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LOAN SUMMARY | 3516 Mecca Street, Jacksonville, FL 32209

BORROWER

Aqua Life Real Estate LLC
Garry Hervey - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.5%
9 months
71.9%
$20,640
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$20,640
Repaid on 07/13/2022
Started on
Funded on
Repaid on
Matured on
12/29/2021
06/18/2022
07/13/2022
09/28/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$143,500
Total Project Costs
$103,200
$40,300
GROUNDFLOOR
$103,200
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$90,800
Purchase Date
12/29/2021
Loan To ARV
71.9%
Loan To Total Project Cost
100.0%

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

VALUATION REPORTS

As Complete (ARV)
$143,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3516 MECCA STREET, JACKSONVILLE, FL 32209
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 December 29, 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.
  • This LRO represents the second draw for the loan and is secured by an individual note.
  • There will be two LROs on this project, each representing subsequent draws. The second series of LROs will be for $20,640. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • 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 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