C

LOAN SUMMARY | 848 East Ventura Court, Florence, SC 29506

BORROWER

Golden Construction, LLC
Alphonso Golden - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
70.0%
$118,980
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$118,980
Repaid on 05/31/2022
Started on
Funded on
Repaid on
Matured on
06/04/2021
10/02/2021
05/31/2022
06/03/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$170,000
Total Project Costs
$162,780
$7,220
GROUNDFLOOR
$118,980
$43,800
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$25,000
Purchase Date
10/31/2008
Loan To ARV
70.0%
Loan To Total Project Cost
73.1%

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

VALUATION REPORTS

As Complete (ARV)
$170,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

848 EAST VENTURA COURT, FLORENCE, SC 29506
The Borrower intends to use the loan proceeds to complete a new construction. 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 needs to begin construction of this property on June 4, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • The Borrower is using $0 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 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