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LOAN SUMMARY | 1349 Ida Street, Jacksonville, FL 32208

BORROWER

E P Remodeling Inc
Elvis Gjelaj - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
61.3%
$156,380
3630
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$156,380
Funded
Started on
Funded on
Repaid on
Matured on
06/05/2023
12/08/2023
Pending
06/04/2024

FINANCIAL OVERVIEW

After Repair Value (ARV)
$255,000
Total Project Costs
$169,050
$85,950
$12,670
GROUNDFLOOR
$156,380
0%
Skin-in-the-Game
First Lien Loan
Second Lien Loan
Cushion
Purchase Price
$118,008
Purchase Date
06/05/2023
Loan To ARV
61.3%
Loan To Total Project Cost
92.5%

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

VALUATION REPORTS

As Complete (ARV)
$255,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

1349 IDA STREET, JACKSONVILLE, FL 32208
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 5, 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 first draw for the loan and is secured by an individual note.
  • There will be two LROs on this project, each representing subsequent draws. The first series of LROs will be for $156,380. The last LROs series is subordinate to the first series of LROs and will be for $12,670. 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. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 1349 Ida Street #1 have first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 1349 Ida Street #2 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole.
  • The borrower has had late repayments, but has repaid all loans in full, with all interest and fees due.
  • Please consult the Offering Circular