C

LOAN SUMMARY | 3788 Shoreline Dr, Columbus, OH 43232

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
70.0%
$116,880
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$116,880
Repaid on 02/15/2022
Started on
Funded on
Repaid on
Matures on
08/06/2021
01/11/2022
02/15/2022
07/29/2022

LOAN UPDATES

GROUNDFLOOR - 2/21/2022

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

GROUNDFLOOR - 1/28/2022

GROUNDFLOOR has received a payoff request good through February 18, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 1/20/2022

The borrower has advised that landscaping is complete.

GROUNDFLOOR - 1/14/2022

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

Paint prime - 100%

Doors - 100%

Kitchen and Bath Cabinets - 100%

Plumbing fixtures - 100%

Flooring - 100%

GROUNDFLOOR - 1/5/2022

The borrower has advised that renovations are complete. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$167,000
Total Project Costs
$143,880
$23,120
GROUNDFLOOR
$116,880
$27,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$127,500
Purchase Date
07/30/2021
Loan To ARV
70.0%
Loan To Total Project Cost
81.2%

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)
$167,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3788 SHORELINE DR, COLUMBUS, OH 43232
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 July 30, 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.
  • 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.
  • Please consult the Offering Circular