C

LOAN SUMMARY | 1065 Harwell Street NW, Atlanta, GA 30314

BORROWER

MIM Enterprises, LLC
Stephen Barnes - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
70.0%
$241,350
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$241,350
Repaid on 10/23/2020
Started on
Funded on
Repaid on
Matured on
08/23/2019
12/20/2019
10/23/2020
08/22/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$345,000
Total Project Costs
$282,600
$62,400
GROUNDFLOOR
$241,350
$41,250
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$135,000
Purchase Date
08/23/2019
Loan To ARV
70.0%
Loan To Total Project Cost
85.4%

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
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$345,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1065 HARWELL STREET NW, ATLANTA, GA 30314
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 August 23, 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.
  • 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