C

LOAN SUMMARY | 1507 Frazier Road, Decatur, GA 30033

BORROWER

JMP Start Development Partners, LLC
Matthew Coleman and Patrick Henderson - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12.5%
9 months
81.5%
$208,600
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$208,600
Repaid on 12/10/2020
Started on
Funded on
Repaid on
Matured on
08/04/2020
09/30/2020
12/10/2020
05/03/2021

FINANCIAL OVERVIEW

After Repair Value (ARV)
$256,000
Total Project Costs
$255,900
$100
GROUNDFLOOR
$208,600
$47,300
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$256,000
Purchase Date
07/26/2019
Loan To Value
81.5%
Loan To Total Project Cost
81.5%

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

VALUATION REPORTS

As Complete (ARV)
$256,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1507 FRAZIER ROAD, DECATUR, GA 30033
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 August 4, 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.
  • Please consult the Offering Circular