C

LOAN SUMMARY | 527 SW 57th St, Cape Coral, FL 33914

BORROWER

24/7 Quality Contracting LLC
Michael McGuiggan - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
15 months
67.9%
$221,900
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$221,900
Repaid on 11/27/2024
Started on
Funded on
Repaid on
Matured on
06/09/2023
02/28/2024
11/27/2024
09/08/2024

FINANCIAL OVERVIEW

After Repair Value (ARV)
$980,000
Total Project Costs
$780,720
$199,280
GROUNDFLOOR
$665,720
$115,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$640,000
Purchase Date
06/09/2023
Loan To ARV
67.9%
Loan To Total Project Cost
85.3%

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
5
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$980,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

527 SW 57TH ST, CAPE CORAL, FL 33914
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 9, 2023 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 third 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 $221,910, the second series of LROs will be for $221,910, and the third series of LROs will be for $221,900. 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.
  • Please consult the Offering Circular