Filed Pursuant to Rule 253(g)(2)
File No. 024-10753
PART II
OFFERING CIRCULAR
Groundfloor Finance Inc.
Fourteen Series of Limited Recourse Obligations
Totaling $3,034,620
Dated: January 29, 2019
This Post-Qualification Offering Circular Amendment No. 37 (this “PQA”) amends the offering circular of Groundfloor Finance Inc, dated December 29, 2017, as qualified on January 4, 2018, and as may be amended and supplemented from time to time (the “Offering Circular”), to add additional securities to be offered pursuant to the Offering Circular. This PQA relates to the offer and sale of up to an additional $3,034,620 in aggregate amount of Limited Recourse Obligations (the “LROs”) to be issued by Groundfloor Finance Inc. (the “Company,” “we,” “us,” or “our”). Unless otherwise defined below, capitalized terms used herein shall have the same meanings as set forth in the Offering Circular. See “Incorporation by Reference of Offering Circular” below.
We make LROs available for investment on our web-based investment platform www.groundfloor.com (the “Groundfloor Platform”). Our principal offices are located at 75 Fifth Street, NW, Suite 2170, Atlanta, GA 30308. The phone number for these offices is (404) 850-9225. Our mailing address is PO Box 79346, Atlanta, GA 30357.
We will issue the LROs in distinct series, each corresponding to a real estate development project (each, a “Project”) financed by a commercial loan from us (each, a “Loan”). The borrower for each Project is a legal entity (the “Borrower”) that owns the underlying property and has been organized by one or more individuals (each, a “Principal”) that own and operate the Borrower. This PQA relates to the offer and sale of each separate series of LROs corresponding to the Projects for which we extend Loans, as described below (the “Offering”).
The LROs will be unsecured special, limited obligations of the Company. The LROs are not listed on any national securities exchange or on the over-the-counter inter-dealer quotation system. There is no market for the LROs. Our obligation to make payments on a LRO is limited to an amount equal to each holder’s pro rata share of amount of payments, if any, actually received on the corresponding Loan, net of certain fees and expenses retained by us. See the sections titled “General Terms of the LROs,” “The LROs Covered by this Offering Circular,” and “Project Summaries” of the Offering Circular, as amended hereby, for the specific terms of the LROs covered by this PQA.
We do not guarantee payment of the LROs in the amount or on the time frame expected. The LROs are not obligations of the Borrowers or their Principals, and we do not guarantee payment on the corresponding Loans. We have the authority to modify the terms of the corresponding Loans which could, in certain circumstances, reduce (or eliminate) the expected return on your investment. See the “General Terms of the LROs—Administration, Service, Collection, and Enforcement of Loan Documents” section on page 106 of the Offering Circular.
The LROs are speculative securities. Investment in the LROs involves significant risk, and you may be required to hold your investment for an indefinite period of time. You should purchase these securities only if you can afford a complete loss of your investment. See the “Risk Factors” section on page 12 of the Offering Circular.
Generally, no sale may be made to you in this offering to the extent that the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(c) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.
We will commence the offering of each series of LROs promptly after the date this PQA is qualified by posting on the Groundfloor Platform a separate landing page corresponding to each particular Loan and Project (each, a “Project Summary”). The offering of each series of LROs covered by this PQA will remain open until the earlier of (1) 30 days, unless extended, or (2) the date the offering of a particular series of LROs is fully subscribed with irrevocable funding commitments (the “Offering Period”); however, we may extend the Offering Period for a particular series of LROs in our sole discretion (with notice to potential investors) up to a maximum of 45 days. We will notify investors who have previously committed funds to purchase such series of LROs of any such extension by email and will post a notice of the extension on the corresponding Project Summary on the Groundfloor Platform.
This Offering is being conducted on a “best-efforts” basis, which means that our officers will use their commercially reasonable best efforts in an attempt to sell the LROs. Such officers will not receive any commission or any other remuneration for these sales. In offering the LROs on our behalf, the officers will rely on the safe harbor from broker-dealer registration set out in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended.
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED HEREUNDER ARE EXEMPT FROM REGISTRATION.
| Offering price to the public | Underwriting discounts and commissions | Proceeds to issuer(1)(2) | Proceeds to other persons | |||||||||||||
| Per Unit | $ | 10.00 | N/A | $ | 10.00 | N/A | ||||||||||
| Total Minimum | $ | 125,680 | N/A | $ | 125,680 | N/A | ||||||||||
| Total Maximum | $ | 3,034,620 | N/A | $ | 3,034,620 | N/A | ||||||||||
(1) We estimate all expenses for this Offering to be approximately $4,500, which will not be financed with the proceeds of the Offering.
(2) Assumes no promotions or discounts applied to any offerings covered by this PQA.
Incorporation by Reference of Offering Circular
The Offering Circular, including this PQA, is part of an offering statement (File No. 024-10753) that we filed with the Securities and Exchange Commission. We hereby incorporate by reference into this PQA all of the information contained in the following:
| 1. | Part II of theOffering Circular, including the form of LRO Agreement beginning on page LRO-1 thereof to the extent not otherwise modified or replaced by offering circular supplement and/or post-qualification amendment. |
| 2. | Post-Qualification Amendment No. 6 to the Offering Circular. |
| 3. | Semi Annual Report on Form 1-SA |
Note that any statement that we make in this PQA (or have made in the Offering Circular) will be modified or superseded by any inconsistent statement made by us in a subsequent offering circular supplement or post-qualification amendment.
The LROs Covered by the Offering Circular and Use of Proceeds
The following disclosure is added on pages 109 and 110 of the Offering Circular under the table included under “The LROs Covered by this Offering Circular” and “Use of Proceeds,” respectively:
The table below lists the additional Projects covered by this PQA for which we are offering fourteen separate series of LROs. Each series of LROs is denominated by the corresponding Project’s name.
| Series of LROs/Project | Aggregate Purchase Amount/Loan Principal | |||
| 2301 North 4th Street, Minneapolis, MN, 55411 | $ | 125,680 | ||
| 1225 North Pulaski Road, Chicago, IL, 60651 | 143,720 | |||
| 584 Atkins Street, Middletown, CT, 06457 | 156,670 | |||
| 90 Lakeshore Dr, Winchendon, MA, 01475 | 163,720 | |||
| 1661 Chandler Drive, Lake Havasu City, AZ, 86403 | 178,020 | |||
| 1073 Cascade Road Southwest, Atlanta, GA, 30311 | 194,260 | |||
| 3844 Juliet Leia Circle South, Jacksonville, FL, 32218 | 194,870 | |||
| 7801 Clendinnen Drive, Clinton, MD, 20735 | 196,210 | |||
| 16 Winsome Rd, South Yarmouth, MA, 02664 | 211,400 | |||
| 2399 Mcafee Rd, Decatur, GA, 30032 | 259,180 | |||
| 282 Milton Avenue Southeast, Atlanta, GA, 30315 | 273,400 | |||
| 929 E Ramseur Street, Durham, NC, 27701 | 288,400 | |||
| 931 E Ramseur St, Durham, NC, 27701 | 288,400 | |||
| 3405 Lee Street, East Point, GA, 30344 | 360,690 | |||
| Total | $ | 3,034,620 | ||
Project Summaries
Each Project Summary attached below is included in the Offering Circular following page PS-332.
PROJECT SUMMARIES FOR PQA NO. 37
PROJECT SUMMARY | 2301 NORTH 4TH STREET, MINNEAPOLIS, MN 55411
D
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 13% | 12 months | 62.84% | $125,680 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $125,680 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Nimle Properties LLC
Thomas Ernie Scott - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $200,000
$48,484
Total Project Costs $151,516
GROUNDFLOOR
$125,680
$25,836
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $134,000 | Loan To ARV | 62.8% |
| Purchase Date | 01/10/2019 | Loan To Total Project Cost | 80.7% |
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 3 10
Location 4 8
Borrower Experience 1 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$200,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 2301 NORTH 4TH STREET, MINNEAPOLIS, MN 55411
The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on January 10, 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.
The Borrower is a new entity and does not have any assets or operating history.
The Principal has not undertaken any project in the past. As such, the Principal’s experience, average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
NIMLE PROPERTIES LLC
DATE OF FORMATION*
10/19/2018
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $0 | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Thomas Ernie Scott
FOCUS
Buy & Hold
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 0 | $0 |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 0 months | $0 |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-333 |
PROJECT SUMMARY | 1225 NORTH PULASKI ROAD, CHICAGO, IL 60651
B
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 9% | 12 months | 57.7% | $143,720 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Renovation | First Lien | $143,720 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Campoverde Properties LLC
Luis Campoverde - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $260,000
$97,350
Total Project Costs $162,650
GROUNDFLOOR
$143,720
$18,930
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $60,000 | Loan To ARV | 55.3% |
| Purchase Date | 09/19/2018 | Loan To Total Project Cost | 85.5% |
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 5 8
Borrower Experience 5 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$260,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 1225 NORTH PULASKI ROAD, CHICAGO, IL 60651
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to begin renovation of this property on December 6, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is 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 project in the past year. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
CAMPOVERDE PROPERTIES LLC
DATE OF FORMATION*
04/27/2018
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $60K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Luis Campoverde
FOCUS
Fix & Flip
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 6 | $400K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 6 months | $250K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-334 |
PROJECT SUMMARY | 584 ATKINS STREET, MIDDLETOWN, CT 06457
B
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 9% | 12 months | 56.97% | $156,670 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $156,670 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Coccomo II, LLC
Thomas Coccomo Jr. - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $275,000
$107,885
Total Project Costs $167,115
GROUNDFLOOR
$156,670
$10,445
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $145,000 | Loan To ARV | 57.0% |
| Purchase Date | 12/20/2018 | Loan To Total Project Cost | 90.3% |
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 5 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$275,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 584 ATKINS STREET, MIDDLETOWN, CT 06457
The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on December 20, 2018 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.
The Borrower’s 2018 revenue was derived from rental properties because the Borrower’s primary focus in 2018 was buy and hold.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
COCCOMO II, LLC
DATE OF FORMATION*
09/29/2014
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $225K | $2.5K | 1 | $27K |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | 55.55% |
PRINCIPAL
Thomas Coccomo Jr.
FOCUS
Buy & Hold
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 4 | $425K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 6 months | $300K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-335 |
PROJECT SUMMARY | 90 LAKESHORE DR, WINCHENDON, MA 01475
C
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 10.5% | 9 months | 70.0% | $163,720 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $163,720 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Property Rehab solutions, LLC
Chad E. King - Principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $233,900
$48,250
Total Project Costs $185,650
GROUNDFLOOR
$163,720
$21,930
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $150,200 | Loan To ARV | 70.0% |
| Purchase Date | 12/31/2018 | Loan To Total Project Cost | 85.4% |
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)
$233,900
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 90 LAKESHORE DR, WINCHENDON, MA 01475
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on December 13, 2018 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 for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
PROPERTY REHAB SOLUTIONS, LLC
DATE OF FORMATION*
11/09/2016
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $150.2K | $11K | 2 | $440K |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | 28.19% |
PRINCIPAL
Chad E. King
FOCUS
Fix & Flip
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 3 | 3 | 4 | $220K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| 100% | 4 months | $165K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-336 |
PROJECT SUMMARY | 1661 CHANDLER DRIVE, LAKE HAVASU CITY, AZ 86403
A
| Rate | Projected Term | Loan to Value | Remaining Amount / Days | Investors |
| 6.9% | 12 months | 43.9% | $165,450 / 30 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Renovation | First Lien | $178,020 | Monthly payment - interest returned monthly, principal due at maturity. |
BORROWER
Sheridan Properties LLC
John Fitzgerald - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $400,000
$12,534
Total Project Costs $387,466
GROUNDFLOOR
$178,020
$209,446
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $364,086 | Loan To ARV | 44.5% |
| Purchase Date | 06/11/2013 | Loan To Total Project Cost | 46.0% |
GRADE FACTORS
The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score 10 10
Quality of Valuation Report 4 4
Skin-in-the-Game 10 10
Location 4 8
Borrower Experience 4 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$400,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 1661 CHANDLER DRIVE, LAKE HAVASU CITY, AZ 86403
The Borrower intends to use the loan proceeds to complete a renovation to the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to begin renovation of this property on December 12, 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 property was purchased for $364,086. The Borrower intends to use $150,000 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 $214,086 that is tied up in the project after completion of our loan.
The Borrower has not completed any project in the past year. As such, The Borrower’s average revenue, cost, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
SHERIDAN PROPERTIES LLC
DATE OF FORMATION*
03/22/2004
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $364.1K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
John Fitzgerald
FOCUS
Buy & Hold
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 3 | $291.8K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 12 months | $204.9K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-337 |
PROJECT SUMMARY | 1073 CASCADE ROAD SOUTHWEST, ATLANTA, GA 30311
C
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 11% | 12 months | 69.13% | $194,260 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $194,260 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Divine Dream Homes LLC
Lorenzo Kendrick - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $281,000
$69,577
Total Project Costs $211,423
GROUNDFLOOR
$194,260
$17,163
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $165,000 | Loan To ARV | 69.1% |
| Purchase Date | 01/09/2019 | Loan To Total Project Cost | 89.7% |
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 3 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$281,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 1073 CASCADE ROAD SOUTHWEST, ATLANTA, GA 30311
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on January 9, 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 for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
DIVINE DREAM HOMES LLC
DATE OF FORMATION*
01/06/2016
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $294K | $0 | 1 | $227.5K |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | 31.86% |
PRINCIPAL
Lorenzo Kendrick
FOCUS
Fix & Flip
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 2 | $74K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 10 months | $47K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-338 |
PROJECT SUMMARY | 3844 JULIET LEIA CIRCLE SOUTH, JACKSONVILLE, FL 32218
B
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 9% | 12 months | 69.6% | $194,870 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $194,870 | Monthly payment - interest returned monthly, principal due at maturity. |
BORROWER
RSRJW, LLC
Starleatha Williams - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $280,000
$52,432
Total Project Costs $227,568
GROUNDFLOOR
$194,870
$32,698
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $215,900 | Loan To ARV | 69.6% |
| Purchase Date | 01/08/2019 | Loan To Total Project Cost | 83.3% |
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 3 10
Location 4 8
Borrower Experience 5 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$280,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 3844 JULIET LEIA CIRCLE SOUTH, JACKSONVILLE, FL 32218
The Borrower intends to use the loan proceeds to purchase and renovate to the property. Upon completion, the Borrower plans to refinance the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on January8, 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.
The Borrower has not completed any projects since inception. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
RSRJW, LLC
DATE OF FORMATION*
02/17/2017
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $0 | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Starleatha Williams
FOCUS
Buy & Hold
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 4 | $199K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 9 months | $139K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-339 |
PROJECT SUMMARY | 7801 CLENDINNEN DRIVE, CLINTON, MD 20735
C
| Rate | Projected Term | Loan to ARV | Remaining Amount / Days | Investors |
| 11% | 12 months | 61.32% | $178,720 / 30 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $196,210 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Options,Incorporated
Jeffrey Sibert - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $320,000
$110,625
Total Project Costs $209,375
GROUNDFLOOR
$196,210
$13,165
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $125,000 | Loan To ARV | 61.3% |
| Purchase Date | 12/20/2018 | Loan To Total Project Cost | 90.3% |
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)
$320,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 7801 CLENDINNEN DRIVE, CLINTON, MD 20735
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on December 20, 2018 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.
The Borrower has not completed any project in the past year. As such, the Borrower’s average revenue, cost, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post-Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
OPTIIONS, INCORPORATED
DATE OF FORMATION*
10/10/2006
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $125K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Jeffrey Sibert
FOCUS
Fix & Flip
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 2 | $480K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 12 months | $375K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-340 |
PROJECT SUMMARY | 16 WINSOME RD, SOUTH YARMOUTH, MA 02664
B
| Rate | Projected Term | Loan to ARV | Remaining Amount / Days | Investors |
| 9% | 12 months | 67.0% | $197,590 / 30 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $211,400 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Waner Affiliated LLC
Waner Cadet, Jr. - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $315,500
$49,999
Total Project Costs $265,501
GROUNDFLOOR
$211,400
$54,101
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $215,000 | Loan To ARV | 67.0% |
| Purchase Date | 01/04/2019 | Loan To Total Project Cost | 78.1% |
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 4 10
Location 4 8
Borrower Experience 3 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$315,500
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 16 WINSOME RD, SOUTH YARMOUTH, MA 02664
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to purchase this property on January 4, 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.
The Borrower has only undertaken one project in the past year, and has not sold it yet. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
WANER AFFILIATED LLC
DATE OF FORMATION*
10/05/2017
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $185K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Waner Cadet, Jr.
FOCUS
Fix & Flip
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 2 | $312K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 12 months | $218K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-341 |
PROJECT SUMMARY | 2399 MCAFEE RD, DECATUR, GA 30032
B
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 8.3% | 12 months | 60.98% | $259,180 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| New Construction | First Lien | $259,180 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
HG Builders LLC
Harsh Goyal - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $425,000
$143,990
Total Project Costs $290,180
GROUNDFLOOR
$259,180
$31,000
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $96,000 | Loan To ARV | 61.0% |
| Purchase Date | 12/17/2018 | 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 5 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)
$425,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 2399 MCAFEE RD, DECATUR, GA 30032
The Borrower intends to use the loan proceeds to complete a new construction. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to begin construction of this property on December 17, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower will has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
The construction will require permitting, and permits may not be obtained on time or may be denied.
There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
The Borrower has not completed any project in the past year. As such, The Borrower’s average revenue, cost, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
HG BUILDERS LLC
DATE OF FORMATION*
09/25/2018
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $96K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Harsh Goyal
FOCUS
New Construction
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 5 | $295K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 5 months | $218K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-342 |
PROJECT SUMMARY | 282 MILTON AVENUE SOUTHEAST, ATLANTA, GA 30315
D
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 13% | 12 months | 68.52% | $273,400 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Purchase & Renovation | First Lien | $273,400 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Peach Funding, LLC
Daniel Dierdorff - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $399,000
$86,907
Total Project Costs $312,093
GROUNDFLOOR
$273,400
$38,693
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $165,500 | Loan To ARV | 68.5% |
| Purchase Date | 12/26/2018 | Loan To Total Project Cost | 84.9% |
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)
$399,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 282 MILTON AVENUE SOUTHEAST, ATLANTA, GA 30315
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed purchase this property on December 26, 2018 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.
The Borrower has not completed any project in the past year. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
PEACH FUNDING, LLC
DATE OF FORMATION*
06/29/2016
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $165.5K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Daniel Dierdorff
FOCUS
Fix & Flip
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 2 | $260K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 6 months | $185K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-343 |
PROJECT SUMMARY | 929 E RAMSEUR STREET, DURHAM, NC 27701
B
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 9% | 12 months | 70.0% | $288,400 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| New Construction | First Lien | $288,400 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Ramarama Inc
Marcus Bullock - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $412,000
$91,700
Total Project Costs $330,400
GROUNDFLOOR
$288,400
$42,000
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $225,000 | Loan To ARV | 70.0% |
| Purchase Date | 11/30/2016 | Loan To Total Project Cost | 87.7% |
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 8 10
Location 4 8
Borrower Experience 3 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$412,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 929 E RAMSEUR STREET, DURHAM, NC 27701
The Borrower intends to use the loan proceeds to complete a new construction. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to begin construction of this property on December 19, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower will has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
The construction will require permitting, and permits may not be obtained on time or may be denied.
There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
The Borrower has not completed any project in the past year. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Borrower is using $180,000 of the loan proceeds to pay off an existing loan that was used to acquire 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 for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
RAMARAMA INC
DATE OF FORMATION*
01/28/2016
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $450K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Marcus Bullock
FOCUS
New Construction
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 2 | $295K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 7 months | $218K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-344 |
PROJECT SUMMARY | 931 E RAMSEUR ST, DURHAM, NC 27701
B
| Rate | Projected Term | Loan to ARV | Remaining Amount / Days | Investors |
| 9% | 12 months | 70.0% | $269,460 / 30 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| New Construction | First Lien | $288,400 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Ramarama Inc
Marcus Bullock - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $412,000
$91,700
Total Project Costs $330,400
GROUNDFLOOR
$288,400
$42,000
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $225,000 | Loan To ARV | 70.0% |
| Purchase Date | 03/18/2016 | Loan To Total Project Cost | 87.7% |
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 8 10
Location 4 8
Borrower Experience 3 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$412,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 931 E RAMSEUR STREET, DURHAM, NC 27701
The Borrower intends to use the loan proceeds to complete a new construction. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to begin construction of this property on December 19, 2018 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower will has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues.
The construction will require permitting, and permits may not be obtained on time or may be denied.
There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place.
Borrower is using $180,000 of the loan proceeds to pay off an existing loan that was used to acquire 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.
The Borrower has not completed any project in the past year. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
RAMARAMA INC
DATE OF FORMATION*
01/28/2016
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $450K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Marcus Bullock
FOCUS
New Construction
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 2 | $295K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 7 months | $218K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-345 |
PROJECT SUMMARY | 3405 LEE STREET, EAST POINT, GA 30344
C
| Rate | Projected Term | Loan to ARV | Loan Amount | Investors |
| 11% | 12 months | 64.99% | $360,690 | 0 |
| Purpose | Loan Position | Total Loan Amount | Repayment Terms |
| Renovation | First Lien | $360,690 | Balloon payment - principal and interest returned on repayment / due at maturity. |
BORROWER
Handsome Home Co LLC
Phylesia Mintz - principal
INVEST NOW
Click here to view the LRO Agreement
FINANCIAL OVERVIEW
After Repair Value (ARV) $555,000
$125,545
Total Project Costs $429,455
GROUNDFLOOR
$360,690
$68,765
0%
Skin-in-the-Game First Lien Loan Cushion
| Purchase Price | $270,000 | Loan To ARV | 65.0% |
| Purchase Date | 11/04/2018 | Loan To Total Project Cost | 81.6% |
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 3 10
Location 4 8
Borrower Experience 5 5
Borrower Commitment 1 1
VALUATION REPORTS
As Complete (ARV)
$555,000
Certified Independent Appraisal
Broker’s Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps
PROPERTY DESCRIPTION
Address: 3405 LEE STREET, EAST POINT, GA 30344
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.
INVEST NOW
Click here to view the LRO Agreement
PROPERTY PHOTOS
MISCELLANEOUS
PROJECT SPECIFIC RISK FACTORS
The Borrower was advanced the money it needed to begin renovation of this property on December 21, 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.
Borrower is using $170,000 of the loan proceeds to pay off an existing loan that was used to acquire 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.
The Borrower has not completed any project in the past year. As such, the Borrower’s average revenue, costs, and margins cannot be calculated.
Please consult the Offering Circular for further discussion of general risk factors.
CLOSING CONDITIONS
Loan is conditioned upon a clean title search and valid title insurance at the time of close.
DEVELOPER FEES
GROUNDFLOOR generally charges borrowers between 2% and 6% of the principal amount of the loan for our services.
GROUNDFLOOR does not take a ‘spread’ on any part of the interest payments.
Developers may capitalize the cost of closing into the principal amount of their request. These closing costs typically range from $500 to $1500.
Unless otherwise limited by applicable law, GROUNDFLOOR will charge a penalty of 2% for any extension made to the borrower. See GROUNDFLOOR ‘Fees and Expenses’ in the Offering Circular.
SEC FILING INFORMATION
The series of LROs corresponding to this Project are offered pursuant to Post Qualification Amendment No. 37 to the Offering Circular dated December 29, 2017 (each, as amended and supplemented from time to time), including the documents incorporated by reference therein. You may access and review these documents on the Internal Filings Directory located on our Platform.
| BORROWER SUMMARY | UNLESS NOTED WITH A*, INFORMATION BELOW IS SUPPLIED BY THE BORROWER AND IS NOT VERIFIED. BORROWERS REPRESENT AND WARRANT THAT INFORMATION SUPPLIED IS ACCURATE. |
HANDSOME HOME CO LLC
DATE OF FORMATION*
09/05/2014
| FINANCIAL DATA | PROJECTS / REVENUE |
| Reporting date: 12/31/18 | Reporting period: 2018 |
| Value of Properties | Total Debt | Completed Projects | Revenue |
| $270K | $0 | 0 | $0 |
| Unsold Inventory | Aged Inventory | Gross Margin % | |
| 0 | 0 | N/A |
PRINCIPAL
Phylesia Mintz
FOCUS
Other
| GROUNDFLOOR HISTORY * | HISTORICAL AVERAGES |
| Reporting period: three years ending 2018 |
| Loans Funded | Loans Repaid | Completed Projects Per Year | Average Project Revenue |
| 0 | 0 | 4 | $316K |
| On Time Repayment | Average Project Time | Average Total Project Costs | |
| N/A | 6 months | $206.3K |
THE COMPANY PLAYED NO ROLE IN THE PREPARATION OF ANY OF THE VALUATION SOURCES OR ANY OTHER MATERIALS PROVIDED BY THE BORROWER. WHILE WE BELIEVE THE DATA CONTAINED THEREIN IS HELPFUL, WE DO NOT USE IT AS THE SOLE BASIS FOR A FUNDING DECISION.
| PS-346 |