D

LOAN SUMMARY | 5041 Palmetto Avenue, Cocoa, FL 32926

BORROWER

MIE Palm Bay II LLC
Michael Mummert - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
6 months
75.0%
$200,130
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$200,130
Repaid on 01/14/2022
Started on
Funded on
Repaid on
Matured on
02/01/2021
03/17/2021
01/14/2022
07/31/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$267,000
Total Project Costs
$224,930
$42,070
GROUNDFLOOR
$200,130
$24,800
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$163,000
Purchase Date
12/30/2020
Loan To ARV
75.0%
Loan To Total Project Cost
89.0%

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
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$267,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

5041 PALMETTO AVENUE, COCOA, FL 32926
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on February 1, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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.
  • The Borrower is using $160,000 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.
  • Please consult the Offering Circular