C

LOAN SUMMARY | Tract 6 Academy St, Canton, GA 30114

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
66.9%
$200,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$200,000
Repaid on 07/28/2022
Started on
Funded on
Repaid on
Matures on
03/31/2022
05/23/2022
07/28/2022
12/07/2022

LOAN UPDATES

GROUNDFLOOR - 8/2/2022

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 6/15/2022

The borrower has advised that engineering fees are complete.

GROUNDFLOOR - 4/6/2022

The borrower has advised that tree removal is complete, and property grading is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$747,000
Total Project Costs
$615,810
$131,190
GROUNDFLOOR
$500,000
$115,810
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$80,000
Purchase Date
12/08/2021
Loan To ARV
66.9%
Loan To Total Project Cost
81.2%

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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$747,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

TRACT 6 ACADEMY ST, CANTON, GA 30114
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 December 8, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower 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 is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be five LROs on this project, each representing subsequent draws. The LROs will range from $100,000 to $200,000. 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.
  • Please consult the Offering Circular