C

LOAN SUMMARY | 120 Brookhill W, Lexington, SC 29072

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
62.8%
$186,640
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$186,640
Repaid on 04/13/2022
Started on
Funded on
Repaid on
Matures on
08/04/2021
01/26/2022
04/13/2022
07/26/2022

LOAN UPDATES

GROUNDFLOOR - 4/7/2022

GROUNDFLOOR has received an updated payoff request good through April 15, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/1/2022

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

  • Garage door is complete.
  • Landscape is complete.
  • Insulation is complete.
GROUNDFLOOR - 3/30/2022

The borrower has advised that renovations are complete, and the property is currently under contract, with an expected closing date of April 11, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/21/2022

The borrower has advised the property is currently under contract, with an expected closing date of March 24, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/3/2022

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

  • Deck and patio are complete.
  • Driveway is complete.
  • Flooring is complete.
  • Plumbing fixtures are complete.
  • Heater is complete.
GROUNDFLOOR - 2/28/2022

The borrower has advised the property is currently under contract, with an expected closing date of March 28, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/23/2022

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

  • Front Porch is complete.
  • Interior painting is complete.
  • Electrical fixtures are complete.
  • Cabinets and countertops are complete.
  • Appliances are complete.
  • Trim and plumbing fixtures are in progress.


GROUNDFLOOR - 2/17/2022

The borrower has advised that interior renovations are complete, and final exterior work is in progress.

GROUNDFLOOR - 2/9/2022

The borrower has advised the following renovations are in progress:

  • Painting is in progress.
  • Flooring is in progress.
  • Cabinets are in progress.
  • Countertops are in progress.
  • Appliances are in progress.
  • Doorknobs are in progress.
GROUNDFLOOR - 1/27/2022

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

  • Flooring is complete.
  • Cabinet and countertop installation is complete.
  • Vanity installation is complete.
  • Trim is in progress.
GROUNDFLOOR - 1/20/2022

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

Doors:100%

Drywall finish:100%

Paint Interior:50%

Cabinets kitchen and baths:50%

Trim:90 %


GROUNDFLOOR - 1/20/2022

The borrower has advised the following renovations are in progress: 

  • Flooring is in progress.
  • Appliance installation is in progress.
  • Cabinet installation is in progress.
GROUNDFLOOR - 1/13/2022

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

  • Framing is complete.
  • Roof is complete.
  • Windows are complete.
  • Rough-ins are in progress.
  • Siding is in progress.
GROUNDFLOOR - 1/7/2022

The borrower has advised that painting and flooring are in progress.

GROUNDFLOOR - 12/24/2021

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

  • Siding is complete.
  • Drywall is complete.
  • Rough-ins are complete.
  • Porch work is in progress.
  • Insulation is in progress.
GROUNDFLOOR - 12/8/2021

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

  • Framing is complete.
  • Flooring is complete.
  • Roofing is complete.
  • Deck work is complete.
  • Rough-ins are in progress.
GROUNDFLOOR - 12/8/2021

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 11/23/2021

The borrower has advised that framing is complete.

GROUNDFLOOR - 11/12/2021

The borrower has advised that first floor framing is complete.

GROUNDFLOOR - 10/18/2021

The borrower has advised that site work is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$297,000
Total Project Costs
$219,640
$77,360
GROUNDFLOOR
$186,640
$33,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$21,500
Purchase Date
05/21/2021
Loan To ARV
62.8%
Loan To Total Project Cost
85.0%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$297,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

120 BROOKHILL W, LEXINGTON, SC 29072
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 needed to purchase this property on July 27, 2021 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.
  • Please consult the Offering Circular