C

LOAN SUMMARY | 2949 Jones Street, East Point, GA 30344

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
69.7%
$146,310
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$146,310
Repaid on 09/10/2020
Started on
Funded on
Repaid on
Matures on
10/22/2019
01/22/2020
09/10/2020
10/27/2020

LOAN UPDATES

GROUNDFLOOR - 9/10/2020

 GROUNDFLOOR has received a payoff request for September 10, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/7/2020

The borrower has advised that the property is actively listed on the market.


GROUNDFLOOR - 7/16/2020

The borrower has advised the property is actively listed on the market

GROUNDFLOOR - 5/26/2020

The borrower has advised the project is complete and they are in the process of listing it on the market.

GROUNDFLOOR - 4/14/2020

The borrower has advised the project is complete.

GROUNDFLOOR - 4/8/2020

The borrower has advised the renovations are complete and they are waiting on city office to open so they can schedule the final inspection.

GROUNDFLOOR - 3/9/2020

The borrower has advised that the final stages of the renovation are complete.

GROUNDFLOOR - 2/4/2020

The borrower has advised they are installing the final fixtures and completing any remaining cleanup.

GROUNDFLOOR - 1/8/2020

The borrower has advised that they are waiting on a mechanical inspection.

GROUNDFLOOR - 12/6/2019

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

  • Painting is complete.
  • Bathroom tile installation is complete.
  • Electrical and HVAC work are complete.
GROUNDFLOOR - 11/15/2019

The borrower has advised that the following works have been completed:

  • Bathroom tiling.
  • Fence.
  • Drywall.
  • HVAC.
  • Electric.
  • Plumbing.
GROUNDFLOOR - 11/6/2019

The borrower has advised that the demolition and duct work have been completed.

GROUNDFLOOR - 10/30/2019
The borrower has advised that the trees have been cut along with the ductwork. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$210,000
Total Project Costs
$166,310
$43,690
GROUNDFLOOR
$146,310
$20,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$129,000
Purchase Date
10/25/2019
Loan To ARV
69.7%
Loan To Total Project Cost
87.5%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$210,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2949 JONES STREET, EAST POINT, GA 30344
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 October 25, 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.
  • Please consult the Offering Circular