C

LOAN SUMMARY | 2755 West Surrey Dr, North Charleston, SC 29405

BORROWER

Bannacheck, LLC
Tyrone Jones - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
73.3%
$77,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$77,000
Repaid on 05/06/2022
Started on
Funded on
Repaid on
Matured on
03/25/2021
05/21/2021
05/06/2022
03/24/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$110,000
Total Project Costs
$109,900
$100
GROUNDFLOOR
$77,000
$32,900
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$110,000
Purchase Date
03/25/2021
Loan To Value
73.3%
Loan To Total Project Cost
70.1%

Grade Factors

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

VALUATION REPORTS

As Complete (ARV)
$110,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2755 WEST SURREY DR, NORTH CHARLESTON, SC 29405
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on March 25, 2021 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • Please consult the Offering Circular