C

LOAN SUMMARY | 408 Messner Street, Salisbury, NC 28144

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
66.7%
$106,780
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$106,780
Repaid on 06/08/2022
Started on
Funded on
Repaid on
Matures on
10/27/2021
05/11/2022
06/08/2022
10/21/2022

LOAN UPDATES

GROUNDFLOOR - 6/13/2022

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

GROUNDFLOOR - 6/6/2022

GROUNDFLOOR has received a payoff request good through June 14, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/25/2022

The borrower has advised the project is nearing completion, and Certificate of Occupancy is in progress.

GROUNDFLOOR - 5/23/2022

The borrower has advised that gutters are complete.

GROUNDFLOOR - 5/5/2022

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

  • Landscaping is complete.
  • Exterior painting is complete.
  • Appliances are complete.
  • Electrical fixtures are complete.
  • Trash-out is in progress.
GROUNDFLOOR - 4/29/2022

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

  • Driveway is complete.
  • Landscaping is in progress.
  • Gutters are in progress.
  • County inspections are scheduled.
GROUNDFLOOR - 4/26/2022

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

  • Insulation is complete.
  • Doors are complete.
  • Tiling is complete.
  • Interior painting is complete.
  • Appliances are in progress.
GROUNDFLOOR - 4/14/2022

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

  • HVAC trim is complete.
  • Tiling is complete.
  • Countertops are complete.
  • Plumbing trim is in progress.
  • Interior and exterior painting are in progress.
GROUNDFLOOR - 4/4/2022

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

  • Trim is complete.
  • Flooring is complete.
  • Cabinets are complete.
  • Countertops are in progress.
  • Tiling is in progress.
GROUNDFLOOR - 3/24/2022

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

  • Facade is complete.
  • Electrical rough is complete.
  • Drywall is complete.
  • Insulation is in progress.
GROUNDFLOOR - 3/22/2022

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

  • Rough-ins are complete.
  • Insulation is complete.
  • Siding is in progress.
  • Drywall hang is scheduled.
GROUNDFLOOR - 2/22/2022

The borrower has advised that HVAC rough is complete.

GROUNDFLOOR - 2/14/2022

The borrower has advised that rough-ins are in progress and insulation is scheduled.

GROUNDFLOOR - 2/10/2022

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

  • Sheathing is complete.
  • Roof is complete.
  • Windows are complete.
  • Front porch is complete.
  • Deck is complete.
  • Plumbing rough is complete.
  • Doors are in progress.
GROUNDFLOOR - 2/8/2022

The borrower has advised the following renovations are complete: 

  • Framing is complete.
  • Roof work is complete.
  • Window and door installation is complete.
  • Plumbing rough is complete.
GROUNDFLOOR - 2/1/2022

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

  • Framing is complete.
  • Sheathing is in progress.
GROUNDFLOOR - 1/20/2022

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

Foundation - 100%

Slab - 100%

Permitting - 100%

Plumbing rough - 30%

GROUNDFLOOR - 1/20/2022

The borrower has advised the following renovations are complete: 

  • Walls are complete.
  • Sheathing is complete.
  • Framing is complete.
GROUNDFLOOR - 1/20/2022

The borrower has advised that framing is complete.

GROUNDFLOOR - 12/14/2021

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

  • Site work is complete.
  • Plumbing line installation is complete.
  • Foundation work is in progress.
  • Truss installation is in progress.
GROUNDFLOOR - 11/29/2021

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

  • Lot clearing and grading is complete.
  • Water and sewer installation is in progress.
  • Foundation work is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$200,000
Total Project Costs
$148,330
$51,670
GROUNDFLOOR
$133,480
$14,850
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$16,100
Purchase Date
05/07/2021
Loan To ARV
66.7%
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
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)
$200,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

408 MESSNER STREET, SALISBURY, NC 28144
The Borrower intends to use the loan proceeds to complete a new construction. 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 needs to begin construction of this property on October 22, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be two LROs on this project, each representing subsequent draws. The LROs will range from $26,000 to $107,000. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • The Borrower is using $0 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • 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