B

LOAN SUMMARY | 18066 Roselawn Street, Detroit, MI 48221

BORROWER

Provision Realty, LLC
Kimberly Rutledge - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
9 months
61.0%
$130,740
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$130,740
Repaid on 06/30/2020
Started on
Funded on
Repaid on
Matured on
06/13/2019
09/16/2019
06/30/2020
03/16/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$214,500
Total Project Costs
$148,740
$65,760
GROUNDFLOOR
$130,740
$18,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$78,000
Purchase Date
05/15/2019
Loan To ARV
61.0%
Loan To Total Project Cost
87.9%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$214,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

18066 ROSELAWN STREET, DETROIT, MI 48221
The Borrower intends to use the loan proceeds to 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 June 13, 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 property was purchased for $78,000. The Borrower intends to use $60,000 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 $18,000 that is tied up in the project after completion of our loan.
  • Please consult the Offering Circular