D

LOAN SUMMARY | 3700 West 84th Street, Prairie Village, KS 66206

BORROWER

Graham Cracker Bell LLC
Kristopher Blais - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
15 months
74.7%
$173,410
1502
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$173,410
Funded
Started on
Funded on
Repaid on
Matures on
06/20/2022
01/14/2023
Pending
09/19/2023

LOAN UPDATES

GROUNDFLOOR - 3/22/2023

Groundfloor has advised the borrower of the approaching maturity date and requested an updated exit timeline.


GROUNDFLOOR - 12/15/2022

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

  • Clearing/demolition, roofing, basement framing/insulation, basement drywall, basement paint, and basement flooring are complete.
  • Interior lighting is in progress.


GROUNDFLOOR - 12/12/2022

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

  • Basement is complete.
  • Laundry room is complete.
  • Lighting fixtures are complete.
  • Electrical work is complete.
  • Additional permitting is ongoing.
GROUNDFLOOR - 11/16/2022

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

  • Demolition is complete.
  • Structural engineering report is complete.
  • Architectural plans are complete.
  • Electrical permitting is complete.
  • Roof is complete.
  • Demolition is complete.
  • Additional permitting is in progress.
GROUNDFLOOR - 11/3/2022

GROUNDFLOOR has reached out to the borrower for an update.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$580,000
Total Project Costs
$477,540
$102,460
GROUNDFLOOR
$433,540
$44,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$350,000
Purchase Date
06/20/2022
Loan To ARV
74.7%
Loan To Total Project Cost
90.8%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
3
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)
$580,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

3700 WEST 84TH STREET, PRAIRIE VILLAGE, KS 66206
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 June 20, 2022 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 second draw for the loan and is secured by an individual note.
  • There will be three LROs on this project, each representing subsequent draws. The first series of LROs will be for $173,430, the second series of LROs will be for $173,410, and the third series of LROs will be for $86,700. 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.
  • 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