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LOAN SUMMARY | Woodbriar Circle (9 Units) #2, Tucker, GA 30084

BORROWER

Northlake Condo LLC
Shmuel Wolf - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.4%
6 months
61.0%
$469,040
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$469,040
Repaid on 05/20/2020
Started on
Funded on
Repaid on
Matured on
11/20/2019
12/23/2019
05/20/2020
05/19/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$769,000
Total Project Costs
$699,040
$69,960
GROUNDFLOOR
$469,040
$230,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$602,000
Purchase Date
10/14/2018
Loan To ARV
61.0%
Loan To Total Project Cost
67.1%

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

VALUATION REPORTS

As Complete (ARV)
$769,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

WOODBRIAR CIRCLE (9 UNITS) #2, TUCKER, GA 30084
The Borrower intends to use the loan proceeds to complete a renovation to the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to begin renovation of this property on November 20, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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.
  • The property was purchased as part of a group of nine units. This loan is secured by all nine units. 3597 Woodbriar Circle, Unit H, Tucker, GA, 30084, 3599 Woodbriar Circle, Unit B, Tucker, GA, 30084, 3603 Woodbriar Circle, Unit E, Tucker, GA, 30084, 3603 Woodbriar Circle, Unit G, Tucker, GA, 30084, 3603 Woodbriar Circle, Unit H, Tucker, GA, 30084, 3603 Woodbriar Circle, Unit O, Tucker, GA, 30084, , 3603 Woodbriar Circle, Unit J, Tucker, GA, 30084, 3603 Woodbriar Circle, Unit C, Tucker, GA, 30084, 3603 Woodbriar Circle, Unit I, Tucker, GA, 30084
  • The property was purchased for $602,000. The Borrower intends to use $379,040 of the proceeds from our loan to offset that amount of the purchase price of the property. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $222,960 that is tied up in the project after completion of our loan.
  • The Borrower has repaid four loans late, but repaid the loans in full, with all interest and fees due.
  • The Borrower has not completed any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • This loan refinances an earlier loan funded by Groundfloor on the same property, on November 20, 2018 The terms are identical, and the note for this LRO replaces the original note, in first lien position.
  • Please consult the Offering Circular