C

LOAN SUMMARY | 903 Portage Ave, South Bend, IN 46616

BORROWER

PBH 2, LLC
Jordan Richardson - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
67.3%
$99,010
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$99,010
Repaid on 02/15/2022
Started on
Funded on
Repaid on
Matures on
09/08/2021
12/29/2021
02/15/2022
08/30/2022

LOAN UPDATES

GROUNDFLOOR - 2/22/2022

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

GROUNDFLOOR - 1/28/2022

GROUNDFLOOR has received a payoff request good through February 25, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 1/7/2022

The borrower has advised they are currently in the process of refinancing the GROUNDFLOOR loan.



GROUNDFLOOR - 12/17/2021

GROUNDFLOOR has received a payoff request good through January 14, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 11/19/2021

The borrower has advised that renovations are progressing as planned.

GROUNDFLOOR - 11/16/2021

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

  • Framing is complete.
  • Rough-ins are complete.
  • Flooring is in progress.
  • Tiling is in progress.
GROUNDFLOOR - 11/10/2021

The borrower has advised that renovations are about 40% complete.

GROUNDFLOOR - 11/8/2021

The borrower has advised that final inspections of painting and trim are in progress.

GROUNDFLOOR - 10/8/2021

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

  • Framing is complete.
  • Roof work is complete.
  • Mechanical rough-ins are complete.
  • Flooring is in progress.
  • Bathroom tiling is in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$147,200
Total Project Costs
$116,510
$30,690
GROUNDFLOOR
$99,010
$17,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$64,000
Purchase Date
08/31/2021
Loan To ARV
67.3%
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
4
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$147,200
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

903 PORTAGE AVE, SOUTH BEND, IN 46616
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 31, 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.
  • 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