B

LOAN SUMMARY | 901 Ardmore Dr, Durham, NC 27713

BORROWER

BBUDC INC.
Isaac Woods - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
58.8%
$202,910
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$202,910
Repaid on 09/02/2022
Started on
Funded on
Repaid on
Matured on
04/29/2021
07/26/2021
09/02/2022
04/28/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$345,000
Total Project Costs
$225,910
$119,090
GROUNDFLOOR
$202,910
$23,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$23,000
Purchase Date
03/01/2019
Loan To ARV
58.8%
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
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
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

901 ARDMORE DR, DURHAM, NC 27713
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 April 29, 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.
  • 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 Borrower's 2020 revenue was derived from rental properties because the Borrower's primary focus in 2020 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • Please consult the Offering Circular