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LOAN SUMMARY | 506 west broad st, Griffin, GA 30223

BORROWER

Vicinia Homes, LLC
William Brunstad - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
6 months
68.2%
$122,740
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$122,740
Repaid on 12/03/2020
Started on
Funded on
Repaid on
Matured on
07/17/2020
10/13/2020
12/03/2020
01/16/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$180,000
Total Project Costs
$122,740
$57,260
GROUNDFLOOR
$122,740
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$80,000
Purchase Date
07/17/2020
Loan To ARV
68.2%
Loan To Total Project Cost
100.0%

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

VALUATION REPORTS

As Complete (ARV)
$180,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

506 WEST BROAD ST, GRIFFIN, GA 30223
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 July 17, 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.
  • This is a collateral loan secured by three properties, 506 West Broad St., Griffin, GA, 30223, 512 West Broad St., Griffin, GA, 30223, and 516 West Broad St., Griffin, GA, 30223. The ARV represents the combined value of all properties.
  • Please consult the Offering Circular