C

LOAN SUMMARY | 8119 Oak Hollow Drive, Arlington, TX 76001

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
6 months
75.0%
$331,400
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$331,400
Repaid on 07/14/2021
Started on
Funded on
Repaid on
Matures on
05/20/2021
07/12/2021
07/14/2021
10/22/2021

LOAN UPDATES

GROUNDFLOOR - 7/16/2021

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

FINANCIAL OVERVIEW

After Repair Value (ARV)
$442,000
Total Project Costs
$331,400
$110,600
GROUNDFLOOR
$331,400
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$292,450
Purchase Date
06/01/2020
Loan To ARV
75.0%
Loan To Total Project Cost
100.0%

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
0
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$442,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

8119 OAK HOLLOW DRIVE, ARLINGTON, TX 76001
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 April 23, 2021 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 $287,661 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's 2020 revenue was derived from rental properties because the Borrower's primary focus in 2020 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • The borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular