B

LOAN SUMMARY | 2935 Pridham Street, Keego Harbor, MI 48320

BORROWER

Brown Contracting & Design LLC
Katie Brown - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
9%
12 months
70.0%
$118,960
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Rehab
First Lien
$118,960
Repaid on 08/04/2020
Started on
Funded on
Repaid on
Matured on
04/12/2019
07/09/2019
08/04/2020
04/11/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$170,000
Total Project Costs
$150,860
$19,140
GROUNDFLOOR
$118,960
$31,900
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$68,000
Purchase Date
04/12/2019
Loan To ARV
70.0%
Loan To Total Project Cost
78.9%

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
3
10
Location
4
8
Borrower Experience
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$170,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2935 PRIDHAM STREET, KEEGO HARBOR, MI 48320
The Borrower intends to use the loan proceeds to complete a renovation to 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 begin renovation of this property on April 12, 2019 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has now begun renovation 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 property was purchased for $68,000. The Borrower intends to use $41,457 of the proceeds from our loan to offset that amount of the purchase price of the property. Therefore, the Borrower is only receiving a "Skin-in-the-Game" score for the remaining $26,543 that is tied up in the project after completion of our loan.
  • The Borrower has not completed any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular