B

LOAN SUMMARY | Lot 1 Brentwood Ct, Green Cove Springs, FL 32043

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
70.0%
$171,550
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$171,550
Repaid on 04/28/2022
Started on
Funded on
Repaid on
Matures on
07/19/2021
01/10/2022
04/28/2022
07/06/2022

LOAN UPDATES

GROUNDFLOOR - 4/26/2022

GROUNDFLOOR has received an updated payoff request good through April 29, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/11/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 1/28/2022

GROUNDFLOOR has received a payoff request good through February 18, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 1/21/2022

The borrower has advised the following renovations are complete:

  • Siding is complete.
  • Sheetrock is complete.
  • Window installation is complete.
  • Door installation is complete.
GROUNDFLOOR - 12/14/2021

The borrower has advised that electrical and plumbing are complete.

GROUNDFLOOR - 11/19/2021

The borrower has advised the following renovations are complete:

  • Permitting is complete.
  • Slab work is complete.
  • Roofing is complete.
  • HVAC rough-in is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$245,000
Total Project Costs
$220,600
$24,400
GROUNDFLOOR
$171,550
$49,050
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$40,000
Purchase Date
07/07/2021
Loan To ARV
70.0%
Loan To Total Project Cost
77.8%

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
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$245,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

LOT 1 BRENTWOOD CT, GREEN COVE SPRINGS, FL 32043
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 July 7, 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.
  • 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 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