C

LOAN SUMMARY | 2728 Sealy St, Galveston, TX 77550

BORROWER

BL Real Estate Solutions LLC
Byron Logan - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
15 months
69.6%
$191,520
5704
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$191,520
Funded
Started on
Funded on
Repaid on
Matures on
07/31/2023
03/27/2024
Pending
10/30/2024

LOAN UPDATES

GROUNDFLOOR - 7/3/2024
The borrower's exit strategy is to refinance this loan.
GROUNDFLOOR - 4/4/2024

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

GROUNDFLOOR - 11/29/2023

Per borrower, the project is nearing completion.

GROUNDFLOOR - 10/10/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 8/16/2023

Per borrower, renovations are ongoing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$550,000
Total Project Costs
$458,040
$91,960
GROUNDFLOOR
$383,040
$75,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$300,000
Purchase Date
09/08/2022
Loan To ARV
69.6%
Loan To Total Project Cost
83.6%

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
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$550,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2728 SEALY ST, GALVESTON, TX 77550
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on July 31, 2023 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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 is using $0 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • This LRO represents the second draw for the loan and is secured by an individual note.
  • There will be two LROs on this project, each representing subsequent draws. The second series of LROs will be for $191,520. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • 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