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LOAN SUMMARY | 17544 William Street, Lansing, IL 60438

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13%
12 months
69.1%
$127,750
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$127,750
Repaid on 05/14/2020
Started on
Funded on
Repaid on
Matures on
09/20/2019
05/14/2020
09/30/2020

LOAN UPDATES

GROUNDFLOOR - 5/7/2020

GROUNDFLOOR has received a payoff request for May 15, 2020. Please keep in mind closing dates are subject to change.

GROUNDFLOOR - 4/6/2020

The borrower has advised the project is finished and under contract.

GROUNDFLOOR - 3/31/2020

The borrower has advised that the project is complete and hope to close by early April. Please note that closing dates are subject to change.

GROUNDFLOOR - 2/10/2020

The borrower has advised that they have requested a final City inspection, and the following work is complete, or in progress:

  • The quartz counter-tops have been installed.
  • The basement has been completed.
  • All appliances and finishes are installed.
  • The borrower has found a potential buyer and a contract is being written for the sale of the property.
GROUNDFLOOR - 1/8/2020

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

  • Hardwood floors and bathroom tile have been installed.
  • Kitchen cabinet instillation is complete.
  • Insulation and drywall installation has been completed.
  • Interior lighting has been installed.
GROUNDFLOOR - 12/11/2019

The borrower has advised that the following works have been completed:

  • The exterior lighting has been added.
  • The bathroom drywall has been completed.
  • The basement has been framed.
  • The HVAC work has been completed and the old broiler system has been removed.
  • The rough plumbing and electrical works have been completed.
  • The kitchen sub-floor has been replaced.
  • The interior doors have been installed. l
GROUNDFLOOR - 12/2/2019

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

  • Windows have been installed.
  • Rough electrical is nearly complete.
  • Gas line has been removed.
  • Hot water tank has been installed.
GROUNDFLOOR - 11/7/2019

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

  • The boiler system has been converted to a forced air system.
  • The old copper and boiler have been removed.
  • The concrete porch and steps have been completed.
  • All exterior doors have been installed.
  • The basement has been framed.
  • The 3/4 bathroom on the first floor has been completed.
  • The basement cracks have been sealed.
  • The rough-in plumbing and electrical works are in progress.
  • A new drain has been installed in the basement.
  • The full bathroom is being prepped for the whirlpool tub.
  • Downspouts and gutters have been added where needed.
GROUNDFLOOR - 10/22/2019
The borrower has advised the following renovations are complete, or in progress:
  • Demolition work is complete. 
  • A new garage door has been installed. 
  • The front door has been replaced. 
  • The exterior painting is complete. 
  • Permits are being acquired.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$185,000
Total Project Costs
$150,750
$34,250
GROUNDFLOOR
$127,750
$23,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$75,000
Purchase Date
09/30/2019
Loan To ARV
69.1%
Loan To Total Project Cost
84.1%

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
1
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$185,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

17544 WILLIAM STREET, LANSING, IL 60438
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 30, 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.
  • 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.
  • The Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular