B

LOAN SUMMARY | 645 Woods Dr NW, Atlanta, GA 30318

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
68.5%
$219,330
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$219,330
Repaid on 11/24/2021
Started on
Funded on
Repaid on
Matures on
05/10/2021
07/27/2021
11/24/2021
04/15/2022

LOAN UPDATES

GROUNDFLOOR - 12/8/2021

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

GROUNDFLOOR - 11/16/2021

The borrower has advised the following renovations are complete:

  • Driveway renovations are complete.
  • Gutter installation is complete.
  • Landscaping is complete.
  • Tiling is complete.
  • Interior painting is complete.
  • Cabinet and countertop installation is complete.
  • Plumbing and electrical fixture installation is complete.
  • Appliance installation is complete.
GROUNDFLOOR - 11/12/2021

GROUNDFLOOR has received a payoff request good through November 30, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 11/8/2021

The borrower has advised that the property is under contract with a closing scheduled for the end of November. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 10/22/2021

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

GROUNDFLOOR - 9/21/2021

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

  • Window replacement is complete.
  • Bathroom renovations are complete.
  • Flooring is complete.
  • Painting is in progress.
  • Final inspections are scheduled.
GROUNDFLOOR - 7/28/2021

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

  • Rough inspections are complete.
  • Drywall installation is in progress.
  • Flooring is scheduled.
GROUNDFLOOR - 6/29/2021

The borrower has advised that permitting is complete, and interior framing is in progress.

GROUNDFLOOR - 6/15/2021

The borrower has advised that roof replacement is complete.

GROUNDFLOOR - 6/14/2021

The borrower has advised that plans are complete, and final permit approval is in progress.

GROUNDFLOOR - 5/17/2021

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

  • Demolition is complete.
  • Yard cleanup and tree removal are complete.
  • Final plans are complete.
  • Survey is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$320,000
Total Project Costs
$275,130
$44,870
GROUNDFLOOR
$219,330
$55,800
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$158,000
Purchase Date
04/16/2021
Loan To ARV
68.5%
Loan To Total Project Cost
79.2%

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
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$320,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

645 WOODS DR NW, ATLANTA, GA 30318
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 April 16, 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.
  • The borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular