B

LOAN SUMMARY | 426 Mcphee Drive, Fayetteville, NC 28305

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
69.2%
$113,700
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$113,700
Repaid on 09/27/2021
Started on
Funded on
Repaid on
Matures on
03/05/2021
04/07/2021
09/27/2021
02/04/2022

LOAN UPDATES

GROUNDFLOOR - 8/26/2021

The borrower has advised the property is currently under contract, with an expected closing date of September 24, 2021. Please keep in mind closing dates are subject to change.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$170,000
Total Project Costs
$169,900
$100
GROUNDFLOOR
$113,700
$56,200
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$170,000
Purchase Date
08/05/2020
Loan To Value
69.2%
Loan To Total Project Cost
66.9%

Grade Factors

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

426 MCPHEE DRIVE, FAYETTEVILLE, NC 28305
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on February 15, 2021 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • Please consult the Offering Circular