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LOAN SUMMARY | 5669 Pine Hill Lane, Jacksonville, FL 32244

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
9 months
71.1%
$87,500
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$87,500
Repaid on 03/12/2021
Started on
Funded on
Repaid on
Matures on
12/22/2020
01/20/2021
03/12/2021
09/27/2021

LOAN UPDATES

GROUNDFLOOR - 3/16/2021

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

GROUNDFLOOR - 3/2/2021

GROUNDFLOOR has received a payoff request good through March 15, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/15/2021

The borrower has advised the project is nearing completion, and final cleanup is in progress.

GROUNDFLOOR - 1/29/2021

The borrower has advised the project is 30% complete, and the following renovations are complete:

  • Demolition is complete.
  • Tile refinishing is complete.
  • Roof repair is complete.
  • Floor work is complete.
  • Plumbing rough-in is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$123,000
Total Project Costs
$87,500
$35,500
GROUNDFLOOR
$87,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$49,870
Purchase Date
12/28/2020
Loan To ARV
71.1%
Loan To Total Project Cost
100.0%

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
0
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$123,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

5669 PINE HILL LANE, JACKSONVILLE, FL 32244
The Borrower intends to use the loan proceeds to purchase and 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 purchase this property on December 28, 2020 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.
  • 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