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LOAN SUMMARY | 2448 West 6th Street, Cleveland, OH 44113

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13.5%
15 months
70.0%
$321,973
6807
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$321,973
Funded
Started on
Funded on
Repaid on
Matures on
05/01/2024
07/16/2024
Pending
07/31/2025

LOAN UPDATES

GROUNDFLOOR - 4/4/2025
The borrower has listed the property for sale and is entertaining an offer.
GROUNDFLOOR - 2/26/2025
The Asset Manager has reached out to the borrower for a project update.
GROUNDFLOOR - 1/16/2025
Per the borrower, getting ready to resume the rehab. We will stay in touch to partner on an exit strategy.
GROUNDFLOOR - 11/26/2024
Per borrower, the rehab should be resuming soon.
GROUNDFLOOR - 10/21/2024
We are pending a project update from the borrower.
GROUNDFLOOR - 9/6/2024
Borrower is working on resolving project delays.
GROUNDFLOOR - 7/30/2024
Pending initial draw request from borrower.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$460,000
Total Project Costs
$420,973
$39,027
GROUNDFLOOR
$321,973
$99,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$309,000
Purchase Date
05/01/2024
Loan To ARV
70.0%
Loan To Total Project Cost
76.5%

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
4
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$460,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2448 WEST 6TH STREET, CLEVELAND, OH 44113
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 May 1, 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 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