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LOAN SUMMARY | 5113 Foxglove Circle, Tyler, TX 75703

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
12 months
63.2%
$145,250
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$145,250
Repaid on 09/08/2020
Started on
Funded on
Repaid on
Matures on
02/07/2020
05/21/2020
09/08/2020
02/10/2021

LOAN UPDATES

GROUNDFLOOR - 9/10/2020

The borrower has advised the property has been sold.

GROUNDFLOOR - 9/3/2020

GROUNDFLOOR has received a payoff request for September 7, 2020. Please keep in mind closing dates are subject to change. 

GROUNDFLOOR - 8/24/2020

The borrower has advised the property is still under contract. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 7/20/2020

The borrower has advised the property is under contract. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 7/14/2020

The borrower has advised the property is still actively listed.

GROUNDFLOOR - 6/15/2020

The borrower has advised the property is actively listed.

GROUNDFLOOR - 5/14/2020

The borrower has advised that renovations are complete:

  • New appliances are installed.
  • The final clean up is done.
  • Electrical, lighting and fans are installed.
  • The plumbing and kitchen sink installation is finished.
GROUNDFLOOR - 4/30/2020

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

  • Final plumbing has been installed.
  • Trim installation for showers is completed.
  • Final electrical work is completed.
GROUNDFLOOR - 4/28/2020

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

  • Shower installation is complete.
  • New tile in bathrooms is complete.
  • Flooring has been installed.
  • Kitchen cabinets have been painted.
GROUNDFLOOR - 4/21/2020

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

  • Installation of new shower is complete.
  • Tile installation in both bathrooms is complete.
  • Kitchen cabinet painting is complete.
GROUNDFLOOR - 4/8/2020

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

  • Drywall repairs are nearly complete.
  • New door installation is in progress.
  • Interior painting is in progress.
  • Rough plumbing is in progress.
GROUNDFLOOR - 3/10/2020

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

  • Drywall repairs are complete.
  • New doors and trim have been installed.
  • Interior painting is in progress.
GROUNDFLOOR - 2/25/2020

The borrower has advised that the first stage of the project is complete.

GROUNDFLOOR - 2/17/2020

The borrower has requested their first GROUNDFLOOR inspection and has advised that the following work is complete, or in progress:

  • The permit for the ad-on has been pulled.
  • The demo for flooring,doors, trim, and parts of wall is complete.
  • The wall has been opened for a door between the living and storage rooms.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$230,000
Total Project Costs
$176,250
$53,750
GROUNDFLOOR
$145,250
$31,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$133,000
Purchase Date
02/11/2020
Loan To ARV
63.2%
Loan To Total Project Cost
81.7%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$230,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

5113 FOXGLOVE CIRCLE, TYLER, TX 75703
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 February 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.
  • Please consult the Offering Circular