C

LOAN SUMMARY | 419 New Salem Street, Park Forest, IL 60466

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11%
12 months
69.5%
$83,440
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$83,440
Repaid on 05/14/2020
Started on
Funded on
Repaid on
Matures on
09/12/2019
05/14/2020
09/17/2020

LOAN UPDATES

GROUNDFLOOR - 5/6/2020

GROUNDFLOOR has received a payoff request for May 8, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/19/2020

The borrower has advised the property is under contract with a closing date of May 15, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 3/12/2020

The borrower has advised the project is complete and they are in the process of listing it actively on the market.

GROUNDFLOOR - 2/11/2020

The borrower has advised they are in the clean-up stage.

GROUNDFLOOR - 2/6/2020

The borrower has advised that interior and exterior painting and all flooring work have been completed. Minor plumbing work is in progress.

GROUNDFLOOR - 1/6/2020

The borrower has advised that the following works have been completed, or in progress:

  • The closet framing has been completed.
  • The security system has been installed.
  • The exterior painting is wrapping up.
  • The interior painting will begin shortly.
GROUNDFLOOR - 12/11/2019

The borrower has advised that the roof has been completed, the closet framing is in progress, the electrical fixtures are in process of being installed.

GROUNDFLOOR - 11/12/2019

The borrower has advised phase 1 of the renovations is complete.

GROUNDFLOOR - 10/19/2019
The borrower has advised that the following works have been completed, or in progress:
  • Demolition has been completed.
  • Landscaping is in progress.
  • The interior and exterior painting is in progress. 

FINANCIAL OVERVIEW

After Repair Value (ARV)
$120,000
Total Project Costs
$92,940
$27,060
GROUNDFLOOR
$83,440
$9,500
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$62,000
Purchase Date
09/18/2019
Loan To ARV
69.5%
Loan To Total Project Cost
89.3%

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
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$120,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

419 NEW SALEM STREET, PARK FOREST, IL 60466
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 September 18, 2019 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