C

LOAN SUMMARY | 13 West Beck St, Canal Winchester, OH 43110

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
69.9%
$153,720
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$153,720
Repaid on 10/28/2021
Started on
Funded on
Repaid on
Matures on
05/06/2021
06/23/2021
10/28/2021
04/27/2022

LOAN UPDATES

GROUNDFLOOR - 9/20/2021

GROUNDFLOOR has received a payoff request good through September 30, 2021. Please keep in mind closing dates are subject to change.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$220,000
Total Project Costs
$179,720
$40,280
GROUNDFLOOR
$153,720
$26,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$130,000
Purchase Date
04/28/2021
Loan To ARV
69.9%
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
5
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

13 WEST BECK ST, CANAL WINCHESTER, OH 43110
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 April 28, 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