C

LOAN SUMMARY | 315 Missouri Ave, Lynn Haven, FL 32444

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
66.7%
$166,710
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$166,710
Repaid on 06/28/2021
Started on
Funded on
Repaid on
Matures on
12/17/2020
02/26/2021
06/28/2021
12/22/2021

LOAN UPDATES

GROUNDFLOOR - 4/29/2021

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

  • Kitchen cabinet and granite installation is complete.
  • Painting is complete.
  • Flooring is complete.
  • Lighting is complete.
  • Kitchen backsplash installation is in progress.
  • Appliance installation is scheduled.
GROUNDFLOOR - 3/24/2021

The borrower has advised the following renovations are complete:

  • Roof work is complete.
  • Insulation and drywall installation is complete.
  • Interior painting is complete.
  • Kitchen cabinet installation is complete.
GROUNDFLOOR - 3/1/2021

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

  • Permitting is in progress.
  • Roof repairs are in progress.
  • Interior sheetrock installation is nearing completion.
  • Cabinets have been ordered.
GROUNDFLOOR - 2/2/2021

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

  • Interior demolition is complete.
  • Roof work is in progress.
  • Sheetrock installation is scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$250,000
Total Project Costs
$185,460
$64,540
GROUNDFLOOR
$166,710
$18,750
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$120,000
Purchase Date
12/23/2020
Loan To ARV
66.7%
Loan To Total Project Cost
89.6%

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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$250,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

315 MISSOURI AVE, LYNN HAVEN, FL 32444
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 December 23, 2020 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