B

LOAN SUMMARY | 2002 Hunters Ridge Dr, Jacksonville, NC 28544

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
69.8%
$127,110
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$127,110
Repaid on 10/06/2021
Started on
Funded on
Repaid on
Matures on
06/03/2021
09/08/2021
10/06/2021
05/25/2022

LOAN UPDATES

GROUNDFLOOR - 9/27/2021

The borrower has advised the property is currently under contract, with an expected closing date of September 24, 2021. Please keep in mind closing dates are subject to change.      


GROUNDFLOOR - 8/26/2021

The borrower has advised the property is currently under contract, with an expected closing date of September 1, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/6/2021

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

GROUNDFLOOR - 7/19/2021

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

GROUNDFLOOR - 6/16/2021

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

  • Drywall repairs are complete.
  • Interior painting is complete.
  • Demolition is nearing completion.
  • Electrical fixture replacement is in progress.
  • Door hardware replacement is in progress.
  • Floor installation is scheduled.
GROUNDFLOOR - 6/11/2021

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

  • Roof work is complete.
  • Demolition is in progress.
  • Drywall installation is in progress.
  • Painting is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$182,000
Total Project Costs
$158,110
$23,890
GROUNDFLOOR
$127,110
$31,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$119,000
Purchase Date
05/26/2021
Loan To ARV
69.8%
Loan To Total Project Cost
79.9%

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

VALUATION REPORTS

As Complete (ARV)
$182,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2002 HUNTERS RIDGE DR, JACKSONVILLE, NC 28544
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 May 26, 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