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LOAN SUMMARY | 1161 Woodruff Avenue [JAX], Jacksonville, FL 32205

BORROWER

ALKO Realty Strategies LLC
Kont Leci - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
10%
12 months
52.7%
$134,280
4174
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$134,280
Funded
Started on
Funded on
Repaid on
Matures on
07/07/2023
01/12/2024
Pending
07/06/2024

LOAN UPDATES

GROUNDFLOOR - 2/9/2024

Per the borrower, the permits are in and active, and renovations have begun again (the prior contractor walked off the job, a new contractor was hired and new permits were needed).

GROUNDFLOOR - 12/5/2023

Per borrower, the permitting process is ongoing.

GROUNDFLOOR - 11/2/2023

The permit process is ongoing.

GROUNDFLOOR - 9/20/2023

Permits have been applied for and renovations are ongoing.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$255,000
Total Project Costs
$145,160
$109,840
$10,880
GROUNDFLOOR
$134,280
0%
Skin-in-the-Game
First Lien Loan
Second Lien Loan
Cushion
Purchase Price
$70,105
Purchase Date
07/07/2023
Loan To ARV
52.7%
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
5
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
8
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

1161 WOODRUFF AVENUE [JAX], JACKSONVILLE, FL 32205
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 7, 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 $134,280. The last LROs series is subordinate to the first series of LROs and will be for $10,880. 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 1161 Woodruff Avenue #1 have first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 1161 Woodruff Avenue #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.
  • Please consult the Offering Circular