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LOAN SUMMARY | 151 Southeast 6th Court, Pompano Beach, FL 33060

BORROWER

KIKI HOMES LLC
Kristen Gallagher - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
14%
15 months
70.0%
$594,979
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$594,979
Repaid on 01/17/2025
Started on
Funded on
Repaid on
Matures on
03/22/2024
08/08/2024
01/17/2025
06/21/2025

LOAN UPDATES

GROUNDFLOOR - 1/9/2025
The property is under contract and the sale is pending closing.
GROUNDFLOOR - 12/19/2024
The borrower has accepted an offer on the property.
GROUNDFLOOR - 10/17/2024
The listing price has been reduced to try and generate interest in the property.
GROUNDFLOOR - 10/3/2024
The property is listed on the market for sale.
GROUNDFLOOR - 9/13/2024
A draw has been approved. The project is now 72% complete.
GROUNDFLOOR - 8/23/2024
A draw has been approved. The project is now 60% complete.
GROUNDFLOOR - 8/19/2024
A draw has been approved. The project is now 52% complete.
GROUNDFLOOR - 7/23/2024
A draw has been approved. The project is now 43% complete.
GROUNDFLOOR - 7/17/2024
Per borrower, the project is progressing as scheduled.
GROUNDFLOOR - 6/21/2024
The borrower appears to be making good progress on the rehab.
GROUNDFLOOR - 5/20/2024
A draw has been approved. The project is now 35% complete.
GROUNDFLOOR - 4/24/2024
A draw has been approved. The project is now 18% complete.
GROUNDFLOOR - 4/19/2024
A draw has been approved. The project is now 6% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$850,000
Total Project Costs
$672,754
$177,246
GROUNDFLOOR
$594,979
$77,775
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$400,000
Purchase Date
03/22/2024
Loan To ARV
70.0%
Loan To Total Project Cost
88.4%

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
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$850,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

151 SOUTHEAST 6TH COURT, POMPANO BEACH, FL 33060
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 March 22, 2024 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