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LOAN SUMMARY | 3240 Green St, Steger, IL 60475

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
12 months
48.1%
$76,560
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$76,560
Repaid on 06/27/2022
Started on
Funded on
Repaid on
Matures on
10/26/2021
04/07/2022
06/27/2022
10/19/2022

LOAN UPDATES

GROUNDFLOOR - 6/30/2022

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

GROUNDFLOOR - 6/22/2022

GROUNDFLOOR has received a payoff request good through June 24, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 6/8/2022

The borrower has advised the property is currently under contract, with an expected closing date of June 20, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/22/2022

The borrower has advised that the property is scheduled to be listed.

GROUNDFLOOR - 2/10/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 2/3/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 2/3/2022

The borrower has advised that renovations are complete.

GROUNDFLOOR - 1/14/2022

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

Drywall hang and drywall finish:100%

Cabinets kitchen and baths:100%

Countertops kitchen and baths:100%

Plumbing fixtures:100%

Appliances:100%

Bathroom:100%

GROUNDFLOOR - 1/5/2022

The borrower has advised that renovations are nearing completion.

GROUNDFLOOR - 1/5/2022

The borrower has advised that first floor renovations are ongoing.

GROUNDFLOOR - 1/5/2022

The borrower has advised that renovations are 70% complete. 

GROUNDFLOOR - 12/24/2021

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

  • Framing is complete.
  • Insulation is complete.
  • Drywall is in progress.
  • Flooring is in progress.
GROUNDFLOOR - 12/14/2021

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

  • Drywall is complete.
  • Electrical work is complete.
  • Door installation is complete.
  • Lighting is complete.
  • Kitchen appliance installation is complete.
  • Kitchen cabinet installation is complete.
  • Flooring is in progres.s
  • Painting is in progress.
GROUNDFLOOR - 11/8/2021

The borrower has advised that the following has been completed: Structural engineer plans, demolition, drywall installation, sump pump replaced, flooring, light fixtures, and progress on bathrooms and plumbing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$199,000
Total Project Costs
$119,700
$79,300
GROUNDFLOOR
$95,700
$24,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$56,000
Purchase Date
09/08/2021
Loan To ARV
48.1%
Loan To Total Project Cost
79.9%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
6
10
Quality of Valuation Report
4
4
Skin-in-the-Game
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$199,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3240 GREEN ST, STEGER, IL 60475
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on October 20, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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.
  • This LRO represents the first draw for the loan and is secured by an individual note.
  • There will be two LROs on this project, each representing subsequent draws. The second series of LROs will be for $19,140. The Financial Overview box represents the aggregate amount of all LROs to be secured by this property, giving a complete financial picture of the project.
  • The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. All LRO holders investing in LROs corresponding to notes secured by this property share the same priority in any recovery and recovered proceeds will be distributed on a pro-rata basis.
  • The Borrower is using $0 of the loan proceeds to pay off an existing loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan.
  • Please consult the Offering Circular