B

LOAN SUMMARY | 4795 Darlene Way, Tucker, GA 30084

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
70.0%
$231,630
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$231,630
Repaid on 05/25/2021
Started on
Funded on
Repaid on
Matures on
12/01/2020
02/01/2021
05/25/2021
12/20/2021

LOAN UPDATES

GROUNDFLOOR - 6/1/2021

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

GROUNDFLOOR - 4/7/2021

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

  • Cabinet and countertop installation is complete.
  • Appliance installation is complete.
  • Lighting installation is complete.
  • Driveway work is complete.
  • Patio work is complete.
  • Final touch-ups are in progress.
  • Listing is scheduled.
GROUNDFLOOR - 3/1/2021

The borrower has set a tentative completion date of March 31, 2021. Please keep in mind completion dates are subject to change.

GROUNDFLOOR - 2/2/2021

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

  • Demolition is complete.
  • Drywall and ceiling replacement is complete.
  • Plumbing, electrical, and HVAC work is complete.
  • Window replacement is complete.
  • Light installation is complete.
  • Bathroom renovations are in progress.
  • Driveway and garage renovations are in progress.
GROUNDFLOOR - 2/2/2021

The borrower has advised the following renovations are complete:

  • Demolition is complete.
  • Drywall installation is complete.
  • Plumbing and electrical work is complete.
  • Window and door installation is complete.
  • Floor renovations are complete.
  • Light fixture installation is complete.
  • Attic work is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$331,000
Total Project Costs
$273,130
$57,870
GROUNDFLOOR
$231,630
$41,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$200,000
Purchase Date
12/21/2020
Loan To ARV
70.0%
Loan To Total Project Cost
84.4%

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)
$331,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

4795 DARLENE WAY, TUCKER, GA 30084
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 21, 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.
  • 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