C

LOAN SUMMARY | 638 N Latrobe Ave, Chicago, IL 60644

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
15 months
70.0%
$220,500
3379
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$220,500
Funded
Started on
Funded on
Repaid on
Matures on
05/25/2023
11/27/2023
Pending
08/24/2024

LOAN UPDATES

GROUNDFLOOR - 1/31/2024

A draw has been approved. The project is now 100% complete.

GROUNDFLOOR - 1/23/2024

Per borrower, the project is complete.

GROUNDFLOOR - 11/8/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 9/14/2023

Per borrower, renovations are ongoing.

GROUNDFLOOR - 8/7/2023

Per borrower, the project is progressing as planned.

GROUNDFLOOR - 6/6/2023

Per borrower, refinance is ongoing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$315,000
Total Project Costs
$252,150
$62,850
GROUNDFLOOR
$220,500
$31,650
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$135,000
Purchase Date
05/25/2023
Loan To ARV
70.0%
Loan To Total Project Cost
87.4%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$315,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

638 N LATROBE AVE, CHICAGO, IL 60644
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 May 25, 2023 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 2022 revenue was derived from rental properties because the Borrower's primary focus in 2022 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