C

LOAN SUMMARY | 2504 Gray Street, Johnson City, TN 37604

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
65.0%
$39,650
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$39,650
Repaid on 07/12/2021
Started on
Funded on
Repaid on
Matured on
03/12/2020
05/01/2020
07/12/2021
03/12/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$63,250
Total Project Costs
$63,250
$0
GROUNDFLOOR
$39,650
$23,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$61,000
Purchase Date
TBD
Loan To Value
65.0%
Loan To Total Project Cost
61.3%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
10
10
Quality of Valuation Report
4
4
Skin-in-the-Game
7
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$63,250
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2504 GRAY STREET, JOHNSON CITY, TN 37604
The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needs to refinance this loan on March 13, 2020 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this 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 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 property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it.
  • The Borrower's 2019 revenue was derived from rental properties because the Borrower's primary focus in 2019 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