D

LOAN SUMMARY | 3 Schooner Ct, Panacea, FL 32346

BORROWER

COASTLINE CAPITAL VENTURES, LLC.
Nicholas George - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
15 months
69.0%
$260,970
2257
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$260,970
Funded
Started on
Funded on
Repaid on
Matured on
11/23/2022
07/10/2023
Pending
02/22/2024

FINANCIAL OVERVIEW

After Repair Value (ARV)
$1,135,000
Total Project Costs
$921,130
$213,870
GROUNDFLOOR
$782,930
$138,200
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$650,000
Purchase Date
11/23/2022
Loan To ARV
69.0%
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
4
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)
$1,135,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3 SCHOONER CT, PANACEA, FL 32346
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 continue renovation of this property on November 23, 2022 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is continuing 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 Borrower is using $529,394.96 of the loan proceeds to pay off an existing Groundfloor 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.
  • 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.
  • This LRO represents the third draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $260,980, the second series of LROs will be for $260,980, and the third series of LROs will be for $260,970. 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 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'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