B

LOAN SUMMARY | 24330 Dante St, Oak Park, MI 48237

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
70.0%
$153,960
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$153,960
Repaid on 05/28/2020
Started on
Funded on
Repaid on
Matures on
08/26/2019
05/28/2020
08/28/2020

LOAN UPDATES

GROUNDFLOOR - 5/19/2020

GROUNDFLOOR has received a payoff request for June 2, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/14/2020

The borrower has advised the project is complete and they are preparing to list it on the market.

GROUNDFLOOR - 3/4/2020

The borrower has advised that the finishing fixtures have been installed and that the renovations are near completion.

GROUNDFLOOR - 1/23/2020

The borrower has advised that the project is 90% complete and the following works are in progress:

  • Counter-top and back-splash installation is in progress.
  • The master bath tile installation is in progress.
  • The basement is being painted.
  • All fixtures are being ordered.
  • The final inspections is expected to be ordered in two weeks.
GROUNDFLOOR - 12/17/2019

The borrower has advised that the renovations are about 75% complete.

GROUNDFLOOR - 12/4/2019

The borrower has advised that the following works have been completed, or in progress:

  • The finish materials are being installed this week.
  • The tile in the first bathroom is in progress.
  • The kitchen tiling has been completed.
  • The kitchen cabinets are scheduled to be completed next week, and the hardwood floors the week after.
  • The drywall has been completed.
  • The painting is in progress.
GROUNDFLOOR - 11/1/2019
The borrower has advised that the project is about 30% complete. 
GROUNDFLOOR - 10/29/2019
The borrower has advised the following renovations are complete, or in progress:
  • Rough plumbing is complete.
  • Roof installation is complete.
  • Electrical work is scheduled.
GROUNDFLOOR - 9/26/2019
The borrower has advised the project is 20% complete. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$220,000
Total Project Costs
$188,260
$31,740
GROUNDFLOOR
$153,960
$34,300
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$140,000
Purchase Date
08/29/2019
Loan To ARV
70.0%
Loan To Total Project Cost
81.1%

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
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

24330 DANTE ST, OAK PARK, MI 48237
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 August 29, 2019 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