C

LOAN SUMMARY | 405 S Iowa St, La Porte, TX 77571

BORROWER

Comax Renovations Home 1 LLC
Nicolas Ortiz - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12.5%
15 months
70.0%
$94,497
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$94,497
Repaid on 05/14/2025
Started on
Funded on
Repaid on
Matured on
10/02/2024
12/12/2024
05/14/2025
01/01/2026

FINANCIAL OVERVIEW

After Repair Value (ARV)
$135,000
Total Project Costs
$115,502
$19,498
GROUNDFLOOR
$94,497
$21,005
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$92,500
Purchase Date
10/02/2024
Loan To ARV
70.0%
Loan To Total Project Cost
81.8%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$135,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

405 S IOWA ST, LA PORTE, TX 77571
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 2, 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 Borrower's 2023 revenue was derived from rental properties because the Borrower's primary focus in 2023 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue.
  • Please consult the Offering Circular