C

LOAN SUMMARY | 1715 Watercrest Circle #1, Lawrenceville, GA 30043

BORROWER

Properties of the South, LLC
Andrew Liles - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
0.0%
$150,000
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$150,000
Repaid on 09/15/2020
Started on
Funded on
Repaid on
Matured on
04/29/2019
10/02/2019
09/15/2020
04/28/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$298,000
Total Project Costs
$178,780
$119,220
$150,000
GROUNDFLOOR
$0
$28,780
0%
Skin-in-the-Game
First Payment Position
Second Payment Position
Cushion
Purchase Price
$160,000
Purchase Date
04/29/2019
Loan To ARV
0.0%
Loan To Total Project Cost
0.0%

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

VALUATION REPORTS

As Complete (ARV)
$298,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1715 WATERCREST CIRCLE #1, LAWRENCEVILLE, GA 30043
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 begin renovation of this property on April 29, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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 not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • There will be two loans on this project, each representing subsequent draws. The first loan is $150,000 and the second loan is for $77,980. 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.
  • This loan represents the first draw for the project.
  • 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.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 1715 Watercrest Circle #1 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 1715 Watercrest Circle #2 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • Please consult the Offering Circular