C

LOAN SUMMARY | 4125 Platt Springs Road, West Columbia, SC 29170

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
67.1%
$153,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$153,000
Repaid on 11/06/2020
Started on
Funded on
Repaid on
Matures on
05/28/2020
08/30/2020
11/06/2020
05/28/2021

LOAN UPDATES

GROUNDFLOOR - 11/13/2020

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

GROUNDFLOOR - 11/4/2020

GROUNDFLOOR has received a received a payoff request for November 13, 2020. Please keep in mind closing dates are subject to change. 

GROUNDFLOOR - 10/23/2020

The borrower has advised the property is under contract, with an expected closing date of November 6, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 9/24/2020

The borrower has advised the property is scheduled to be listed. Final touch-ups are complete and landscaping is in progress.


GROUNDFLOOR - 8/10/2020

The borrower has advised that final touch-ups are in progress.

GROUNDFLOOR - 7/16/2020

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

  • Interior painting is complete.
  • Flooring is complete.
  • Swimming pool restoration is complete.
  • Kitchen counter top installation is complete.
  • Bathroom tiling and vanity installation is complete.
  • Plumbing and electrical work is in progress.
GROUNDFLOOR - 6/4/2020

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

  • Roofing is complete.
  • Garage door renovations are complete.
  • Bathroom tiling is in progress.
  • Plumbing work is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$228,000
Total Project Costs
$181,500
$46,500
GROUNDFLOOR
$153,000
$28,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$138,000
Purchase Date
05/29/2020
Loan To ARV
67.1%
Loan To Total Project Cost
83.5%

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)
$228,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

4125 PLATT SPRINGS ROAD, WEST COLUMBIA, SC 29170
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 May 29, 2020 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