B

LOAN SUMMARY | 13 Covington Rd, Avondale Estates, GA 30002

BORROWER

Kova real estate Llc, New Quartz LLC
Cyril Nwosu - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.5%
9 months
69.8%
$652,720
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$652,720
Repaid on 03/03/2025
Started on
Funded on
Repaid on
Matures on
10/07/2024
01/03/2025
03/03/2025
07/06/2025

LOAN UPDATES

GROUNDFLOOR - 2/17/2025
The property listing is currently under contract.
GROUNDFLOOR - 12/18/2024
The property continues to be listed for sale.
GROUNDFLOOR - 10/30/2024
The property is listed on the market for sale.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$935,000
Total Project Costs
$934,900
$100
GROUNDFLOOR
$652,720
$282,180
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$935,000
Purchase Date
09/27/2021
Loan To ARV
69.8%
Loan To Total Project Cost
69.8%

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
5
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$935,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

13 COVINGTON RD, AVONDALE ESTATES, GA 30002
The Borrower intends to use the loan proceeds to refinance an existing Groundfloor loan and continue renovation of 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 continue renovation of this property on October 7, 2024 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is continuing 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 Borrower is using $613,222.71 of the loan proceeds to pay off an existing Groundfloor 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 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 had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular