C

LOAN SUMMARY | 108 Mimosa Circle, Jacksonville, NC 28540

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
69.8%
$107,900
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$107,900
Repaid on 05/18/2021
Started on
Funded on
Repaid on
Matures on
02/19/2021
03/13/2021
05/18/2021
01/28/2022

LOAN UPDATES

GROUNDFLOOR - 5/27/2021

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

GROUNDFLOOR - 4/26/2021

The borrower has advised that renovations are complete, and the property is currently under contract.

GROUNDFLOOR - 4/19/2021

The borrower has advised the property is currently under contract, with an expected closing date of May 6, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/29/2021

The borrower has advised that renovations are complete, and the property is scheduled to be listed on the market.

GROUNDFLOOR - 3/9/2021

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

  • Demolition is complete.
  • Interior painting is complete.
  • Floor installation is complete.
  • Door installation is complete.
  • Electrical fixture installation is nearing completion.
  • Cabinet and countertop installation is in progress.
  • Kitchen appliance installation is in progress.
  • Plumbing fixture installation is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$154,500
Total Project Costs
$126,400
$28,100
GROUNDFLOOR
$107,900
$18,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$80,000
Purchase Date
01/29/2021
Loan To ARV
69.8%
Loan To Total Project Cost
84.9%

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)
$154,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

108 MIMOSA CIRCLE, JACKSONVILLE, NC 28540
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 January 29, 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.
  • Please consult the Offering Circular