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LOAN SUMMARY | 6985 Wycombe Rd, Atlanta, GA 30328

BORROWER

Vicinia Homes, LLC
John Brunstad - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
72.1%
$274,080
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$274,080
Repaid on 06/13/2022
Started on
Funded on
Repaid on
Matures on
01/25/2022
04/26/2022
06/13/2022
11/04/2022

LOAN UPDATES

GROUNDFLOOR - 6/14/2022

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 6/6/2022

GROUNDFLOOR has received a payoff request good through June 20, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/26/2022

The borrower has advised the following renovations are complete or in progress:

  • Driveway is complete.
  • Plumbing fixtures are complete.
  • Appliances are complete.
  • Paint touch up is complete.
  • Final clean is complete.
GROUNDFLOOR - 4/20/2022

The borrower has advised that listing is scheduled.

GROUNDFLOOR - 3/29/2022

The borrower has advised the project is complete.

GROUNDFLOOR - 3/22/2022

The borrower has advised the following renovations are complete or in progress:

  • Doors and cabinets are complete.
  • Tiling and flooring are complete.
  • Electrical fixtures are complete.
  • Trim is complete.
  • Fireplace is in progress.
  • Landscaping is in progress.
GROUNDFLOOR - 3/9/2022

The borrower has advised that all renovations are 75 percent done.

GROUNDFLOOR - 2/21/2022

The borrower has advised the following renovations are complete or in progress:

  • Demolition is complete.
  • Foundation is complete.
  • Roof is complete.
  • Windows are complete.
  • Rough-ins are complete.
  • Insulation is complete.
  • Gutters are complete.
  • Exterior painting is complete.
  • Drywall is in progress.
GROUNDFLOOR - 2/17/2022

The borrower has advised that interior painting and tiling are nearing completion.

GROUNDFLOOR - 1/28/2022

The borrower has advised that renovations are 50% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$950,000
Total Project Costs
$772,200
$177,800
GROUNDFLOOR
$685,200
$87,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$595,000
Purchase Date
11/05/2021
Loan To ARV
72.1%
Loan To Total Project Cost
88.7%

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
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$950,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

6985 WYCOMBE RD, ATLANTA, GA 30328
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 November 5, 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.
  • This LRO represents the second draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $274,080, the second series of LROs will be for $274,080 and the third series of LROs will be for $137,040. The Financial Overview box represents the aggregate amount of all LROs 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. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • The Borrower's 2020 revenue was derived from rental properties because the Borrower's primary focus in 2020 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • The borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular