C

LOAN SUMMARY | 3225 Moody Rd, Bonaire, GA 31005

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
68.9%
$237,670
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$237,670
Repaid on 03/31/2022
Started on
Funded on
Repaid on
Matures on
08/26/2021
02/21/2022
03/31/2022
08/17/2022

LOAN UPDATES

GROUNDFLOOR - 3/21/2022

The borrower has advised the property is currently under contract, with an expected closing date of March 31, 2022. Please keep in mind closing dates are subject to change.


GROUNDFLOOR - 3/15/2022

GROUNDFLOOR has received a payoff request good through April 14, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/21/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 2/21/2022

The borrower has advised the property is actively listed on the market.

GROUNDFLOOR - 1/20/2022

The borrower has advised the following renovations are complete or in progress: 

Windows - 100%

Front porch - 100%

Deck - 75%

Repair front porch columns & any masonry work - 100%

Pressure wash home - 100%

Interior Paint - 70%

Flooring - 100%

Reframing master BR to add walk-in closet and open wall in kitchen - 100%

GROUNDFLOOR - 1/20/2022

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 1/19/2022

The borrower has advised that renovations are nearing completion, and listing is scheduled.

GROUNDFLOOR - 1/13/2022

The borrower has advised that finishing touches are being completed and the home is getting prepared to be listed.

GROUNDFLOOR - 12/24/2021

The borrower has advised the following renovations are complete or in progress:

  • Roof work is complete.
  • HVAC is complete.
  • Porch renovations are in progress.
  • Painting is in progress.
GROUNDFLOOR - 11/23/2021

The borrower has advised the following renovations are in progress:

  • Deck renovations are in progress.
  • Door installation is in progress.
  • Porch repair is in progress.
  • Electrical fixture installation is in progress.
GROUNDFLOOR - 11/12/2021

The borrower has advised the following renovations are complete or in progress:

  • Exterior work is in progress.
  • Sheetrock is in progress.
  • Painting is scheduled.
  • Lighting installation is scheduled.
  • Flooring is scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$345,000
Total Project Costs
$264,670
$80,330
GROUNDFLOOR
$237,670
$27,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$118,500
Purchase Date
08/18/2021
Loan To ARV
68.9%
Loan To Total Project Cost
89.8%

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)
$345,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3225 MOODY RD, BONAIRE, GA 31005
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 August 18, 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.
  • Please consult the Offering Circular