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LOAN SUMMARY | Woodbriar Circle (6 Units) #4, Tucker, GA 30084

BORROWER

3603 Rentals, LLC
Shmuel Wolf - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.4%
6 months
60.3%
$330,360
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$330,360
Repaid on 03/29/2021
Started on
Funded on
Repaid on
Matured on
09/28/2020
10/02/2020
03/29/2021
03/29/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$548,000
Total Project Costs
$537,960
$10,040
GROUNDFLOOR
$330,360
$207,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$533,000
Purchase Date
02/19/2019
Loan To Value
60.3%
Loan To Total Project Cost
61.4%

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

VALUATION REPORTS

As Complete (ARV)
$548,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

WOODBRIAR CIRCLE (6 UNITS) #4, 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 March 26, 2019 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 Borrower has not completed any projects since inception. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The Borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • The property was purchased for $537,960. The Borrower intends to use $330,360 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 $207,600 that is tied up in the project after completion of our loan.
  • The property was purchased as part of a group of six units. This loan is secured by all six units. 3595 Woodbriar Circle, Unit J, Tucker, GA, 30084, 3597 Woodbriar Circle, Unit A, Tucker, GA, 30084, 3597 Woodbriar Circle, Unit C, Tucker, GA, 30084, 3599 Woodbriar Circle, Unit F, Tucker, GA, 30084, 3601 Woodbriar Circle, Unit C, Tucker, GA, 30084, 3605 Woodbriar Circle, Unit I, Tucker, GA, 30084
  • This loan refinances an earlier loan funded by Groundfloor on the same property, on March 26, 2019. The terms are identical, and the note for this LRO replaces the original note, in first lien position.
  • Please consult the Offering Circular