D

LOAN SUMMARY | 29 Burke St SE, Marietta, GA 30060

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
65.8%
$187,530
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$187,530
Repaid on 05/27/2022
Started on
Funded on
Repaid on
Matures on
08/25/2021
01/05/2022
05/27/2022
08/22/2022

LOAN UPDATES

GROUNDFLOOR - 6/7/2022

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 5/25/2022

GROUNDFLOOR has received a payoff request good through June 15, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/27/2022

The borrower has advised that listing is scheduled.

GROUNDFLOOR - 3/25/2022

The borrower has advised that floors are complete.

GROUNDFLOOR - 3/24/2022

The borrower has advised the following renovations are complete or in progress:

  • Mechanicals are complete.
  • Tiling is complete.
  • Stairs are complete.
  • Cabinets and countertops are in progress.
GROUNDFLOOR - 3/22/2022

The borrower has advised the project is nearing completion.

GROUNDFLOOR - 2/22/2022

The borrower has advised the following renovations are complete:

  • Drywall is complete.
  • Doors are complete.
  • Trim is complete.
  • Interior painting is complete.  
GROUNDFLOOR - 2/14/2022

The borrower has advised the following renovations are complete or in progress:

  • Interior painting is complete.
  • Cabinets are in progress.
  • Flooring is scheduled.
GROUNDFLOOR - 1/21/2022

The borrower has advised that sheetrock is complete, and mudding is in progress.

GROUNDFLOOR - 1/19/2022

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 11/29/2021

The borrower has advised there were delays with the project, but renovations are scheduled to resume.

GROUNDFLOOR - 11/23/2021

The borrower has advised that exterior renovations are complete, and interior renovations are in progress.

GROUNDFLOOR - 11/16/2021

The borrower has advised that framing is complete, and electrical and plumbing work is in progress.

GROUNDFLOOR - 10/5/2021

The borrower has advised the following renovations are complete or in progress:

  • Electrical rough-in is complete.
  • Siding is in progress.
  • Sheathing is in progress.
GROUNDFLOOR - 9/14/2021

The borrower has advised the following renovations are complete or in progress: 

  • Clean out and demolition is complete.
  • Framing is in progress.
  • Electrical and plumbing work is scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$285,000
Total Project Costs
$235,030
$49,970
GROUNDFLOOR
$187,530
$47,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$148,500
Purchase Date
08/23/2021
Loan To ARV
65.8%
Loan To Total Project Cost
79.8%

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
3
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$285,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

29 BURKE ST SE, MARIETTA, GA 30060
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 23, 2021 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