B

LOAN SUMMARY | 605 Thayer Dr, Richland, WA 99352

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
7%
6 months
71.9%
$139,530
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$139,530
Repaid on 07/23/2021
Started on
Funded on
Repaid on
Matures on
04/22/2021
06/09/2021
07/23/2021
10/14/2021

LOAN UPDATES

GROUNDFLOOR - 7/15/2021

The borrower has advised that renovations are nearing completion, and the property is currently under contract, with an expected closing date of July 23, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/8/2021

The borrower has advised the property is currently under contract. The following renovations are complete or in progress:

  • Demolition is complete.
  • Painting is in progress.
  • Appliances are scheduled for delivery.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$194,000
Total Project Costs
$174,530
$19,470
GROUNDFLOOR
$139,530
$35,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$155,000
Purchase Date
04/15/2021
Loan To ARV
71.9%
Loan To Total Project Cost
79.5%

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
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$194,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

605 THAYER DR, RICHLAND, WA 99352
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 April 15, 2021 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