C

LOAN SUMMARY | 405 Whitetail Ridge, Tecumseh, MI 49286

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
69.8%
$156,940
803
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$156,940
Funded
Started on
Funded on
Repaid on
Matures on
10/03/2019
Pending
10/06/2020

LOAN UPDATES

GROUNDFLOOR - 5/20/2020

GROUNDFLOOR has engaged counsel to proceed with foreclosure.

GROUNDFLOOR - 4/20/2020

GROUNDFLOOR issued a 30-day Notice of Default on April 17, 2020 due to the borrower's failure to make monthly interest payments. If the loan is not repaid by May 17, 2020, GROUNDFLOOR will engage counsel to proceed with foreclosure.

GROUNDFLOOR - 1/15/2020

The borrower has advised that the property is under contract and is expected to close next month.


GROUNDFLOOR - 12/18/2019

The borrower has advised that the painting is in progress.

GROUNDFLOOR - 11/20/2019

The borrower has advised the kitchen cabinets are on order.

GROUNDFLOOR - 10/19/2019
The borrower has advised that the drywall, paint, partial basement bathroom, and trim have been completed. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$225,000
Total Project Costs
$184,940
$40,060
GROUNDFLOOR
$156,940
$28,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$165,000
Purchase Date
10/04/2019
Loan To ARV
69.8%
Loan To Total Project Cost
84.3%

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)
$225,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

405 WHITETAIL RIDGE, TECUMSEH, MI 49286
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 October 4, 2019 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.
  • 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