B

LOAN SUMMARY | 253 West Lake Avenue Northwest, Atlanta, GA 30314

BORROWER

Cherwenka Investments, LLC
Mike Cherwenka - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
68.0%
$238,040
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$238,040
Repaid on 12/10/2020
Started on
Funded on
Repaid on
Matured on
12/11/2019
07/03/2020
12/10/2020
12/10/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$350,000
Total Project Costs
$263,040
$86,960
GROUNDFLOOR
$238,040
$25,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$25,000
Purchase Date
11/06/2018
Loan To ARV
68.0%
Loan To Total Project Cost
90.5%

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
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$350,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

253 WEST LAKE AVENUE NORTHWEST, ATLANTA, GA 30314
The Borrower intends to use the loan proceeds to 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 needs to begin construction of this property on December 11, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower will 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.
  • 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