Our monthly Groundfloor Asset Management series remains committed to highlighting key performance metrics and other relevant data managed by our Asset Management team. In this month's blog, we continue to deliver the key metrics you expect from this series, as well as provide highlights from the month.
By The NumbersWithin this segment, we present insights into the metrics relating to the loan portfolio performance for the month of November. Our assessment will encompass loan payoffs, repayment and interest volume, rate of return, and loss ratios. Additionally, we have included comprehensive views of our loan performance states and a detailed overview of the data from the last twelve months.
Groundfloor recorded 67 loan repayments in November. A total of 956 loans have been paid over the last 12 months.
Notwithstanding the continued economic challenges, ongoing asset management efforts have contributed to stability in loan repayment activity. Despite factors such as inflation, rising interest rates, and borrower struggles, the performance rates for loan repayments have remained consistent.
Below is a monthly breakdown of the loans repaid and repayment volume over the last twelve months:
Repayment & Interest Volume
The repayment volume for the month of November saw a total of $20,600,568. Interest volume for November returned $2,072,675.
Rate of Return
During the month of November, the rate of return was 9.82%. Groundfloor continues to uphold an impressive overall rate-of-return of 9.78%, signifying sustained strength and performance over an extended period.
Loss Ratio
In November, Groundfloor encountered 5 losses, resulting in a loss rate of 1.79%. The last twelve month average loss ratio stands at 1.81%. Groundfloor maintains an impressively low overall historical loss rate of 0.83%.
Further Detail
Groundfloor identifies three distinct loan states within our portfolio: Current, Extended, and Default. The charts below offer a month-over-month depiction of repayments from all loan portfolio states for the last twelve months. Losses are reflected within the default loan state.
Lastly, we present a full view into our overall loan portfolio over the last twelve months, broken out into expanded detail for your assessment.
Highlights from the Month
Here are some of the notable loan achievements from last month:
17238 Spearmint Ln
- The loan matured in May of 2023.
- There were initial delays due to previous hurricanes in the area. Borrower continued to work on repayment of the loan through sale and through refinance
- Foreclosure was filed in April 2024 prior to loan maturity due to lack of progress from the borrower
- Borrower continued to work on refinance throughout 2024 during the foreclosure
- With continued communication between borrower and Groundfloor Asset Management, the loan was repaid in November 2024 with full principal plus interest for investors
1617 North Davidson
- The loan matured in October of 2020
- 2021 - The borrower faced litigation from several other non-Groundfloor related real estate transactions in the area and 3rd party liens against the property surfaced
- 2021 - Borrower filed for bankruptcy
- 2021-2023 - Litigation continued against the borrower's entity and other lien holders
- September 2023 - Litigation was settled and foreclosure could commence
- Foreclosure was completed August 2024
- November 2024 - Property listed for sale and sold for highest and best. Full principal plus interest repaid to investors
November Project Spotlights
We're highlighting some of the properties that were repaid last month and showcasing their before-and-after outcomes in the section below.
11211 Ashley Dr, Rockville MD
(Fix and Flip)
Total Loan Amount: $461,992
Term: 12 months
Repaid Date: November 22, 2024
Property sold at: $700,000
3180 Parker Dr. Cumming GA
(Refi and Reno)
Before and After
Total Loan Amount: $814,238
Term: 12 months
Repaid Date: November 13th, 2024
Property Sold For: $1,500,000
Review your Groundfloor Investor Account
To review your current portfolio's performance, and discover and invest in new LRO's, please visit your Investor Account here and your Auto Investor Account through the Groundfloor app.
If you don’t have an Auto Investor Account, transfer funds today via the app for easier automated investing.
Further Reading
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- Take a look at our Borrower Spotlight
- Check out our recent Monthly Market Trends Blog
- Read our Asset Management Supplement