C

LOAN SUMMARY | 94 Vickery Dr, Fairburn, GA 30213

BORROWER

Thom holdings llc
Triston Thom - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11.5%
21 months
70.1%
$175,220
2723
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$175,220
Funded
Started on
Funded on
Repaid on
Matures on
12/01/2022
10/30/2023
Pending
08/31/2024

LOAN UPDATES

GROUNDFLOOR - 4/24/2024
Per borrower, they plan to exit through refinancing.
GROUNDFLOOR - 3/25/2024

Borrower plans to exit through refinancing.

GROUNDFLOOR - 2/20/2024

A notice of default has been sent to the borrower because of a progress default. If the default is not cured by the expiration of the cure period, foreclosure proceedings could commence.

GROUNDFLOOR - 6/12/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 1/25/2023

The borrower has advised the project is progressing as planned.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$250,000
Total Project Costs
$249,900
$100
GROUNDFLOOR
$175,220
$74,680
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$88,000
Purchase Date
10/24/2022
Loan To ARV
70.1%
Loan To Total Project Cost
70.1%

Grade Factors

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

VALUATION REPORTS

As Complete (ARV)
$250,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

94 VICKERY DR, FAIRBURN, GA 30213
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on December 1, 2022 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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 is using $0 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • 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.
  • Please consult the Offering Circular