C

LOAN SUMMARY | 1310 & 1312 North Charlotte Avenue , Monroe, NC 28110

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
60.8%
$143,480
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$143,480
Repaid on 11/09/2020
Started on
Funded on
Repaid on
Matures on
01/06/2020
06/12/2020
11/09/2020
01/16/2021

LOAN UPDATES

GROUNDFLOOR - 11/13/2020

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

GROUNDFLOOR - 7/23/2020

The borrower has advised the project is complete.

GROUNDFLOOR - 6/24/2020

The borrower has advised the project is nearing completion and should be finished by end of week.

GROUNDFLOOR - 5/18/2020

The borrower has advised the renovations are nearing completion.

GROUNDFLOOR - 4/20/2020

The borrower has advised the renovations are progressing as planned.

GROUNDFLOOR - 3/26/2020

The borrower has advised that plumbing work is in progress.

GROUNDFLOOR - 2/24/2020

The borrower has advised that permits have been obtained.

GROUNDFLOOR - 1/27/2020

The borrower has advised that for 1310 N Charlotte Ave, the following work is complete, or in progress:

  • Roof renovations are in progress.
  • Window installation is in progress.
  • All doors have been installed.
  • The HVAC has been installed.

The borrower has advised that for 1312 N Charlotte Ave, the following work is complete, or in progress:

  • The flooring removal is in progress.
  • The exterior doors have been installed.
  • Termites were found in the property and treatment is scheduled for January 28, 2020.
  • Plumbing work is in progress.
  • The HVAC is scheduled to be installed January 28, 2020.
  • Roof installation is expected to begin within the week.
GROUNDFLOOR - 1/21/2020

The borrower has advised that the projects on both properties are in the beginning stages.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$236,000
Total Project Costs
$181,480
$54,520
GROUNDFLOOR
$143,480
$38,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$85,000
Purchase Date
09/12/2019
Loan To ARV
60.8%
Loan To Total Project Cost
78.4%

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

VALUATION REPORTS

As Complete (ARV)
$236,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to begin renovation of this property on January 16, 2020 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 $47,000 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.
  • This is a collateral loan secured by five properties, 1310 & 1312 North Charlotte Avenue, Monroe, NC 28110. The ARV represents the combined value of all properties.
  • Please consult the Offering Circular