C

LOAN SUMMARY | 1122 Baker Blvd, Gastonia, NC 28052

BORROWER

All Above Home Solutions, LLC
Julie Maynor - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
15 months
63.6%
$117,080
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$117,080
Repaid on 10/31/2022
Started on
Funded on
Repaid on
Matured on
02/22/2022
07/07/2022
10/31/2022
05/21/2023

FINANCIAL OVERVIEW

After Repair Value (ARV)
$230,000
Total Project Costs
$166,850
$63,150
GROUNDFLOOR
$146,350
$20,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$25,000
Purchase Date
08/12/2021
Loan To ARV
63.6%
Loan To Total Project Cost
87.7%

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)
$230,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1122 BAKER BLVD, GASTONIA, NC 28052
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 February 22, 2022 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 $25,000 to $120,000. 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's 2021 revenue was derived from rental properties because the Borrower's primary focus in 2021 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • Please consult the Offering Circular