C

LOAN SUMMARY | 5100 Riverwest Rd, Lewisville, NC 27023

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9.2%
12 months
63.9%
$367,190
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$367,190
Repaid on 09/03/2021
Started on
Funded on
Repaid on
Matures on
12/22/2020
02/12/2021
09/03/2021
12/30/2021

LOAN UPDATES

GROUNDFLOOR - 6/23/2021

The borrower has advised the following renovations are complete:

  • Mechanical installation is complete.
  • Flooring is complete.
  • Tiling is complete.
  • Lighting installation is complete.
  • Bathroom renovations are complete.
  • Countertop installation is complete.
GROUNDFLOOR - 2/26/2021

The borrower has advised that renovations are 65% complete.

GROUNDFLOOR - 2/2/2021

The borrower has advised the following renovations are complete:

  • Roof replacement is complete.
  • Plumbing and electrical rough-ins are complete.
GROUNDFLOOR - 1/7/2021

The borrower has advised that landscaping and sewer line installation is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$575,000
Total Project Costs
$408,940
$166,060
GROUNDFLOOR
$367,190
$41,750
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$297,000
Purchase Date
12/31/2020
Loan To ARV
63.9%
Loan To Total Project Cost
89.5%

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)
$575,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

5100 RIVERWEST RD, LEWISVILLE, NC 27023
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 December 31, 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