C

LOAN SUMMARY | 23605 W Lockport St, Plainfield, IL 60544

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
70.0%
$192,460
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$192,460
Repaid on 05/29/2020
Started on
Funded on
Repaid on
Matures on
09/05/2019
05/29/2020
09/07/2020

LOAN UPDATES

GROUNDFLOOR - 4/7/2020

The borrower has advised the property is actively listed on the market.

GROUNDFLOOR - 3/5/2020

The borrower has advised they are still pulling permits.

GROUNDFLOOR - 1/22/2020

The borrower has advised that the project is expected to resume within two weeks.

GROUNDFLOOR - 12/19/2019

The borrower has advised that he is working through some permit delays.

GROUNDFLOOR - 11/27/2019

The borrower has advised that the HVAC and electrical works are scheduled to begin next week.

GROUNDFLOOR - 11/27/2019

GROUNDFLOOR has reached out to the borrower for an update. If we do not receive an update by Friday, November 29th, we will order a drive-by inspection. 

GROUNDFLOOR - 10/16/2019
The borrower has advised that the demolition work has been completed and they are working with the Architect to obtain the drawings for permits. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$275,000
Total Project Costs
$231,335
$43,665
GROUNDFLOOR
$192,460
$38,875
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$170,000
Purchase Date
09/06/2019
Loan To ARV
70.0%
Loan To Total Project Cost
82.5%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
4
10
Quality of Valuation Report
4
4
Skin-in-the-Game
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$275,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

23605 W LOCKPORT ST, PLAINFIELD, IL 60544
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 September 6, 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.
  • Please consult the Offering Circular