C

LOAN SUMMARY | 2557 Glenwood Ave SE #2, Atlanta, GA 30317

BORROWER

Pegasus Capital Group LLC
Hans Michel - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
67.7%
$208,300
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$208,300
Repaid on 03/16/2022
Started on
Funded on
Repaid on
Matured on
07/31/2020
10/01/2020
03/16/2022
07/30/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$615,000
Total Project Costs
$490,100
$124,900
GROUNDFLOOR
$416,600
$73,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$145,000
Purchase Date
07/31/2020
Loan To ARV
67.7%
Loan To Total Project Cost
85.0%

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

VALUATION REPORTS

As Complete (ARV)
$615,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2557 GLENWOOD AVE SE #2, ATLANTA, GA 30317
The Borrower intends to use the loan proceeds to complete a new construction. 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 July 31, 2020 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.
  • There will be multiple loans on this project, each representing subsequent draws. The loans will range from $200,000 to $250,000. The Financial Overview box represents the aggregate amount of all loans to be secured by this property, giving a complete financial picture of the project.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • 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.
  • Please consult the Offering Circular