Welcome to our Asset Management Monthly Update series, which we began in May 2020 to give Groundfloor investors a monthly snapshot of how our asset management team is managing our outstanding loan portfolio. This report provides details on loans repaid in the previous month, as well as insight into how Groundfloor acted to manage troubled loans.
This latest installment looks at activity from June 2022. You may view activity from previous periods by clicking the links below.
May 2022
April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
December 13-19, 2020
December 6-12, 2020
November 29 - December 5, 2020
November 22-28, 2020
November 15-21, 2020
November 8-14, 2020
November 1-7, 2020
October 25-31, 2020
October 18-24, 2020
October 11-17, 2020
October 4-10, 2020
September 27 - October 3, 2020
September 20-26, 2020
September 13-19, 2020
September 6-12, 2020
August 30 - September 5, 2020
August 23-29, 2020
August 16-22, 2020
August 9-15, 2020
August 2-8, 2020
July 26 - August 1, 2020
July 19-25, 2020
July 12-18, 2020
July 5-11, 2020
June 28 - July 4, 2020
June 21-27, 2020
June 14-20, 2020
June 7-13, 2020
May 31-June 6, 2020
May 24-30, 2020
May 17-23, 2020
May 10-16, 2020
Principal and Interest Repaid Over The Past Months
First, let’s take a look at the total principal and interest repayments disbursed to investors over the past four months:
Aggregated Performance Metrics
Next, let’s take a deeper dive into repayment activity over the past months to get a better picture of how our recently repaid loans have been performing. We examine the metrics of loans repaid within the last month, loans repaid since the start of Q2 2022, and loans repaid year-to-date in 2022.
It's important to note that the above table shows the performance of loans that were repaid during the time periods noted, not the performance of loans originated during these timeframes.
Last Month’s Repayments - June 2022
This table presents loans that were repaid within the previous month, with details on the status, actual vs. expected term, actual vs. expected rate, and the exit valuation (sales price or appraised value at time of refinancing, if available):
*NOTE: Actual rate is not inclusive of any promotions. Individual repayments are dependent on how long your principal is active in a given loan.
Key To Loan Status Column:
Current - loan remained current throughout the term and repaid with full principal (plus interest)
Extended - loan was past maturity and Groundfloor granted contract extension or forbearance agreement
Default - loan was past maturity and Groundfloor took some legal action (e.g., pursuing foreclosure or filing an insurance claim) to resolve the loan
REO - Groundfloor assumed title to the property (either through foreclosure or deed in lieu) and sold the property
Links to the loan detail pages for the above loans:
1859 West 31st St
1400 Barna Ave
844 East Ventura Ct
848 East Ventura Ct
854 Thurmond St NW
31 Briar Ln
2214 Woodland Ave
2301 North Decatur Rd (LRO #1, LRO #2)
20529 Melrose St
2092 Cleveland Ct (LRO #1, LRO #2, LRO #3, LRO #4)
694 Cascade Ave SW
602 Jackson St
1812 Pinecrest Dr
28 Haven Dr
753 Grove Park Blvd
4832 Windrush Ln
3673 Turret Ct NE
259 Mimosa Rd
595 Twilley Rd NW
127 Detroit St
184-186 North Hague Ave
408 Messner St
758 Charlotte Pl NW
1918 North Liberty St
2337 Tom Jones St
10113 Leisure Ln N (LRO #1, LRO #2)
5126 Delphin Ln
6153 Autlan Dr
2022 Deren Way NE (LRO #1, LRO #2)
12971 East 33rd St
132 J Y Carmichael Rd
528 East Stadium Dr
7331 East St
922-924 North Lasalle St
6380 Jess Ct (LRO #1, LRO #2)
974 Brookview Dr N
5114 Harvey Grant Rd
2919 Dignan St
1471 Hardee St
3102 Thomas St
1423 Lanvale Dr SW
2147 Trailwood Dr
4120 Grant Dr SW
1634 Dockside Dr
6985 Wycombe Rd (LRO #1, LRO #2)
439 3rd Ave
2927 Noritake Trl (LRO #1, LRO #2)
25 Village Del Lago Cir
7837 Denham Rd W
1545 Ionia St
2925 West 15th St #1
7803 Rock Rose Ln
768 Mamie Rd (LRO #1, LRO #2)
346 Mount Vernon Ave
2970 Barkway Dr
415 Washington St
4106 Kelly Ave
3458 Rockhaven Cir NE (LRO #1, LRO #2)
741 Brookline St SW
12955 Barbezieux Dr
1920 Lakewood Terr SE (LRO #1, LRO #2)
1425 McCulloh St
612 South Epperson St (LRO #1, LRO #2)
5882 Nutbush Pl
2202 Charlestown Ave
193 Mickler Dr
3140 Thomas St
4926 Dearborn St
251 Travella Blvd
31 Screven St NE (LRO #1, LRO #2)
2064 Meharry Ave
1262 Mull St
7805 Rock Rose Ln
3900 Arkansas Ave
697 Garibaldi St SW (LRO #1, LRO #2, LRO #3)
2173 West 41st St (LRO #1, LRO #2)
3240 Green St
92 Bowdoin St
8644 7th Ave
3212 Fisher Ave
1611 Indian Trl
2475 Skyland Trl NE (LRO #1, LRO #2, LRO #3, LRO #4, LRO #5, LRO #6, LRO #7)
1235 North Waller Ave
319 Cheryl St
1392 Beatie Ave SW
Special Situations Repaid Last Month
Next, we provide a monthly overview of special situation loans we resolved in the prior month.
Last month, a total of 85 loans were repaid. 44 of them were current, repaying on time and in full. 37 loans were granted an extension last month and were repaid after the stated maturity date. 4 were special situation loans, the details of which are below.
3673 Turret Ct NE - Repaid Out Of Default
The project began in September 2020 and the loan had an original maturity date in September 2021. As the maturity date approached, Groundfloor reached a workout agreement with the borrower, giving a new maturity date in January 2022. As this date approached, the borrower advised they were in the process of refinancing the loan. Refinancing continued as Groundfloor entered into more workout discussions in an effort to avoid foreclosure. As discussions continued, in May 2022, Groundfloor began foreclosure proceedings. As the project was incomplete, Groundfloor was able to negotiate a full principal repayment and avoid taking an incomplete project into REO. The loan was repaid with full principal in June 2022.
595 Twilley Rd NW - Repaid Out Of Default
The project began in October 2020 and the loan had an original maturity date in October 2021. In September 2021, the borrower advised that they were in the process of refinancing their loan. The refinance process was still ongoing as the maturity date arrived. In November 2021, Groundfloor began foreclosure proceedings. In tandem, the borrower continued to work on the refinance, and in December 2021 foreclosure proceedings were paused when a forbearance agreement was completed, giving a new maturity date in January 2022. As the new maturity date approached, Groundfloor received a payoff request good through April 1, 2022. However, the loan was still outstanding by April, so Groundfloor recommenced foreclosure proceedings, setting a foreclosure sale date for May 2022. The borrower subsequently advised that they were finalizing closing and requested a payoff good through the end of May. The refinance process was completed and the loan was repaid in full in June 2022.
758 Charlotte Pl NW - Repaid Out Of Default
The project began in August 2020 and the loan had an original maturity date in August 2021. The maturity date arrived with no repayment planned, so Groundfloor issued a Notice of Default to the borrower. After examining the work done on the property, Groundfloor decided to pursue foreclosure and commenced foreclosure proceedings in September 2021. Foreclosure proceedings were paused as a workout agreement was reached with the borrower to provide more time to complete the project as permitting delays had caused the loan to extend, giving a new maturity date in January 2022. As this new maturity date passed, Groundfloor notified the borrower that no more extensions would be given and that foreclosure would resume once the default period expired. Foreclosure proceedings began again in April 2022. In tandem, Groundfloor began an internal refinance process on the project. The internal refinance completed and the loan was repaid in full in June 2022.
1425 McCulloh St - Repaid Out Of Default
The project began in February 2020 and the loan had an original maturity date in February 2021. As the maturity date approached, Groundfloor began workout discussions with the borrower in an attempt to avoid foreclosure. Due to a state foreclosure moratorium, Groundfloor worked closely with the borrower to explore refinancing options over the next several months. In June 2021, the borrower advised that they were preparing the property for a refinance appraisal and that renovations had been delayed due to an outbreak of COVID-19. As the refinancing process continued experiencing delays, Groundfloor began foreclosure proceedings in September 2021. Per communications with the borrower, delays were occurring due to the city’s slow-moving permitting and approval process. Groundfloor granted an extension, giving a new maturity date in November 2021. Refinancing continued through the next several months as Groundfloor worked to connect the borrower to an amenable lender. Foreclosure proceedings continued in the background as well. Refinancing was finally completed and the loan was repaid in June 2022.
Special Situations Activity Last Month
Finally, our asset management team moved forward with the following special situation loans last month (see link to each individual loan page for detailed history of updates). As a reminder, all performing loans are monitored for repayment status starting at 120 days prior to maturity.
Loan Activity:
We went into workout agreements on the following loans last month:
We proceeded with foreclosure actions on the following properties last month:
- 515 James P Brawley Dr NW
- 523 Joseph E. Lowery Blvd NW
- 1041 Stonewall Dr SE
- 1301 Lavista Rd NE
- 1629 Afton Ln NE
- 4848 Castle Dargan Dr
- 600 West Brown St
- 633 Lincoln Ave
Real Estate Owned (REO) Activity:
We took possession of the following new properties last month:
We did not go under contract to sell any properties last month.
We did not sell any real estate owned properties last month.
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