D

LOAN SUMMARY | 3900 Arkansas Ave, Saint Louis, MO 63118

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
68.3%
$92,200
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$92,200
Repaid on 06/27/2022
Started on
Funded on
Repaid on
Matures on
09/22/2021
02/17/2022
06/27/2022
09/14/2022

LOAN UPDATES

GROUNDFLOOR - 6/30/2022

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 6/23/2022

GROUNDFLOOR has reached out to the borrower regarding exit timeline.

GROUNDFLOOR - 6/6/2022

GROUNDFLOOR has received an updated payoff request good through June 30, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/16/2022

GROUNDFLOOR has received a payoff request good through May 27, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/11/2022

The borrower has advised that appraisal is in progress in order to refinance.

GROUNDFLOOR - 3/24/2022

The borrower has advised the following renovations are complete or in progress:

  • Electrical fixtures are complete.
  • Appliances are complete.
  • Final clean is complete.
GROUNDFLOOR - 3/18/2022

The borrower has advised that the project is completed.

GROUNDFLOOR - 3/7/2022

The borrower has advised the following renovations are complete or in progress:

  • Doors are complete.
  • Interior painting is complete.
  • Flooring is complete.
  • Plumbing fixtures are complete.
  • Final clean is in progress.
GROUNDFLOOR - 3/1/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 2/24/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 2/9/2022

The borrower has advised the following renovations are complete or in progress:

  • Landscaping is complete.
  • Interior painting is in progress.
  • Countertops are in progress.
  • Plumbing fixtures are in progress.
  • Electrical fixtures are in progress.
  • Flooring is in progress.
GROUNDFLOOR - 1/28/2022

The borrower has advised that renovations are 50% complete.

GROUNDFLOOR - 1/20/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 1/13/2022

The borrower has advised that demolition is complete.

GROUNDFLOOR - 11/19/2021

The borrower has advised that demolition is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$135,000
Total Project Costs
$108,500
$26,500
GROUNDFLOOR
$92,200
$16,300
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$82,000
Purchase Date
09/15/2021
Loan To ARV
68.3%
Loan To Total Project Cost
85.0%

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

PROPERTY DESCRIPTION

3900 ARKANSAS AVE, SAINT LOUIS, MO 63118
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 September 15, 2021 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's 2020 revenue was derived from rental properties because the Borrower's primary focus in 2020 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