B

LOAN SUMMARY | 3503 Stuart Street, Jacksonville, FL 32209

BORROWER

San Pablo Holdings LLC
Lance Barnett - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.5%
6 months
67.3%
$74,100
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$74,100
Repaid on 08/10/2022
Started on
Funded on
Repaid on
Matured on
04/20/2022
08/10/2022
08/10/2022
10/19/2022

FINANCIAL OVERVIEW

After Repair Value (ARV)
$141,500
Total Project Costs
$115,430
$26,070
$10,580
GROUNDFLOOR
$95,260
$9,590
0%
Skin-in-the-Game
First Lien Loan
Second Lien Loan
Cushion
Purchase Price
$95,000
Purchase Date
04/20/2022
Loan To ARV
67.3%
Loan To Total Project Cost
82.5%

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
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$141,500
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3503 STUART STREET, JACKSONVILLE, FL 32209
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 20, 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 $74,100 and the second series of LROs will be for $21,160. The last LROs series is subordinate to the first two series of LROs and will be for $10,580. 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 3503 Stuart Street #1 and 3503 Stuart Street #2 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 3503 Stuart Street #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 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 Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular