C

LOAN SUMMARY | 5549 W Jackson Blvd, Chicago, IL 60644

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
67.3%
$242,190
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$242,190
Repaid on 05/15/2020
Started on
Funded on
Repaid on
Matures on
05/29/2019
05/15/2020
06/16/2020

LOAN UPDATES

GROUNDFLOOR - 5/7/2020

GROUNDFLOOR has received a payoff request for May 18, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/23/2020

The borrower has advised the project is still under contract.

GROUNDFLOOR - 3/22/2020

The borrower has advised the project is nearly complete.

GROUNDFLOOR - 3/9/2020

GROUNDFLOOR has received a payoff request for March 31, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/23/2020

The borrower has advised all apartments have been complete, with the exception of the third floor which is in progress. The building in under contract and has a tentative clsong date of March 15, 2020.

GROUNDFLOOR - 1/22/2020

The borrower has advised that the following work is complete, or in progress:

  • All counter-tops, sinks, and faucets have been installed.
  • The kitchen back-splash has been installed.
  • All bathroom floor tiling, vanities, toilets, faucets, and showers have been installed.
  • The second level flooring has been sanded and stained.
  • All painting has been completed in the units.
  • All interior fans and lighting fixtures have been installed.
  • Exterior door installation is in progress.
GROUNDFLOOR - 12/17/2019

The borrower has advised that the following works have been completed, or in progress:

  • The appliances and interior doors have been installed.
  • The flooring on the first level has been completed.
  • The oak flooring on the second and third floor has been repaired.
  • New tubs have been installed.
  • The counter-tops have been ordered.
GROUNDFLOOR - 11/23/2019

The borrower has advised that the following works have been completed, or in progress:

  • The plastering, sanding, and primer have been completed.
  • The kitchen cabinets have been installed.
  • The kitchen appliances have been installed.
  • The counter-tops have been ordered.
  • The flooring has been delivered and installed.
  • The painting will begin this upcoming week along with the installation of the interior doors/closets.
GROUNDFLOOR - 10/23/2019
The borrower has advised that the following works have been completed, or in progress:
  • The exterior vinyl windows have been installed where needed.
  • The contractors will be plastering, sanding, and priming the drywall throughout this week.
  • The trim and interior doors are scheduled for installation next week.
  • The flooring is scheduled to be delivered by the end of the week and will be installed next week.
  • The kitchen cabinets and lighting fixtures are scheduled to be delivered on November 2nd.
GROUNDFLOOR - 9/24/2019
The borrower has advised that the following works have been completed, or in progress:
  • The insulation has been completed.
  • All electrical updates have been completed.
  • All existing plumbing has been updated where needed.
  • HVAC and ductwork have been installed.
  • Drywall has been installed.
  • The new flooring has been scheduled for delivery and will be installed next week.
GROUNDFLOOR - 8/27/2019
The borrower has advised the following renovations are complete, or in progress:
  • Wood porch repair is complete.
  • Damaged framing has been removed. 
  • Subflooring is complete.
  • Lighting has been installed. 
  • Insulation installation is scheduled. 
GROUNDFLOOR - 7/29/2019
The borrower has advised the following renovations are complete, or in progress:
  • Demolition is complete.
  • Removal of old materials is complete. 
  • Exterior brickwork is complete. 
  • Plumbing, framing, and electrical work is in progress. 
GROUNDFLOOR - 7/22/2019
The borrower has advised that the following works have been completed, or in progress:
  • Both buildings and garage roofs have been repaired with new beams and rubber membrane where needed.
  • The bricks have been removed and replaced.
  • New gutters and tuckpointing have been completed.
  • All demolition has been completed and the debris has been removed.
  • The framing will begin this week. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$360,000
Total Project Costs
$269,190
$90,810
GROUNDFLOOR
$242,190
$27,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$145,000
Purchase Date
06/17/2019
Loan To ARV
67.3%
Loan To Total Project Cost
89.6%

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
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$360,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

5549 W JACKSON BLVD, CHICAGO, IL 60644
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 June 17, 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.
  • Please consult the Offering Circular