D

LOAN SUMMARY | 800 Fayetteville Rd SE, Atlanta, GA 30316

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
12 months
29.3%
$276,690
978
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$276,690
Funded
Started on
Funded on
Repaid on
Matures on
07/30/2019
Pending
07/31/2020

LOAN UPDATES

GROUNDFLOOR - 5/10/2020

The borrower has advised the project is on hold due to COVID-19.



GROUNDFLOOR - 3/22/2020

The borrower has advised the interior renovations are nearing complete.

GROUNDFLOOR - 3/10/2020

The borrower has advised the renovations are nearly complete.

GROUNDFLOOR - 2/27/2020

The borrower has advised that the City has required that they change the furnace system.

GROUNDFLOOR - 1/30/2020

The borrower has advised that the renovations should be completed in about 60 days.

GROUNDFLOOR - 1/14/2020

The borrower has advised that the renovations continue to progress as planned.

GROUNDFLOOR - 12/11/2019

The borrower has advised that the interior is being finished, and they are looking to list the property this spring.

GROUNDFLOOR - 11/14/2019

The borrower has advised they are working on interior finishes and plan to list the property in January.

GROUNDFLOOR - 10/17/2019
The borrower has advised that he is preparing for the interior finishes. 
GROUNDFLOOR - 10/11/2019
The borrower has advised they are working on finishing the interior. 

GROUNDFLOOR - 9/11/2019
The borrower has advised there have been slight delays with city inspections but are working to get the project back on track.
GROUNDFLOOR - 8/14/2019
The borrower has advised that the following works have been completed, or in progress:
  • The rough-in mechanicals and framing have been completed.
  • The windows and doors have been installed.
  • The siding has been completed.
  • The painting is in progress.
  • Inspections are scheduled for next week and then the insulation/drywall will be completed.
  • The deposit for the cabinets has been paid.
GROUNDFLOOR - 8/1/2019
The borrower has advised the renovations have begun.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$350,000
Total Project Costs
$286,010
$63,990
GROUNDFLOOR
$276,690
$9,320
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$215,000
Purchase Date
02/28/2019
Loan To ARV
29.3%
Loan To Total Project Cost
32.9%

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)
$350,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

800 FAYETTEVILLE RD SE, ATLANTA, GA 30316
The Borrower intends to use the loan proceeds to payoff an existing loan and complete a renovation to 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 July 31, 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 had late repayments, but has repaid all loans in full, with all interest and fees due.
  • The Borrower is using $245,690 of the loan proceeds to pay off an existing loan that was used to acquire and renovate the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • Please consult the Offering Circular