D

LOAN SUMMARY | 6912 Sandalwood Drive, Port Richey, FL 34668

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
70.0%
$134,140
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$134,140
Repaid on 11/22/2021
Started on
Funded on
Repaid on
Matures on
03/12/2021
04/20/2021
11/22/2021
02/23/2022

LOAN UPDATES

GROUNDFLOOR - 12/8/2021

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

GROUNDFLOOR - 11/17/2021

GROUNDFLOOR has received a payoff request good through November 23, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 10/5/2021

The borrower has advised they are awaiting a lumber estimate from the contractor.

GROUNDFLOOR - 9/7/2021

The borrower has advised they are working with the contractor in order to purchase lumber and resume construction.

GROUNDFLOOR - 8/10/2021

The borrower has advised they are in discussion with the general contractor in order to determine resumption of construction.

GROUNDFLOOR - 5/27/2021

The borrower has advised that the foundation has been prepped, but they are delaying construction until July 2021 due to lumber prices.

GROUNDFLOOR - 4/29/2021

The borrower has advised that slab work is complete, and plumbing is in progress.

GROUNDFLOOR - 3/30/2021

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

  • Permitting is in progress.
  • Slab work is in progress.
  • Drainage pipe work is in progress.
  • Foundation and framing work is scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$190,000
Total Project Costs
$159,640
$30,360
GROUNDFLOOR
$134,140
$25,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$19,000
Purchase Date
08/10/2020
Loan To ARV
70.0%
Loan To Total Project Cost
83.5%

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
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$190,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

6912 SANDALWOOD DRIVE, PORT RICHEY, FL 34668
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 24, 2021 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.
  • 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.
  • Please consult the Offering Circular