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LOAN SUMMARY | 334 Broadway Boulevard, Pitcairn, PA 15140

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
6.5%
6 months
58.9%
$179,060
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Refinance - Cash Out
First Lien
$179,060
Repaid on 09/21/2020
Started on
Funded on
Repaid on
Matured on
06/21/2019
10/12/2019
09/21/2020
01/18/2020

FINANCIAL OVERVIEW

After Repair Value (ARV)
$298,608
Total Project Costs
$202,060
$96,548
GROUNDFLOOR
$179,060
$23,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$47,000
Purchase Date
04/16/2019
Loan To Value
58.9%
Loan To Total Project Cost
88.6%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
10
10
Quality of Valuation Report
4
4
Skin-in-the-Game
8
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$298,608
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

334 BROADWAY BOULEVARD, PITCAIRN, PA 15140
The Borrower intends to use the loan proceeds to 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 begin renovation of this property on July 19, 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 $47,000. The Borrower intends to use $24,000 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 $23,000 that is tied up in the project after completion of our loan.
  • This is a collateral loan secured by three properties, 334 Broadway, Pitcairn, PA 15140, 152 Comrie Ave, Braddock, PA 15104, and 820 Kirkpatrick Ave, Braddock, PA 15104 which were previously purchased and is owned by the borrower. The ARV represents the combined value of all properties.
  • Please consult the Offering Circular