B

LOAN SUMMARY | 295 Allegrini Drive, Atlanta, GA 30349

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
15 months
70.8%
$88,720
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$88,720
Repaid on 07/20/2022
Started on
Funded on
Repaid on
Matures on
04/26/2022
07/20/2022
07/20/2022
05/15/2023

LOAN UPDATES

GROUNDFLOOR - 7/26/2022

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

GROUNDFLOOR - 7/18/2022

GROUNDFLOOR has received an updated payoff request good through July 19, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 7/11/2022

GROUNDFLOOR has received a payoff request good through July 18, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 7/5/2022

The borrower has advised the project is complete.

GROUNDFLOOR - 6/20/2022

The borrower has advised the following renovations are complete:

  • Appliances are complete.
  • Shower glass is complete.
  • Paint touch-up is complete.
  • Final clean is complete.
GROUNDFLOOR - 6/13/2022

The borrower has advised the project is nearing completion.

GROUNDFLOOR - 5/17/2022

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

  • Paint prime is complete.
  • Tile is complete.
  • Trim is complete.
  • Paint interior is complete.
  • Plumbing fixtures are complete.
  • Electrical fixtures are complete.
  • Plumbing trim is complete.
  • Electrical trim is complete.
  • HVAC trim is complete.


GROUNDFLOOR - 5/12/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 4/27/2022

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

  • Gutters are complete.
  • Deck/patio are complete.
  • Exterior painting is complete.
  • Garage door is complete.
  • Drywall and insulation are complete.
  • Tiling is complete.
  • Cabinets and countertops are complete.
  • Landscaping is in progress.
  • Trim is in progress.


GROUNDFLOOR - 4/26/2022

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

  • Facade is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$470,000
Total Project Costs
$406,700
$63,300
GROUNDFLOOR
$332,700
$74,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$36,000
Purchase Date
10/27/2021
Loan To ARV
70.8%
Loan To Total Project Cost
81.8%

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
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$470,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

295 ALLEGRINI DRIVE, ATLANTA, GA 30349
The Borrower intends to use the loan proceeds to complete a new construction. 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 needs to begin construction of this property on February 16, 2022 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be four LROs on this project, each representing subsequent draws. The LROs will range from $65,000 to $90,000. 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 has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular