C

LOAN SUMMARY | 10053 Silberhorn Highway, Blissfield, MI 49228

BORROWER

Steel River Properties LLC
Eric Goble - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
61.3%
$116,400
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$116,400
Repaid on 11/06/2023
Started on
Funded on
Repaid on
Matured on
07/29/2019
10/02/2019
11/06/2023
07/30/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$190,000
Total Project Costs
$186,400
$3,600
GROUNDFLOOR
$116,400
$70,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$190,000
Purchase Date
07/29/2019
Loan To ARV
61.3%
Loan To Total Project Cost
62.4%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
8
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$190,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

10053 SILBERHORN HIGHWAY, BLISSFIELD, MI 49228
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 July 29, 2019 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.
  • 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