C

LOAN SUMMARY | 110 Deer Path, Summerfield, NC 27358

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
69.4%
$296,250
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$296,250
Repaid on 02/19/2021
Started on
Funded on
Repaid on
Matures on
08/20/2020
10/02/2020
02/19/2021
08/20/2021

LOAN UPDATES

GROUNDFLOOR - 2/3/2021

GROUNDFLOOR has received a payoff request good through February 15, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/1/2021

The borrower has advised the property is currently under contract, with an expected closing date of February 15, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/1/2021

GROUNDFLOOR has reached out to the borrower for an additional update.

GROUNDFLOOR - 10/19/2020

The borrower has set a tentative completion date of October 20, 2020. Please keep in mind completion dates are subject to change.

GROUNDFLOOR - 9/9/2020

The borrower has advised the project is 45% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$427,000
Total Project Costs
$335,250
$91,750
GROUNDFLOOR
$296,250
$39,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$273,000
Purchase Date
08/21/2020
Loan To ARV
69.4%
Loan To Total Project Cost
87.9%

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)
$427,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

110 DEER PATH, SUMMERFIELD, NC 27358
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 21, 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