C

LOAN SUMMARY | 2120 South 31st Avenue, Minneapolis, MN 55406

BORROWER

Meadowood Properties LLC
Jordan Torbenson - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
12%
15 months
69.5%
$222,420
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$222,420
Repaid on 01/31/2024
Started on
Funded on
Repaid on
Matures on
07/05/2023
01/02/2024
01/31/2024
10/04/2024

LOAN UPDATES

GROUNDFLOOR - 1/18/2024

A draw has been approved. The project is now 100% complete.

GROUNDFLOOR - 1/9/2024

Per borrower, the project is complete.

GROUNDFLOOR - 11/3/2023

Groundfloor has reached out to the borrower to request an update and timeline on their project, and offered assistance.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$320,000
Total Project Costs
$252,420
$67,580
GROUNDFLOOR
$222,420
$30,000
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$200,000
Purchase Date
07/05/2023
Loan To ARV
69.5%
Loan To Total Project Cost
88.1%

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
4
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$320,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

2120 SOUTH 31ST AVENUE, MINNEAPOLIS, MN 55406
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 July 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.
  • Please consult the Offering Circular