C

LOAN SUMMARY | 4482 Bowstring Ct, Titusville, FL 32796

BORROWER

MIE - Palm Bay 1 LLC
Peter J. Barnard - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
6 months
70.0%
$286,990
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$286,990
Repaid on 10/25/2019
Started on
Funded on
Repaid on
Matured on
10/17/2018
12/09/2018
10/25/2019
04/16/2019

FINANCIAL OVERVIEW

After Repair Value (ARV)
$410,000
Total Project Costs
$334,990
$75,010
GROUNDFLOOR
$286,990
$48,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$255,000
Purchase Date
01/30/2018
Loan To ARV
70.0%
Loan To Total Project Cost
85.7%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
4
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)
$410,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

4482 BOWSTRING CT, TITUSVILLE, FL 32796
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 October 17, 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 is using $200,397 of the loan proceeds to pay off an existing loan that was used to acquire and begin renovation of the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards completing the renovation of the property, much like an acquisition and renovation loan.
  • Please consult the Offering Circular