C

LOAN SUMMARY | 1975 North Avenue Northwest, Atlanta, GA 30318

BORROWER

Black Slate Living LLC
Japhiana Martinez - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11.5%
15 months
69.8%
$258,357
2
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$258,357
Repaid on 10/31/2024
Started on
Funded on
Repaid on
Matures on
01/24/2024
06/18/2024
10/31/2024
04/23/2025

LOAN UPDATES

GROUNDFLOOR - 10/2/2024
The project is complete and the property is listed for sale.
GROUNDFLOOR - 7/30/2024
Per borrower, the project is complete and they are in the process of refinancing.
GROUNDFLOOR - 6/3/2024
A draw has been approved. The project is now 100% complete.
GROUNDFLOOR - 5/24/2024
Per borrower, the project is complete and the property will be listed for sale in May 2024.
GROUNDFLOOR - 5/13/2024
A draw has been approved. The project is now 86% complete.
GROUNDFLOOR - 4/29/2024
Per borrower, renovations are ongoing.
GROUNDFLOOR - 4/19/2024
A draw has been approved. The project is now 75% complete.
GROUNDFLOOR - 3/28/2024
A draw has been approved. The project is now 63% complete.
GROUNDFLOOR - 3/8/2024

A draw has been approved. The project is now 48% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$370,000
Total Project Costs
$336,169
$33,831
$40,312
GROUNDFLOOR
$258,357
$37,500
0%
Skin-in-the-Game
First Lien Loan
Second Lien Loan
Cushion
Purchase Price
$210,000
Purchase Date
01/24/2024
Loan To ARV
69.8%
Loan To Total Project Cost
76.9%

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)
$370,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1975 NORTH AVENUE NORTHWEST, ATLANTA, GA 30318
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 January 24, 2024 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 two LROs on this project, each representing subsequent draws. The first series of LROs will be for $258,357. The last LROs series is subordinate to the first series of LROs and will be for $40,312. 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. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 1975 North Avenue Northwest #1 have first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 1975 North Avenue Northwest #2 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • 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 Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular