D

LOAN SUMMARY | 409 Lake Ned Road, Winter Haven, FL 33884

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
12 months
67.8%
$126,850
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$126,850
Repaid on 06/08/2020
Started on
Funded on
Repaid on
Matures on
10/28/2019
06/08/2020
12/07/2020

LOAN UPDATES

GROUNDFLOOR - 5/3/2020

The borrower has advised the closing date is scheduled for June 8, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/28/2020

The borrower has advised the property is under contract.

GROUNDFLOOR - 3/27/2020

GROUNDFLOOR has received a payoff request for April 10, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/9/2020

The borrower has advised that they have accepted an offer and are drafting a contract.

GROUNDFLOOR - 2/4/2020

The borrower has advised the property has been listed for sale.

GROUNDFLOOR - 1/12/2020

The borrower has advised that the renovations have been completed, and the marketing will begin shortly.

GROUNDFLOOR - 12/30/2019

The borrower has advised the project is nearing completion.

GROUNDFLOOR - 12/19/2019

The borrower has advised that the following works have been completed, or in progress:

  • The demolition, and drywall repair have been completed.
  • The painting is in progress.
  • The A/C has been replaced.
  • The tile works and exterior painting is scheduled to begin this weekend.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$187,000
Total Project Costs
$149,350
$37,650
GROUNDFLOOR
$126,850
$22,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$115,000
Purchase Date
12/06/2019
Loan To ARV
67.8%
Loan To Total Project Cost
84.3%

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
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$187,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

409 LAKE NED ROAD, WINTER HAVEN, FL 33884
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 December 6, 2019 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