C

LOAN SUMMARY | 386 E Nields Street, West Chester, PA 19380

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.5%
9 months
64.5%
$191,730
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$191,730
Repaid on 02/12/2021
Started on
Funded on
Repaid on
Matures on
09/10/2020
10/13/2020
02/12/2021
06/10/2021

LOAN UPDATES

GROUNDFLOOR - 2/17/2021

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

GROUNDFLOOR - 1/29/2021

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

GROUNDFLOOR - 1/15/2021

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

GROUNDFLOOR - 12/28/2020

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

GROUNDFLOOR - 12/1/2020

The borrower has advised that interior renovations are 98% complete and exterior renovations are 90% complete.

GROUNDFLOOR - 10/30/2020

The borrower has advised that interior renovations are 90% complete, and kitchen granite installation is scheduled.

GROUNDFLOOR - 10/13/2020

The borrower has advised the project is 95% complete, and interior fit-outs are nearing completion.

GROUNDFLOOR - 10/5/2020

The borrower has advised the following renovations are complete:

  • Basement waterproofing is complete.
  • Kitchen and bathroom drywall installation is complete.
  • Exterior painting is complete.
GROUNDFLOOR - 9/24/2020

The borrower has advised that demolition is complete and a new roof has been installed.

GROUNDFLOOR - 9/18/2020

The borrower has advised that demolition is complete and a new roof been been installed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$292,500
Total Project Costs
$213,230
$79,270
GROUNDFLOOR
$191,730
$21,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$140,000
Purchase Date
09/11/2020
Loan To ARV
64.5%
Loan To Total Project Cost
89.5%

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

VALUATION REPORTS

As Complete (ARV)
$292,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

386 E NIELDS STREET, WEST CHESTER, PA 19380
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 September 11, 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.
  • Please consult the Offering Circular