D

LOAN SUMMARY | 1602 Cherokee Dr, High Point, NC 27262

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
70.1%
$145,780
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$145,780
Repaid on 04/25/2022
Started on
Funded on
Repaid on
Matures on
01/21/2022
03/03/2022
04/25/2022
11/11/2022

LOAN UPDATES

GROUNDFLOOR - 4/11/2022

The borrower has advised the property is currently under contract, with an expected closing date of April 21, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/20/2022

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

  • Plumbing rough is complete.
  • Electrical rough is complete.
  • Cabinets are complete.
  • Plumbing fixtures are complete.
  • Electrical fixtures are complete.
  • Plumbing trim is complete.
  • Flooring is complete.
  • Appliances are complete.
  • Paint touch up is complete.
  • Final clean is complete.
GROUNDFLOOR - 3/8/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 2/10/2022

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

  • Electrical rough is in progress.
  • Drywall hang is complete.
  • Doors are complete.
  • Trim is complete.
  • Tile is complete.
  • Painting is complete.
  • Electrical fixtures are in progress.
GROUNDFLOOR - 2/3/2022

The borrower has advised that renovations are 90% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$520,000
Total Project Costs
$364,440
$155,560
GROUNDFLOOR
$364,440
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$300,000
Purchase Date
11/12/2021
Loan To ARV
70.1%
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)
$520,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1602 CHEROKEE DR, HIGH POINT, NC 27262
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 12, 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 three LROs on this project, each representing subsequent draws. The first series of LROs will be for $145,780, the second series of LROs will be for $145,770, and the third series of LROs will be for $72,890. 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