B

LOAN SUMMARY | 800 Kilgore Street, Wildwood, FL 34785

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
67.0%
$67,360
335
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$67,360
Funded
Started on
Funded on
Repaid on
Matured on
11/30/2018
01/28/2019
Pending
11/29/2019

FINANCIAL OVERVIEW

After Repair Value (ARV)
$100,000
Total Project Costs
$91,280
$8,720
GROUNDFLOOR
$67,360
$23,920
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$88,920
Purchase Date
10/17/2017
Loan To Value
67.0%
Loan To Total Project Cost
73.1%

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
6
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$100,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

800 KILGORE STREET, WILDWOOD, FL 34785
The Borrower intends to use the loan proceeds to 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 November 30, 2018 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 any projects since inception. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The property was purchased for $88,920. The Borrower intends to use $66,330 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 $22,590 that is tied up in the project after completion of our loan.
  • 800 Kilgore Street, which serves as additional collateral, has a market value of $100,000 according to a certified appraisal. 800 Kilgore Street is not subject to any encumbrances, and Groundfloor is in first lien position. The value of 800 Kilgore Street is not factored into the ARV for this loan.
  • This is a collateral loan secured by both the subject property 13886 Cr 44, Eustis, FL, 32736 and 104 East Ward Avenue, Eustis, FL, 32726 which was previously purchased and is owned by the borrower.
  • Please consult the Offering Circular