C

LOAN SUMMARY | 921 West 32nd Street, Indianapolis, IN 46208

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
70.0%
$209,850
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$209,850
Repaid on 10/01/2021
Started on
Funded on
Repaid on
Matures on
05/05/2021
07/19/2021
10/01/2021
04/26/2022

LOAN UPDATES

GROUNDFLOOR - 9/20/2021

GROUNDFLOOR has received a payoff request good through September 24, 2021. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 8/6/2021

The borrower has advised that permitting is complete, and framing and concrete work are in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$300,000
Total Project Costs
$239,350
$60,650
GROUNDFLOOR
$209,850
$29,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$39,900
Purchase Date
04/27/2021
Loan To ARV
70.0%
Loan To Total Project Cost
87.2%

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)
$300,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

921 WEST 32ND STREET, INDIANAPOLIS, IN 46208
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 27, 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.
  • 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