C

LOAN SUMMARY | 1929 Pinetop Drive, Gastonia, NC 28054

BORROWER

182 Dixon Circle Inc
Michael Smith - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
15 months
73.8%
$258,270
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$258,270
Repaid on 11/25/2024
Started on
Funded on
Repaid on
Matured on
09/18/2023
07/16/2024
11/25/2024
12/17/2024

FINANCIAL OVERVIEW

After Repair Value (ARV)
$350,000
Total Project Costs
$349,900
$100
GROUNDFLOOR
$258,270
$91,630
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$350,000
Purchase Date
05/12/2022
Loan To Value
73.8%
Loan To Total Project Cost
73.8%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
4
4
Skin-in-the-Game
4
10
Location
4
8
Borrower Experience
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$350,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1929 PINETOP DRIVE, GASTONIA, NC 28054
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on September 18, 2023 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular