B

LOAN SUMMARY | 18709 Santa Barbara Drive 2nd, Detroit, MI 48221

BORROWER

Infiniti Homes International Inc
Derek Washam - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
19.5%
$29,220
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
Second Lien
$29,220
Repaid on 07/09/2020
Started on
Funded on
Repaid on
Matured on
02/20/2020
06/18/2020
07/09/2020
02/19/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$150,000
Total Project Costs
$149,990
$10
GROUNDFLOOR
$29,220
$68,170
$52,600
0%
Skin-in-the-Game
First Payment Position
Second Payment Position
Cushion
Purchase Price
$150,000
Purchase Date
12/05/2014
Loan To Value
19.5%
Loan To Total Project Cost
67.3%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
10
10
Quality of Valuation Report
4
4
Skin-in-the-Game
7
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$150,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

18709 SANTA BARBARA DRIVE 2ND, DETROIT, MI 48221
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on February 20, 2020 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $68,170. This loan is subordinate to the first loan and is for $29,220. The Financial Overview box represents the aggregate amount of all loans 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. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 18709 Santa Barbara Drive 1st share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 18709 Santa Barbara Drive 2nd have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • Please consult the Offering Circular