C

LOAN SUMMARY | 1257 East 169th Street, South Holland, IL 60473

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
68.6%
$150,950
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$150,950
Repaid on 06/22/2020
Started on
Funded on
Repaid on
Matures on
09/25/2019
06/22/2020
10/01/2020

LOAN UPDATES

GROUNDFLOOR - 6/8/2020

The borrower has advised the project is complete and the property is under contract, with an expected closing date of June 16, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/8/2020

The borrower has advised project is complete. Final cleaning is in progress.

GROUNDFLOOR - 4/6/2020

The borrower has advised the floors and kitchen counter tops have been installed.

GROUNDFLOOR - 3/31/2020

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

  • Kitchen cabinet installation is complete.
  • Light fixture installation is complete.
  • Counter tops have been ordered.


GROUNDFLOOR - 3/11/2020

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

  • Hardwood flooring has been installed.
  • Drywall installation in the laundry room is complete.
  • Interior doors have been installed.
GROUNDFLOOR - 2/10/2020

The borrower has advised that the following work is complete, or in progress:

  • The electrical rough-in has been installed.
  • All permits have been obtained.
  • The mechanical and laundry rooms have been framed.
GROUNDFLOOR - 1/10/2020

The borrower has advised the rough-in plumbing has been completed and painting will begin next week.

GROUNDFLOOR - 12/11/2019

The borrower has advised that the cabinets have been ordered, the windows have been replaced, and the HVAC work has been completed.

GROUNDFLOOR - 12/2/2019

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

  • Basement windows have been installed.
  • Windows have been replaced.
  • HVAC permit has been acquired.
GROUNDFLOOR - 10/30/2019
The borrower has advised the following renovations are complete, or in progress:
  • Exterior paint is complete. 
  • The alarm has been installed.
  • Garage doors have been installed. 
  • Demolition is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$220,000
Total Project Costs
$196,950
$23,050
GROUNDFLOOR
$150,950
$46,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$140,000
Purchase Date
10/02/2019
Loan To ARV
68.6%
Loan To Total Project Cost
75.8%

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
4
10
Location
4
8
Borrower Experience
1
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

1257 EAST 169TH STREET, SOUTH HOLLAND, IL 60473
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 October 2, 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.
  • The Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular