C

LOAN SUMMARY | 3452 North Bales Ave, Kansas City, MO 64117

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10.2%
12 months
55.6%
$75,020
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$75,020
Repaid on 06/01/2020
Started on
Funded on
Repaid on
Matures on
07/25/2019
06/01/2020
07/30/2020

LOAN UPDATES

GROUNDFLOOR - 5/24/2020

GROUNDFLOOR has received a payoff request for June 15, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/10/2020

The borrower has advised the property is still under contract and closing has been pushed to May 15, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/31/2020

The borrower has advised that due to COVID-19, they are starting the refinancing process through a different lender with a tentative closing date of late April.

GROUNDFLOOR - 3/3/2020

The borrower has advised the refinance has a tentative closing date of March 16, 2020.

GROUNDFLOOR - 2/13/2020

The borrower has advised that the property is being rented and that they are beginning the refinance process.

GROUNDFLOOR - 1/10/2020

The borrower has advised that the renovations have been completed, and has requested the final GROUNDFLOOR inspection.

GROUNDFLOOR - 12/16/2019

The borrower has advised that they are dealing with some delays due to some harsh weather in Kansas City; however, the borrower hopes to complete the project by the end of the week. The borrower hopes to have the property rented by February 1st and will then refinance the loan into a traditional 30-year fixed loan.

GROUNDFLOOR - 11/17/2019

The borrower has advised the following renovations are complete, or in progress:

  • Main bedroom flooring is complete.
  • Dining room painting is in progress.
  • Siding replacement is in progress.
  • Plumbing replacement is in progress.
GROUNDFLOOR - 10/19/2019
The borrower has advised that the following works have been completed, or in progress:
  • All materials have been purchased.
  • The downstairs bedroom, bathroom, and upstairs bedroom framing has been completed.
  •  The plumbing works are nearly complete.
  • The walls and ceiling have been prepped, primed, and painted.
  • The flooring and kitchen cabinets have been installed.
  • The roof has been completed.
GROUNDFLOOR - 9/25/2019
The borrower has advised there have been weather delays and some additional renovation issues that were unexpected. They are currently working on the floor and kitchen cabinet installation and anticipate the project to be completed mid-October.
GROUNDFLOOR - 8/26/2019
The borrower has advised the project is complete. 
GROUNDFLOOR - 8/26/2019
The borrower has advised the following renovations are complete, or in progress:
  • Roof replacement is complete. 
  • Exterior work is in progress.
  • Interior renovations are scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$135,000
Total Project Costs
$88,270
$46,730
GROUNDFLOOR
$75,020
$13,250
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$54,000
Purchase Date
07/29/2019
Loan To ARV
55.6%
Loan To Total Project Cost
84.6%

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
2
10
Location
4
8
Borrower Experience
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$135,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3452 NORTH BALES AVE, KANSAS CITY, MO 64117
The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower intends to refinance 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