C

LOAN SUMMARY | 2911 Mount Holly Street, Baltimore, MD 21216

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
61.6%
$200,110
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$200,110
Repaid on 09/16/2021
Started on
Funded on
Repaid on
Matures on
12/07/2020
01/25/2021
09/16/2021
12/09/2021

LOAN UPDATES

GROUNDFLOOR - 9/24/2021

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

GROUNDFLOOR - 7/12/2021

The borrower has advised the property is currently under contract, with an expected closing date of July 15, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/27/2021

The borrower has advised that the previous contract fell through, but they have since received multiple other offers.

GROUNDFLOOR - 4/21/2021

The borrower has advised that the property has had multiple showings, but no offers. They have reduced the price to encourage sales.

GROUNDFLOOR - 4/5/2021

The borrower has advised the property is actively listed on the market, and several offers have been submitted.

GROUNDFLOOR - 2/23/2021

The borrower has advised that renovations are 99% complete.

GROUNDFLOOR - 2/15/2021

The borrower has advised that renovations are 95% complete.

GROUNDFLOOR - 2/9/2021

The borrower has advised that renovations are 85% complete.

GROUNDFLOOR - 1/26/2021

The borrower has advised the project is 75% complete.

GROUNDFLOOR - 1/19/2021

The borrower has advised that renovations are 70% complete. 70 percent done

GROUNDFLOOR - 1/5/2021

The borrower has advised that drywall installation is in progress.

GROUNDFLOOR - 1/5/2021

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

  • Demolition is complete.
  • Electrical and plumbing rough-ins are complete.
  • Framing is in progress.
  • Window and door installation is in progress.
GROUNDFLOOR - 1/4/2021

The borrower has advised that renovations are 50% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$325,000
Total Project Costs
$222,660
$102,340
GROUNDFLOOR
$200,110
$22,550
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$90,000
Purchase Date
12/10/2020
Loan To ARV
61.6%
Loan To Total Project Cost
89.4%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
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)
$325,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2911 MOUNT HOLLY STREET, BALTIMORE, MD 21216
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 10, 2020 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