C

LOAN SUMMARY | 137 & 139 South Halifax Avenue, Daytona Beach, FL 32118

BORROWER

Florida Group Real Estate, LLC
Garfield Williams - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9.7%
9 months
69.4%
$236,040
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$236,040
Repaid on 02/01/2021
Started on
Funded on
Repaid on
Matured on
12/23/2019
06/09/2020
02/01/2021
10/02/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$340,000
Total Project Costs
$276,040
$63,960
GROUNDFLOOR
$236,040
$40,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$262,900
Purchase Date
12/23/2019
Loan To ARV
69.4%
Loan To Total Project Cost
85.5%

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
2
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$340,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on December 23, 2019 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's 2019 revenue was derived from rental properties because the Borrower's primary focus in 2019 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.
  • Please consult the Offering Circular