B

LOAN SUMMARY | 425 East 91st Street, Chicago, IL 60619

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
59.0%
$97,350
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$97,350
Repaid on 12/07/2020
Started on
Funded on
Repaid on
Matures on
02/25/2020
07/21/2020
12/07/2020
02/27/2021

LOAN UPDATES

GROUNDFLOOR - 12/10/2020

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

GROUNDFLOOR - 8/10/2020

GROUNDFLOOR has reached out to the borrower for an update.

GROUNDFLOOR - 4/16/2020

The borrower has advised the project is complete.

GROUNDFLOOR - 3/31/2020

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

  • Kitchen cabinets have been installed.
  • Bathroom tiling is complete.
  • Basement drywall installation is complete.
  • Light fixture installation is complete.
  • Appliance installation and painting is in progress.


GROUNDFLOOR - 3/10/2020

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

  • Plumbing has been replaced.
  • Demolition of kitchen and bathroom is complete.
  • Bathroom tub installation is complete.
  • Windows have been replaced.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$165,000
Total Project Costs
$126,350
$38,650
GROUNDFLOOR
$97,350
$29,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$80,000
Purchase Date
02/28/2020
Loan To ARV
59.0%
Loan To Total Project Cost
76.2%

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

VALUATION REPORTS

As Complete (ARV)
$165,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

425 EAST 91ST STREET, CHICAGO, IL 60619
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 February 28, 2020 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.
  • Please consult the Offering Circular