B

LOAN SUMMARY | 116 66th St S, Birmingham, AL 35212

BORROWER

Misty, LLC
Bridget Cooper - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
52.1%
$93,790
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$93,790
Repaid on 05/16/2022
Started on
Funded on
Repaid on
Matures on
09/16/2021
01/14/2022
05/16/2022
08/30/2022

LOAN UPDATES

GROUNDFLOOR - 5/16/2022

The borrower has advised that the closing has taken place.

GROUNDFLOOR - 5/12/2022

GROUNDFLOOR has received a payoff request good through May 16, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/27/2022

The borrower has advised that final repairs are in progress.

GROUNDFLOOR - 4/18/2022

The borrower has advised the property is currently under contract, with an expected closing date of May 13, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/23/2022

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

GROUNDFLOOR - 1/14/2022

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

Kitchen and Bath Countertops:100%

Plumbing fixtures, faucets:90%

Plumbing trim:100%

GROUNDFLOOR - 12/24/2021

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

  • Interior painting is complete.
  • Porch renovations are complete.
  • Trim is in progress.
  • Appliance installation is in progress.
GROUNDFLOOR - 11/29/2021

The borrower has advised the following renovations are complete:

  • Walkway repair is complete.
  • Porch repair is complete.
  • Cabinet installation is complete.
GROUNDFLOOR - 11/19/2021

The borrower has advised that flooring and crown molding are complete.

GROUNDFLOOR - 11/19/2021

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 11/18/2021

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

  • Tiling is complete.
  • Floor repair is complete.
  • Crown molding replacement is complete.
  • Bathroom renovations are in progress.
GROUNDFLOOR - 11/17/2021

The borrower has advised that sheetrock and window installation is complete.


GROUNDFLOOR - 11/12/2021

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 11/12/2021

The borrower has advised the following renovations are complete:

  • Painting is complete..
  • Toilet and sink installation is complete.
  • Faucet installation is complete.
GROUNDFLOOR - 11/12/2021

The borrower has advised that exterior painting and siding is in progress.

GROUNDFLOOR - 11/10/2021

The borrower has advised that the following updates are complete: Cabinets, porch and walkway were repaired.

GROUNDFLOOR - 10/7/2021

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

  • Framing is complete.
  • Plumbing rough is complete.
  • Drywall installation is complete.
  • Bathroom tiling is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$180,000
Total Project Costs
$104,240
$75,760
GROUNDFLOOR
$93,790
$10,450
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$54,000
Purchase Date
08/31/2021
Loan To ARV
52.1%
Loan To Total Project Cost
90.0%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$180,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

116 66TH ST S, BIRMINGHAM, AL 35212
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 August 31, 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.
  • Please consult the Offering Circular