D

LOAN SUMMARY | 3023 Osage St, Saint Louis, MO 63118

BORROWER

WCG DEVELOPMENT, LLC
Jordan Finley - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
61.9%
$61,880
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$61,880
Repaid on 04/25/2022
Started on
Funded on
Repaid on
Matures on
10/26/2021
04/13/2022
04/25/2022
10/20/2022

LOAN UPDATES

GROUNDFLOOR - 4/7/2022

GROUNDFLOOR has received a payoff request good through April 20, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/18/2022

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

  • PM fee is complete.
  • Kitchen update is complete.
  • Bathroom update is complete.
GROUNDFLOOR - 3/7/2022

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

  • Plumbing rough is complete.
  • Interior painting is complete.
  • Kitchen and bathroom updates are in progress.


GROUNDFLOOR - 3/7/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 3/3/2022

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

  • Basement plumbing is complete.
  • Kitchen and bathroom renovations are nearing completion.
  • Painting is nearing completion.
GROUNDFLOOR - 2/24/2022

The borrower has advised that final inspections are scheduled.

GROUNDFLOOR - 1/28/2022

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

  • Sewer line and septic work are complete.
  • Electrical rough is complete.
  • Porch light repair is complete.
  • Plumbing rough is in progress.


GROUNDFLOOR - 1/24/2022

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

  • Permitting is complete.
  • Electrical work is complete.
  • Sewer repair is complete.
  • Kitchen and bathroom materials have been ordered.
GROUNDFLOOR - 1/20/2022

The borrower has advised that renovations are ongoing.

GROUNDFLOOR - 1/19/2022

The borrower has advised that material ordering is in progress.

GROUNDFLOOR - 11/18/2021

The borrower has advised that materials have been ordered.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$125,000
Total Project Costs
$91,000
$34,000
GROUNDFLOOR
$77,350
$13,650
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$50,000
Purchase Date
10/21/2021
Loan To ARV
61.9%
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
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$125,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3023 OSAGE ST, 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 October 21, 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.
  • This LRO represents the first 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 $15,470. 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'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