D

LOAN SUMMARY | 6380 Jess Ct, Saint Cloud, FL 34771

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
75.0%
$145,490
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$145,490
Repaid on 06/06/2022
Started on
Funded on
Repaid on
Matures on
01/21/2022
03/23/2022
06/06/2022
11/18/2022

LOAN UPDATES

GROUNDFLOOR - 6/14/2022

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

GROUNDFLOOR - 5/25/2022

GROUNDFLOOR has received a payoff request good through June 1, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/18/2022

The borrower has advised the property is currently under contract, with an expected closing date of June 1, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/22/2022

The borrower has advised the project is complete and in the process of being listed.

GROUNDFLOOR - 3/16/2022

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

  • Vinyl fence is complete.
  • Trim is complete.
  • Tile is complete.
  • Tops are complete.
  • Plumbing and electrical fixtures are complete.
  • Flooring is complete.
  • Shower glass is complete.
GROUNDFLOOR - 3/9/2022

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 3/3/2022

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

  • Windows are complete.
  • Exterior painting is complete.
  • Garage doors are complete.
  • HVAC rough is complete.
  • Tile is in progress.
  • Cabinets are complete.
  • Plumbing and electrical fixtures are in progress.
  • Flooring is in progress.
  • Appliances are complete.
  • Carpet is complete.
GROUNDFLOOR - 2/9/2022

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

  • Windows are complete.
  • Exterior painting is complete.
  • Garage door is complete.
  • HVAC is complete.
  • Tiling is complete.
  • Cabinets are complete.
  • Carpet is complete.
  • Plumbing and electrical fixtures are in progress.
  • Flooring is in progress.
GROUNDFLOOR - 2/1/2022

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

  • Roof is complete.
  • Drywall is complete.
  • Paint prime is complete.
  • Doors are complete.
  • Paint interior is complete.
  • HVAC is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$485,000
Total Project Costs
$380,420
$104,580
GROUNDFLOOR
$363,720
$16,700
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$305,900
Purchase Date
11/19/2021
Loan To ARV
75.0%
Loan To Total Project Cost
95.6%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
4
4
Skin-in-the-Game
1
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$485,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

6380 JESS CT, SAINT CLOUD, FL 34771
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 November 19, 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.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $145,490, the second series of LROs will be for $145,490 and the third series of LROs will be for $72,740. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • 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