C

LOAN SUMMARY | 1005 Rhoades Ave, Secane, PA 19018

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
15 months
69.9%
$293,750
3472
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$293,750
Funded
Started on
Funded on
Repaid on
Matures on
06/12/2023
12/26/2023
Pending
09/11/2024

LOAN UPDATES

GROUNDFLOOR - 6/28/2024
An internal refinance loan is in process.
GROUNDFLOOR - 6/3/2024
The contract fell through so the borrower is investigating an internal refinance.
GROUNDFLOOR - 5/16/2024
Per borrower, the property is under contract to sell.
GROUNDFLOOR - 4/30/2024
The property is actively listed for sale. Price reduction has been recommended to the borrower.
GROUNDFLOOR - 3/8/2024

A draw has been approved. The project is now 100% complete.

GROUNDFLOOR - 2/22/2024

The borrower is working on getting the house ready to list for sale.

GROUNDFLOOR - 2/19/2024

Per borrower, the project is complete.

GROUNDFLOOR - 1/31/2024

Per borrower, renovations are 74% complete.

GROUNDFLOOR - 1/9/2024

Per borrower, renovations are 61% complete.

GROUNDFLOOR - 11/30/2023

The borrower has set a tentative completion date of January 2024. Please keep in mind completion dates are subject to change.

GROUNDFLOOR - 10/23/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 9/18/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 7/5/2023

Per borrower, renovations are ongoing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$420,000
Total Project Costs
$332,000
$88,000
GROUNDFLOOR
$293,750
$38,250
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$191,289
Purchase Date
06/12/2023
Loan To ARV
69.9%
Loan To Total Project Cost
88.5%

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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$420,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1005 RHOADES AVE, SECANE, PA 19018
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 12, 2023 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