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LOAN SUMMARY | 10517 Old Kings Road, Jacksonville, FL 32219

BORROWER

Seaside Investment of North Florida LLC
Joshua McDaniel - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
6 months
67.4%
$104,040
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$104,040
Repaid on 09/13/2023
Started on
Funded on
Repaid on
Matured on
04/19/2022
08/13/2022
09/13/2023
10/18/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$198,500
Total Project Costs
$153,960
$44,540
$14,860
GROUNDFLOOR
$133,760
$5,340
0%
Skin-in-the-Game
First Lien Loan
Second Lien Loan
Cushion
Purchase Price
$118,000
Purchase Date
04/19/2022
Loan To ARV
67.4%
Loan To Total Project Cost
86.9%

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

VALUATION REPORTS

As Complete (ARV)
$198,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

10517 OLD KINGS ROAD, JACKSONVILLE, FL 32219
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 April 19, 2022 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.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $104,040 and the second series of LROs will be for $29,720. The last LROs series is subordinate to the first two series of LROs and will be for $14,860. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 10517 Old Kings Road #1 and 10517 Old Kings Road #2 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 10517 Old Kings Road #3 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • The Borrower's 2021 revenue was derived from rental properties because the Borrower's primary focus in 2021 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular