C

LOAN SUMMARY | 405 North 41st Street, Milwaukee, WI 53208

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
58.5%
$81,950
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$81,950
Repaid on 07/20/2020
Started on
Funded on
Repaid on
Matures on
10/16/2019
01/10/2020
07/20/2020
10/24/2020

LOAN UPDATES

GROUNDFLOOR - 7/20/2020

The borrower has advised the closing has been delayed. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/18/2020

The borrower has advised the property is under contract, with an expected closing date of July 7, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/17/2020

GROUNDFLOOR has received a payoff request for July 10, 2020. Please keep in mind closing dates are subject to change.


GROUNDFLOOR - 5/17/2020

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

GROUNDFLOOR - 4/2/2020

The borrower has advised the renovations are nearing completion.

GROUNDFLOOR - 3/4/2020

The borrower has advised that the renovations are expected to be complete March 24, 2020.

GROUNDFLOOR - 2/17/2020

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

  • All wall have been installed and they are being prepared for paint work.
  • The kitchen cabinets and counters are being expected to be delivered March 2, 2020.
  • Damage to frame by kitchen window is being repaired.
  • The repairs from water damage are still in progress.
GROUNDFLOOR - 1/16/2020

The borrower has advised a water line in the kitchen busted. The plumber is currently completing the necessary repairs.

GROUNDFLOOR - 1/14/2020

The borrower has advised that the furnace has been installed.

GROUNDFLOOR - 12/7/2019

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

  • The roof works have been completed.
  • The dining room and kitchen demolition has been completed.
  • The electric work has been completed and being approved by the inspector.
  • The baseboards have been installed and painting is scheduled to begin next week.
  • The old carpet has been removed.
  • The kitchen drywall has been completed.
GROUNDFLOOR - 12/2/2019

The borrower has advised the roof installation is in progress.

GROUNDFLOOR - 10/31/2019
The borrower has advised that the front deck has been completely remodeled and extended. This was a small renovation project and has been completed.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$140,000
Total Project Costs
$109,200
$30,800
GROUNDFLOOR
$81,950
$27,250
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$75,000
Purchase Date
10/25/2019
Loan To ARV
58.5%
Loan To Total Project Cost
74.2%

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

VALUATION REPORTS

As Complete (ARV)
$140,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

405 NORTH 41ST STREET, MILWAUKEE, WI 53208
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 October 25, 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.
  • 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