C

LOAN SUMMARY | 5910 Heavenwood Drive Southeast, Mableton, GA 30126

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.5%
9 months
50.1%
$106,240
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$106,240
Repaid on 02/11/2021
Started on
Funded on
Repaid on
Matures on
10/14/2020
11/11/2020
02/11/2021
07/15/2021

LOAN UPDATES

GROUNDFLOOR - 2/17/2021

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

GROUNDFLOOR - 1/19/2021

The borrower has advised that renovations are complete.

GROUNDFLOOR - 1/5/2021

The borrower has advised that HVAC and the appliance installation is scheduled.

GROUNDFLOOR - 12/1/2020

The borrower has advised the following renovations are in progress.

  • AC and furnace installation is in progress.
  • Countertop installation is in progress.
  • Hardwood flooring installation is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$210,000
Total Project Costs
$133,240
$76,760
GROUNDFLOOR
$106,240
$27,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$100,000
Purchase Date
10/16/2020
Loan To ARV
50.1%
Loan To Total Project Cost
79.0%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$210,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

5910 HEAVENWOOD DRIVE SOUTHEAST, MABLETON, GA 30126
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 October 16, 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