  • Exterior painting is complete.
  • Doors are complete.
  • Tiling is complete.
  • Cabinets and countertops are complete.
  • Appliances are in progress.
GROUNDFLOOR - 6/13/2022

The borrower has advised that renovations are 95% complete.

GROUNDFLOOR - 6/6/2022

The borrower has advised the project is nearing completion.

GROUNDFLOOR - 5/16/2022

The borrower has set a tentative completion date of May 30, 2022. Please keep in mind completion dates are subject to change.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$150,000
Total Project Costs
$133,880
$36,000
GROUNDFLOOR
$124,880
$9,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$85,700
Purchase Date
03/18/2022
Loan To ARV
83.3%
Loan To Total Project Cost
93.3%

Grade Factors

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

901 GLEN OAK DRIVE, FAIRFIELD, AL 35064
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 March 18, 2022 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.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be two LROs on this project, each representing subsequent draws. The second series of LROs will be for $21,000. 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.
  • Please consult the Offering Circular