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LOAN SUMMARY | 104 Ulysses Lane, Oak Ridge, TN 37830

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
69.5%
$104,270
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$104,270
Repaid on 06/01/2021
Started on
Funded on
Repaid on
Matures on
11/16/2020
12/09/2020
06/01/2021
11/17/2021

LOAN UPDATES

GROUNDFLOOR - 6/3/2021

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

GROUNDFLOOR - 5/25/2021

The borrower has advised the property is currently under contract, with an expected closing date of May 28, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/26/2021

The borrower has advised that final inspection is scheduled.

GROUNDFLOOR - 4/19/2021

The borrower has advised the property is actively listed on the market, and they have received multiple offers.

GROUNDFLOOR - 4/7/2021

The borrower has advised that landscaping is complete, and final cleaning and touch-ups are in progress.

GROUNDFLOOR - 3/30/2021

The borrower has advised that final appliance installation is in progress, and the property is scheduled to be listed on the market.

GROUNDFLOOR - 3/17/2021

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

  • Drywall installation is complete.
  • Cabinet and countertop installation is complete.
  • Kitchen trim work is in progress.
  • Landscaping and front porch work is scheduled.
  • Appliance installation is scheduled.
GROUNDFLOOR - 3/1/2021

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

  • Drywall hanging is complete.
  • Kitchen closet framing is complete.
  • Kitchen painting is complete.
  • Tub installation is complete.
  • Tiling is in progress.
  • Cabinet installation is scheduled.
GROUNDFLOOR - 2/15/2021

The borrower has advised the following renovations are complete:

  • Bathroom wall installation and painting is complete.
  • Bathroom toilet, sink, and vanity installation is complete.
  • Light installation is complete.
GROUNDFLOOR - 2/9/2021

The borrower has advised the following renovations are complete:

  • Demolition is complete.
  • Plumbing rough-in is complete.
  • Electrical work is complete.
  • Framing is complete.
  • Roof is complete.
  • Fireplace gas insert installation is complete.
GROUNDFLOOR - 2/9/2021

The borrower has advised the project is progressing as planned.

GROUNDFLOOR - 2/2/2021

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

  • Exterior clean-up is complete.
  • Electrical work is complete.
  • Roof work is in progress.
  • Garage renovations are in progress.
GROUNDFLOOR - 1/27/2021

The borrower has advised that painting is in progress.

GROUNDFLOOR - 1/7/2021

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

  • Floor renovations are complete.
  • Cabinets and countertops have been ordered.
  • Tiling is in progress.
  • Electrical work is in progress.
GROUNDFLOOR - 1/7/2021

The borrower has advised that renovations are progressing as planned.

GROUNDFLOOR - 1/5/2021

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

  • Kitchen and bathroom demolition is complete.
  • Floor renovations are in progress.
  • Tiling is in progress.
GROUNDFLOOR - 12/10/2020

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

  • Clean-out is in progress.
  • Electrical panel and meter installation is scheduled.
  • Interior demolition is scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$150,000
Total Project Costs
$124,270
$25,730
GROUNDFLOOR
$104,270
$20,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$80,000
Purchase Date
11/18/2020
Loan To ARV
69.5%
Loan To Total Project Cost
83.4%

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)
$150,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

104 ULYSSES LANE, OAK RIDGE, TN 37830
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 November 18, 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.
  • 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