B

LOAN SUMMARY | 2120 5th Place NW, Center Point, AL 35215 & 131 Virginia DR, Hueytown, AL 35023 & 720 Heflin Ave, AL, Birmingham, AL 35214

BORROWER

IMAX Marketing, LLC
Ashley Denmark - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8%
12 months
80.6%
$290,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$290,000
Repaid on 08/03/2021
Started on
Funded on
Repaid on
Matured on
07/25/2019
11/02/2019
08/03/2021
07/25/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$360,000
Total Project Costs
$324,480
$35,520
GROUNDFLOOR
$290,000
$34,480
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$316,500
Purchase Date
10/07/2018
Loan To Value
80.6%
Loan To Total Project Cost
89.4%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$360,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on July 25, 2019 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.
  • This is a collateral loan secured by three properties, 2120 5th Pl NW, Center Point, AL 35215, 720 Heflin Ave E, Birmingham, AL 35214, and 131 Virginia Drive, Bessemer, AL 35023. The ARV represents the combined value of all properties.
  • The properties were purchased for $316,500. The Borrower intends to use $282,020 of the proceeds from our loan to offset that amount of the purchase price of the property. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $34,480 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular