C

LOAN SUMMARY | 1721 Fairbanks St SW, Atlanta, GA 30310

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
70.0%
$252,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$252,000
Repaid on 04/20/2022
Started on
Funded on
Repaid on
Matures on
08/13/2021
02/14/2022
04/20/2022
08/08/2022

LOAN UPDATES

GROUNDFLOOR - 4/8/2022

GROUNDFLOOR has received a payoff request good through April 20, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/1/2022

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

  • Flooring and CO are complete.
GROUNDFLOOR - 3/28/2022

The borrower has advised the project is complete.

GROUNDFLOOR - 3/18/2022

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

  • Deck/patio is complete.
  • Driveway is complete.
  • Landscape is complete.
  • Final clean is complete.
GROUNDFLOOR - 3/14/2022

The borrower has advised that the project is complete.

GROUNDFLOOR - 3/3/2022

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

  • Countertops are complete.
  • Plumbing and HVAC are complete.
  • Appliances are complete.
  • Painting is complete.


GROUNDFLOOR - 2/17/2022

The borrower has advised that tiling is complete.

GROUNDFLOOR - 2/9/2022

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

  • Tiling is complete.
  • Electrical fixtures are complete.
  • Electrical trim is complete.
  • Plumbing trim is in progress.
GROUNDFLOOR - 1/27/2022

The borrower has advised that renovations are 85% complete.

GROUNDFLOOR - 1/14/2022

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

Insulation, Drywall hang, Drywall finish, Paint prime, Doors, Trim - 100%

GROUNDFLOOR - 1/13/2022

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

  • Exterior painting is complete.
  • Rough-ins are complete.
  • Sewer work is complete.
  • Facade is in progress.
GROUNDFLOOR - 1/13/2022

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

  • Permitting is complete.
  • Demolition is complete.
  • Framing is complete.
  • Door installation is in progress.
GROUNDFLOOR - 1/5/2022

The borrower has advised that renovations are 65% complete. 

GROUNDFLOOR - 11/29/2021

The borrower has advised that renovations are 30% complete.

GROUNDFLOOR - 11/12/2021

The borrower has advised that renovations are 15% complete.

GROUNDFLOOR - 11/8/2021

The borrower has advised that progress is being made and project is 20% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$360,000
Total Project Costs
$285,550
$74,450
GROUNDFLOOR
$252,000
$33,550
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$182,000
Purchase Date
08/09/2021
Loan To ARV
70.0%
Loan To Total Project Cost
88.3%

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
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$360,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1721 FAIRBANKS ST SW, ATLANTA, GA 30310
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 August 9, 2021 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