C

LOAN SUMMARY | 651 Sea St, Quincy, MA 02169

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
68.2%
$222,930
719
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$222,930
Funded
Started on
Funded on
Repaid on
Matures on
07/15/2019
Pending
07/18/2020

LOAN UPDATES

GROUNDFLOOR - 6/8/2020

GROUNDFLOOR has issued a Notice of Default due to the lack of progress. We will engage legal counsel to proceed with foreclosure if the loan is not repaid by July 8, 2020.


GROUNDFLOOR - 6/5/2020

The borrower has advised there have been delays with the city due to flooding, and they are waiting for a soil test.

GROUNDFLOOR - 4/9/2020

The borrower has advised they are working on refinancing the GROUNDFLOOR loan.

GROUNDFLOOR - 1/15/2020

The borrower has advised that the refinance is expected to close in about 30 days.

GROUNDFLOOR - 1/14/2020

GROUNDFLOOR has reached out to the borrower for an update. We will publish an additional update once we receive a response.

GROUNDFLOOR - 12/16/2019

Our Director of Asset Management is coordinating with the borrower on a date to visit the property in early January.

GROUNDFLOOR - 11/18/2019

The borrower has advised that he is working to refinance the loan within the next month or two. Our Director of Asset Management will be visiting the property in mid-December or early January if the loan is not refinanced by then.

GROUNDFLOOR - 11/12/2019

The borrower has advised that he is actively working to refinance the loan. Our Director of Asset Management will be scheduling a call with the borrower to obtain more information. We will provide an additional update within the next week.

GROUNDFLOOR - 11/12/2019

Our Director of Asset Management has given the borrower until Friday, November 15th to provide an update and arrange a site visit. If no response is received, a Progress Default will be issued.

GROUNDFLOOR - 9/24/2019

The drive-by inspection report has come back and at this time there is no cause for concern. 

GROUNDFLOOR - 9/17/2019

GROUNDFLOOR has ordered a drive-by inspection.

GROUNDFLOOR - 9/12/2019

GROUNDFLOOR has reached out to the borrower for an update. If we do not receive an update by Tuesday, September 17th, we will order a drive-by inspection. 

GROUNDFLOOR - 8/2/2019
The borrower has advised the following renovations are complete:
  • Demolition is complete. 
  • Rough-in plumbing is complete. 
  • Electrical is complete. 
  • Drywall and mudding are complete. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$327,000
Total Project Costs
$247,930
$79,070
GROUNDFLOOR
$222,930
$25,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$155,000
Purchase Date
07/17/2019
Loan To ARV
68.2%
Loan To Total Project Cost
89.6%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$327,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

651 SEA ST, QUINCY, MA 02169
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 purchase this property on July 17, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession 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.
  • Please consult the Offering Circular