D

LOAN SUMMARY | 4761 Pinefield Dr, N.W, Acworth, GA 30102

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
12 months
63.3%
$173,940
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$173,940
Repaid on 12/15/2020
Started on
Funded on
Repaid on
Matures on
08/24/2020
10/05/2020
12/15/2020
08/24/2021

LOAN UPDATES

GROUNDFLOOR - 12/1/2020

The borrower has advised the property is currently under contract, with an expected closing date of December 15, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 12/1/2020

The borrower has advised the property is currently under contract.

GROUNDFLOOR - 10/20/2020

The borrower has set a tentative completion date of October 23, 2020. Please keep in mind completion dates are subject to change.

GROUNDFLOOR - 10/13/2020

The borrower has advised the project is 80% complete. The following renovations are complete:

  • Bathroom renovations are complete.
  • Interior painting is complete.
  • Tree removal is complete.
  • Floor installation is complete.
  • Light installation is complete.
  • Faucet installation is complete.
GROUNDFLOOR - 9/24/2020

The borrower has advised the project is 50% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$275,000
Total Project Costs
$208,790
$66,210
GROUNDFLOOR
$173,940
$34,850
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$180,000
Purchase Date
08/25/2020
Loan To ARV
63.3%
Loan To Total Project Cost
82.7%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$275,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

4761 PINEFIELD DR, N.W, ACWORTH, GA 30102
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 25, 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