B

LOAN SUMMARY | 9300 Spearhead Way, Reno, NV 89506

BORROWER

RENOvation Strategies, LLC
Kathleen Coombs - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11.5%
15 months
70.0%
$507,482
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$507,482
Repaid on 01/16/2025
Started on
Funded on
Repaid on
Matures on
04/05/2024
06/17/2024
01/16/2025
07/04/2025

LOAN UPDATES

GROUNDFLOOR - 1/15/2025
The property listing is currently under contract.
GROUNDFLOOR - 12/6/2024
The property listing is currently under contract.
GROUNDFLOOR - 11/12/2024
The property continues to be listed on the market for sale.
GROUNDFLOOR - 9/24/2024
The project is complete and the property continues to be listed on the market for sale.
GROUNDFLOOR - 8/19/2024
The project is completed and the property is currently listed for sale.
GROUNDFLOOR - 7/11/2024
A draw has been approved. The project is now 100% complete.
GROUNDFLOOR - 5/31/2024
A draw has been approved. The project is now 67% complete.
GROUNDFLOOR - 5/21/2024
A draw has been approved. The project is now 47% complete.
GROUNDFLOOR - 5/6/2024
A draw has been approved. The project is now 26% complete.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$725,000
Total Project Costs
$593,082
$131,918
GROUNDFLOOR
$507,482
$85,600
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$482,000
Purchase Date
04/05/2024
Loan To ARV
70.0%
Loan To Total Project Cost
85.6%

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)
$725,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

9300 SPEARHEAD WAY, RENO, NV 89506
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 5, 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.
  • 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.
  • Please consult the Offering Circular