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LOAN SUMMARY | 14600 Red Arrow Highway, Lakeside, MI 49116

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
69.9%
$230,760
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$230,760
Repaid on 04/07/2022
Started on
Funded on
Repaid on
Matured on
07/09/2021
10/22/2021
04/07/2022
07/01/2022

LOAN UPDATES

GROUNDFLOOR - 4/5/2022

The borrower has advised they are currently in the process of refinancing the GROUNDFLOOR loan, with an expected closing date of April 12, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/3/2022

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

  • New landscape design is in progress.
  • Electrical is complete.
  • Drywall is complete.
  • Painting is nearing completion.
GROUNDFLOOR - 2/28/2022

The borrower has advised the property is currently under contract, with an expected closing date of April 15, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 2/8/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 1/28/2022

The borrower has advised the following renovations are in progress:

  • Interior painting is in progress.
  • Lighting is in progress.
  • Insulation is in progress.
GROUNDFLOOR - 1/20/2022

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

Windows:100%

Facade:100%

Storm door:100%

Appliances:100%

GROUNDFLOOR - 1/20/2022

The borrower has advised that window installation is complete, and painting is in progress.

GROUNDFLOOR - 1/13/2022

The borrower has advised the project is progressing as planned. 



GROUNDFLOOR - 1/13/2022

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

  • Porch renovations are complete.
  • Rough-ins are complete.
  • Countertop installation is complete.
  • Flooring is complete.
  • Appliance installation is nearing completion.
GROUNDFLOOR - 11/29/2021

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

  • Furnace installation is complete.
  • Garage renovations are complete.
  • Kitchen renovations are complete.
  • Flooring is complete.
  • Appliance installation is complete.
  • Window installation is in progress.
  • Electrical work is in progress.
GROUNDFLOOR - 11/12/2021

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 11/12/2021

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 10/15/2021
  • The borrower has advised that significant progress has been made, including painting, plumbing, kitchen cabinets, water heater, bathrooms, insulation, flooring, and excavation for garage.
GROUNDFLOOR - 9/28/2021

The borrower has advised that demolition and framing are in progress.

GROUNDFLOOR - 8/26/2021

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

  • Permitting is complete.
  • Garage renovations are scheduled.
  • Materials have been ordered.
GROUNDFLOOR - 7/28/2021

The borrower has advised that material ordering is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$330,000
Total Project Costs
$276,510
$53,490
GROUNDFLOOR
$230,760
$45,750
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$205,000
Purchase Date
07/02/2021
Loan To ARV
69.9%
Loan To Total Project Cost
83.5%

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
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$330,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

14600 RED ARROW HIGHWAY, LAKESIDE, MI 49116
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 July 2, 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.
  • Please consult the Offering Circular