C

LOAN SUMMARY | 285-287 West Palisade Avenue, Englewood, NJ 07631

BORROWER

SANDFORD ARMS LLC
Leon Brown - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11.5%
15 months
69.2%
$518,979
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$518,979
Repaid on 04/15/2025
Started on
Funded on
Repaid on
Matures on
05/22/2024
08/26/2024
04/15/2025
08/21/2025

LOAN UPDATES

GROUNDFLOOR - 3/17/2025
A draw has been approved. The project is now 51% complete.
GROUNDFLOOR - 2/25/2025
The borrower is pursuing a refinance in order to expand the rehab budget as needed.
GROUNDFLOOR - 2/20/2025
Per the borrower, they have run into significant delays due to a basement flood caused by the weather. Additionally, the city lost records which he's having to recreate and resubmit. The Asset Manager is working with the borrower on a solution.
GROUNDFLOOR - 2/13/2025
The Asset Manager has requested an update on completion ETA from the borrower.
GROUNDFLOOR - 12/19/2024
The borrower has requested the next draw.
GROUNDFLOOR - 11/4/2024
A draw has been approved. The project is now 37% complete.
GROUNDFLOOR - 10/7/2024
A draw has been approved. The project is now 30% complete.
GROUNDFLOOR - 9/11/2024
The borrower should be requesting the next draw soon.
GROUNDFLOOR - 7/30/2024
A draw has been approved. The project is now 15% complete.
GROUNDFLOOR - 6/24/2024
Pending initial draw request from the borrower.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$750,000
Total Project Costs
$576,654
$173,346
GROUNDFLOOR
$518,979
$57,675
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$318,000
Purchase Date
05/22/2024
Loan To ARV
69.2%
Loan To Total Project Cost
90.0%

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)
$750,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

285-287 WEST PALISADE AVENUE, ENGLEWOOD, NJ 07631
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 22, 2024 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.
  • Please consult the Offering Circular