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LOAN SUMMARY | 506 Rhode Island Avenue, Brick Township, NJ 08724

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6%
9 months
56.9%
$182,200
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$182,200
Repaid on 09/23/2021
Started on
Funded on
Repaid on
Matured on
02/16/2021
03/12/2021
09/23/2021
10/18/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$350,000
Total Project Costs
$325,469
$24,531
GROUNDFLOOR
$182,200
$143,269
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$320,000
Purchase Date
01/19/2021
Loan To Value
56.9%
Loan To Total Project Cost
55.2%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
9
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$350,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

506 RHODE ISLAND AVENUE, BRICK TOWNSHIP, NJ 08724
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on January 19, 2021 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • 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