C

LOAN SUMMARY | 3205 West Berwyn Avenue Unit 2s, Chicago, IL 60625

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
55.3%
$121,590
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$121,590
Repaid on 09/09/2020
Started on
Funded on
Repaid on
Matures on
02/27/2020
06/10/2020
09/09/2020
02/27/2021

LOAN UPDATES

GROUNDFLOOR - 9/10/2020

 GROUNDFLOOR has received a payoff request for September 7, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/10/2020

The borrower has advised the closing has been delayed. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/1/2020

The borrower has advised the property is actively listed.

GROUNDFLOOR - 4/28/2020

The borrower has advised the renovations are nearly complete.

GROUNDFLOOR - 4/28/2020

The borrower has advised the project is nearly complete.

GROUNDFLOOR - 3/31/2020

The borrower has advised that the project is scheduled for completion by late April.

GROUNDFLOOR - 3/26/2020

The borrower has advised that the following renovations have been completed or are in progress:

  • Door and trim installation is complete.
  • Plumbing and electrical work is complete.
  • Interior painting is in progress.
  • Cabinet and tile installation is scheduled.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$220,000
Total Project Costs
$143,590
$76,410
GROUNDFLOOR
$121,590
$22,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$118,125
Purchase Date
02/28/2020
Loan To ARV
55.3%
Loan To Total Project Cost
84.1%

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)
$220,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3205 WEST BERWYN AVENUE UNIT 2S, CHICAGO, IL 60625
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