B

LOAN SUMMARY | 730 Bonita Road, Atlantic Beach, FL 32233

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
7.5%
6 months
60.5%
$235,800
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$235,800
Repaid on 06/19/2020
Started on
Funded on
Repaid on
Matures on
02/21/2020
06/19/2020
07/22/2020

LOAN UPDATES

GROUNDFLOOR - 6/1/2020

The borrower has advised the property is under contract.

GROUNDFLOOR - 5/11/2020

The borrower has advised that the property remains active on the market.

GROUNDFLOOR - 4/14/2020

The borrower has advised the property is actively listed on the market.

GROUNDFLOOR - 3/26/2020

The borrower has advised that renovations are complete and the property listing is scheduled for this weekend. Please note that listing dates are subject to change.


FINANCIAL OVERVIEW

After Repair Value (ARV)
$390,000
Total Project Costs
$290,800
$99,200
GROUNDFLOOR
$235,800
$55,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$270,000
Purchase Date
01/24/2020
Loan To ARV
60.5%
Loan To Total Project Cost
84.3%

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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$390,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

730 BONITA ROAD, ATLANTIC BEACH, FL 32233
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 January 24, 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.
  • Please consult the Offering Circular