C

LOAN SUMMARY | 21 Damon Street #2, Danvers, MA 01923

BORROWER

Bay State Equity Partners, LLC
Charles Harting - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
57.2%
$200,170
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$200,170
Repaid on 06/28/2021
Started on
Funded on
Repaid on
Matured on
12/31/2019
06/04/2020
06/28/2021
12/30/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$700,000
Total Project Costs
$500,325
$199,675
GROUNDFLOOR
$400,330
$99,995
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$500,325
Purchase Date
12/31/2019
Loan To ARV
57.2%
Loan To Total Project Cost
80.0%

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
9
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$700,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

21 DAMON STREET #2, DANVERS, MA 01923
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 31, 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.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $200,160 and the second loan is $200,170. 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.
  • This loan represents the second draw for the project.
  • 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.
  • Each draw on this project is structured as an individual loan. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 12 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction.
  • 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