C

LOAN SUMMARY | 1702 Lakeview Dr, Statesville, NC 28677

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
60.2%
$93,370
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$93,370
Repaid on 09/30/2021
Started on
Funded on
Repaid on
Matures on
05/27/2021
07/13/2021
09/30/2021
05/19/2022

LOAN UPDATES

GROUNDFLOOR - 9/27/2021

The borrower has advised the property is currently under contract, with an expected closing date of September 28, 2021. Please keep in mind closing dates are subject to change.    

GROUNDFLOOR - 9/22/2021

GROUNDFLOOR has received a payoff request good through October 10, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 9/21/2021

The borrower has advised the property is currently under contract, with an expected closing date of September 21, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/23/2021

The borrower has advised the property is actively listed on the market.


FINANCIAL OVERVIEW

After Repair Value (ARV)
$155,000
Total Project Costs
$129,870
$25,130
GROUNDFLOOR
$93,370
$36,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$91,660
Purchase Date
05/20/2021
Loan To ARV
60.2%
Loan To Total Project Cost
71.0%

Grade Factors

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

VALUATION REPORTS

As Complete (ARV)
$155,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1702 LAKEVIEW DR, STATESVILLE, NC 28677
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 May 20, 2021 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.
  • 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