B

LOAN SUMMARY | 3805 Mark Twain Cir, Chattanooga, TN 37406

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
60.9%
$100,380
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$100,380
Repaid on 05/17/2022
Started on
Funded on
Repaid on
Matures on
01/19/2022
04/04/2022
05/17/2022
11/16/2022

LOAN UPDATES

GROUNDFLOOR - 5/6/2022

GROUNDFLOOR has received a payoff request good through May 13, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/7/2022

The borrower has advised that a purchase offer has been accepted, with an anticipated sale date of May 9th 2022. Please keep in mind sale dates are subject to change.

GROUNDFLOOR - 3/21/2022

The borrower has advised the property is in the process of being listed.

GROUNDFLOOR - 3/3/2022

The borrower has advised the following renovations are complete or in progress:

  • Driveway and landscaping are complete.
  • Mechanicals are complete.
  • Flooring is complete.
  • Appliances are complete.
  • Painting is complete.
GROUNDFLOOR - 2/23/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 1/24/2022

The borrower has advised the following renovations are complete or in progress:

  • Site work is complete.
  • Cabinet installation is complete.
  • Foor is complete.
  • Painting is in progress.
  • Rough-ins are in progress.
  • Drywall is in progress.
  • Flooring is in progress.
  • Appliance installation is is in progress.


GROUNDFLOOR - 1/20/2022

The borrower has advised that mechanicals and painting are complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$206,000
Total Project Costs
$139,430
$66,570
GROUNDFLOOR
$125,480
$13,950
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$115,000
Purchase Date
11/17/2021
Loan To ARV
60.9%
Loan To Total Project Cost
90.0%

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
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$206,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3805 MARK TWAIN CIR, CHATTANOOGA, TN 37406
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 November 17, 2021 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.
  • 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 second series of LROs will be for $25,100. 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.
  • Please consult the Offering Circular