As the saying goes, no matter how carefully a project is planned, something may still go wrong. Real estate projects often have unexpected surprises - delays in permits and inspections, unforseen water damage from old pipes under the subfloor, hidden termite damage, flaky contractors… the list goes on. But sometimes even the best of us are surprised -- with unrelenting forces of nature. From fires in California to tornadoes in the Midwest, natural disasters can strike your property and leave devastating damage that is beyond recovery.
With Hurricane Florence approaching the Carolina coast later this week, the GROUNDFLOOR asset management team is working closely with our borrowers to ensure that the properties are boarded up and all insurance is up-to-date. We have 31 loans that could potentially be located in Hurricane Florence's path: 22 in North Carolina, 2 in South Carolina, and 7 in Virginia.
Once the storm passes, GROUNDFLOOR will be following up with our affected borrowers. Our number one concern is always the safety and well-being of our investor and borrower community. If there is any indication of property damage, we will schedule an inspection to assess the property and file any necessary insurance claims.
Please be assured that we will be providing investor updates as information is received from our borrower community on any properties and/or relevant neighborhoods that may be impacted by Florence.