D

LOAN SUMMARY | 1423 Lanvale Drive Southwest, Atlanta, GA 30310

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
65.9%
$256,860
1011
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$256,860
Funded
Started on
Funded on
Repaid on
Matures on
12/11/2020
01/19/2021
Pending
12/14/2021

LOAN UPDATES

GROUNDFLOOR - 11/9/2021

GROUNDFLOOR has reached a workout settlement with the borrower. Investors will still earn the contract interest rate, but with a new maturity date of June 12, 2022.

GROUNDFLOOR - 3/16/2021

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

  • Demolition is nearing completion
  • Interior framing is nearing completion.
  • Permitting is in progress.
GROUNDFLOOR - 1/29/2021

The borrower has advised that demolition is complete, and drywall and insulation installation is in progress.

GROUNDFLOOR - 1/26/2021

The borrower has advised that demolition is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$390,000
Total Project Costs
$302,360
$87,640
GROUNDFLOOR
$256,860
$45,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$182,990
Purchase Date
12/15/2020
Loan To ARV
65.9%
Loan To Total Project Cost
84.4%

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
2
10
Location
4
8
Borrower Experience
3
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

1423 LANVALE DRIVE SOUTHWEST, ATLANTA, GA 30310
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 December 15, 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