B

LOAN SUMMARY | 7331 South Dorchester Avenue, Chicago, IL 60619

BORROWER

1516 East 69th Place Industries, LLC
Jeffrey Lang Jr - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
8.3%
12 months
47.4%
$132,740
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$132,740
Repaid on 03/12/2021
Started on
Funded on
Repaid on
Matured on
02/19/2019
04/12/2019
03/12/2021
02/18/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$280,000
Total Project Costs
$165,223
$114,777
GROUNDFLOOR
$132,740
$32,483
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$33,500
Purchase Date
11/06/2018
Loan To ARV
47.4%
Loan To Total Project Cost
80.3%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$280,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

7331 SOUTH DORCHESTER AVENUE, CHICAGO, IL 60619
The Borrower intends to use the loan proceeds to complete a renovation to 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 begin renovation of this property on February 19, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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 any project in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular