D

LOAN SUMMARY | 704 Old Meadow Road, Matteson, IL 60443

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12.5%
9 months
66.2%
$132,460
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$132,460
Repaid on 05/19/2020
Started on
Funded on
Repaid on
Matures on
12/20/2019
05/19/2020
09/22/2020

LOAN UPDATES

GROUNDFLOOR - 4/24/2020

GROUNDFLOOR has received a payoff request for May 11, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/11/2020

The borrower has advised the granite counter tops and appliances have been installed.

GROUNDFLOOR - 2/21/2020

The borrower has advised that the basement floors, drywall, paint work, bathroom vanities, kitchen cabinets, and doors have been installed.

GROUNDFLOOR - 1/21/2020

The borrower has advised that the following works have been completed:

  • Roof.
  • Windows.
  • HVAC
  • Framing.
  • Demolition.
  • Permits have been obtained.
  • Garage door.
  • Siding.
  • Gutters
  • Soffit.
  • Exterior doors.
  • Plumbing.
  • Tubs have been installed.
  • The bathrooms have been tiled.
GROUNDFLOOR - 1/6/2020

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

  • The roof has been completed.
  • The garage door has been installed.
  • The demolition has been completed.
  • The framing has been completed.
  • The windows are scheduled to be installed next week.
  • The gutters are in progress of being installed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$200,000
Total Project Costs
$165,460
$34,540
GROUNDFLOOR
$132,460
$33,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$114,500
Purchase Date
12/23/2019
Loan To ARV
66.2%
Loan To Total Project Cost
79.3%

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)
$200,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

704 OLD MEADOW ROAD, MATTESON, IL 60443
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 December 23, 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