C

LOAN SUMMARY | 1222 Lake Ave #2, Wilmette, IL 60091

BORROWER

Sandia Investments, LLC
Garrett Nodell - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
53.2%
$199,650
1358
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$199,650
Funded
Started on
Funded on
Repaid on
Matures on
08/25/2021
01/28/2022
Pending
08/04/2022

LOAN UPDATES

GROUNDFLOOR - 5/12/2022

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

GROUNDFLOOR - 5/11/2022

GROUNDFLOOR has reached out to the borrower regarding listing timeline.

GROUNDFLOOR - 5/10/2022

The borrower has advised the project is complete.

GROUNDFLOOR - 3/3/2022

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

  • Front porch is complete.
  • Insulation is complete.
  • Drywall finish is complete.
  • Trim is in progress.
  • Tile is complete.
  • Paint interior is in progress.
  • Cabinets are complete.
  • Flooring is complete.
  • Appliances are complete.
GROUNDFLOOR - 2/9/2022

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 11/12/2021

The borrower has advised that renovations are ongoing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$750,000
Total Project Costs
$587,300
$162,700
GROUNDFLOOR
$399,300
$188,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$390,000
Purchase Date
08/05/2021
Loan To ARV
53.2%
Loan To Total Project Cost
68.0%

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

VALUATION REPORTS

As Complete (ARV)
$750,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1222 LAKE AVE #2, WILMETTE, IL 60091
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on August 5, 2021 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 is using $197,972.91 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • This loan represents the second draw for the construction project and is secured by an individual note.
  • Each draw on this project is structured as an individual loan. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 12 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction.
  • There will be multiple loans on this project, each representing subsequent draws. Both loans will be $199,650. The Financial Overview box represents the aggregate amount of all loans to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • 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