C

LOAN SUMMARY | 15436 Drexel Ave, Dolton, IL 60419

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
69.1%
$118,790
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$118,790
Repaid on 07/18/2022
Started on
Funded on
Repaid on
Matures on
01/20/2022
05/11/2022
07/18/2022
11/22/2022

LOAN UPDATES

GROUNDFLOOR - 7/20/2022

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

GROUNDFLOOR - 7/18/2022

The borrower has advised that closing is on schedule.

GROUNDFLOOR - 7/11/2022

GROUNDFLOOR has received an updated payoff request good through July 29, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 5/12/2022

GROUNDFLOOR has received a payoff request good through May 27, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/21/2022

The borrower has advised the property is currently under contract, with an expected closing date of April 30, 2022. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/29/2022

The borrower has advised the following renovations are complete:

  • Tops are complete.
  • Appliances are complete.
  • Cabinets are complete.
  • Electrical fixtures are complete.
  • Plumbing fixtures are complete.
  • Trim is complete.


GROUNDFLOOR - 3/28/2022

The borrower has advised that final clean-up is in progress.

GROUNDFLOOR - 3/3/2022

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

  • Drywall is complete.
  • Gutters are complete.
  • Doors are complete.
  • Flooring is complete.
  • Tiling is complete.
  • Painting is in progress.
  • Trim is in progress.
  • Electrical work is in progress.
GROUNDFLOOR - 2/21/2022

The borrower has advised the following renovations are complete:

  • Drywall is complete.
  • Priming is complete.
  • Door installation is complete.
  • Trim and tile is complete.
  • Flooring is complete.
GROUNDFLOOR - 2/1/2022

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

  • Demolition is complete.
  • Framing and windows are complete.
  • Rough-ins are complete.
  • Drywall is in progress.
GROUNDFLOOR - 1/21/2022

The borrower has advised the following renovations are complete: 

  • Framing is complete.
  • Gutters are complete.
  • Rough-ins are complete.
  • Window installation is complete.
GROUNDFLOOR - 1/21/2022

The borrower has advised the following renovations are complete:

  • Permitting is complete.
  • Framing is complete.
  • Siding is complete.
  • Rough-ins are complete.
  • Window and door installation is complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$215,000
Total Project Costs
$158,977
$56,023
GROUNDFLOOR
$148,490
$10,487
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$97,000
Purchase Date
11/23/2021
Loan To ARV
69.1%
Loan To Total Project Cost
93.4%

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
1
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$215,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

15436 DREXEL AVE, DOLTON, IL 60419
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 November 23, 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.
  • 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 $29,700. 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.
  • Please consult the Offering Circular