C

LOAN SUMMARY | 1920 Lakewood Ter SE, Atlanta, GA 30315

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
64.6%
$101,680
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$101,680
Repaid on 06/21/2022
Started on
Funded on
Repaid on
Matures on
09/30/2021
04/04/2022
06/21/2022
09/23/2022

LOAN UPDATES

GROUNDFLOOR - 6/24/2022

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

GROUNDFLOOR - 6/13/2022

The borrower has advised that refinancing is ongoing.

GROUNDFLOOR - 6/6/2022

GROUNDFLOOR has received an updated payoff request good through June 30, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/29/2022

GROUNDFLOOR has received a payoff request good through May 31, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/29/2022

The borrower has advised that renovations are nearing completion, and they are currently in the process of refinancing the GROUNDFLOOR loan.

GROUNDFLOOR - 11/19/2021

The borrower has advised that plans and permitting are in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$525,000
Total Project Costs
$398,971
$126,029
GROUNDFLOOR
$339,100
$59,871
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$224,000
Purchase Date
09/24/2021
Loan To ARV
64.6%
Loan To Total Project Cost
85.0%

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
2
10
Location
4
8
Borrower Experience
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$525,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1920 LAKEWOOD TER SE, ATLANTA, GA 30315
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 September 24, 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 second 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 $169,600, the second series of LROs will be for $101,680 and the third series of LROs will be for $67,820. 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