C

LOAN SUMMARY | 214 oak st, suffolk, VA 23434

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
55.4%
$83,120
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$83,120
Repaid on 09/10/2020
Started on
Funded on
Repaid on
Matures on
12/20/2019
04/22/2020
09/10/2020
12/25/2020

LOAN UPDATES

GROUNDFLOOR - 8/28/2020

GROUNDFLOOR has received a payoff request for August 31, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/16/2020

The borrower has advised the property is under contract, with an expected closing date of August 31, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 7/16/2020

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

GROUNDFLOOR - 5/26/2020

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

GROUNDFLOOR - 4/27/2020

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

GROUNDFLOOR - 3/26/2020

The borrower has advised that the project has been completed and is ready to list.

GROUNDFLOOR - 2/25/2020

The borrower has advised that the drywall, interior trim, cabinets, counter-tops, termite damage fix, siding, and window installation are complete.

GROUNDFLOOR - 2/10/2020

The borrower has advised that the structure inspection has been approved and that drywall installation is in progress.

GROUNDFLOOR - 1/10/2020

The borrower has advised that the following work is complete, or in progress:

  • Roof work has been completed.
  • Demolition has been completed.
  • Porch stair installation is finished.
  • A fence has been installed.
  • All plumbing and electrical rough-in's have been completed.
  • All framing has been completed.
  • Materials for the foundation have been obtained.
  • Windows have been ordered.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$150,000
Total Project Costs
$103,920
$46,080
GROUNDFLOOR
$83,120
$20,800
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$40,000
Purchase Date
12/23/2019
Loan To ARV
55.4%
Loan To Total Project Cost
79.2%

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
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$150,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

214 OAK ST, SUFFOLK, VA 23434
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 23, 2019 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.
  • 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.
  • The Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular