C

LOAN SUMMARY | 2755 LAS PALMAS DRIVE, TITUSVILLE, FL 32780

BORROWER

MIE Palm Bay II LLC
Michael Mummert - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
6 months
75.0%
$187,440
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$187,440
Repaid on 08/13/2021
Started on
Funded on
Repaid on
Matured on
01/11/2021
02/12/2021
08/13/2021
07/10/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$250,000
Total Project Costs
$205,690
$44,310
GROUNDFLOOR
$187,440
$18,250
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$155,000
Purchase Date
01/11/2021
Loan To ARV
75.0%
Loan To Total Project Cost
91.1%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$250,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2755 LAS PALMAS DRIVE, TITUSVILLE, FL 32780
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 January 11, 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.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular