B

LOAN SUMMARY | 17235 Holbrook Campground Road #1, Alpharetta, GA 30004

BORROWER

Luminary Property Solutions Inc
Ian Patterson - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
54.3%
$45,800
0
Purpose
Loan Position
Total Loan Amount
Loan Status
New Construction
First Lien
$45,800
Repaid on 10/15/2020
Started on
Funded on
Repaid on
Matured on
03/15/2019
07/03/2019
10/15/2020
03/14/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$568,000
Total Project Costs
$343,510
$224,490
GROUNDFLOOR
$308,510
$35,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$70,000
Purchase Date
03/15/2019
Loan To ARV
54.3%
Loan To Total Project Cost
89.8%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
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)
$568,000
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 needs to begin construction of this property on March 15, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower will has begun construction 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 Borrower has not completed any project in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • This loan represents the first draw for the construction project and is secured by an individual note.
  • Each draw on this project is structured as an individual loan. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 12 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction.
  • There will be five loans on this project, each representing subsequent draws. The first loan is for $45,800. The five subsequent loans are between $40,000 and $70,000 each, depending on the amount of the draw. The Financial Overview box represents the aggregate amount of all loans to be secured by this property, giving a complete financial picture of the project.
  • The construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The construction will require permitting, and permits may not be obtained on time or may be denied.
  • There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
  • 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