D

LOAN SUMMARY | 974 Montgomery Street, Oroville, CA 95965

BORROWER

Task Real Estate Investments, LLC
Tammy Sullivan-King - principal
Rate
Projected Term
Loan To ARV
Loan Amount
Investors
13.5%
15 months
69.6%
$250,721
5949
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$250,721
Funded
Started on
Funded on
Repaid on
Matures on
04/12/2024
07/12/2024
Pending
07/11/2025

LOAN UPDATES

GROUNDFLOOR - 5/6/2025
According to the borrower, this refinance is expected to be completed within 30 to 45 days. Please note that dates are subject to change.
GROUNDFLOOR - 4/7/2025
The borrower is in the process of refinancing to repay the account.
GROUNDFLOOR - 2/28/2025
The project has been delayed by approvals which have necessitated the hiring of a new architect and contractor.
GROUNDFLOOR - 1/21/2025
The project is proceeding as planned and the borrower anticipates being able to repay the loan prior to maturity.
GROUNDFLOOR - 1/9/2025
The project is proceeding and the borrower anticipates being able to exit this financing prior to maturity. This is subject to change.
GROUNDFLOOR - 11/11/2024
The borrower stated plans to refinance the loan.
GROUNDFLOOR - 9/27/2024
The borrower stated to work on obtaining the roofing permit.
GROUNDFLOOR - 9/27/2024
The borrower stated the construction/renovations are ongoing despite delays from wild fire in the area. Windows for Units 1-3 have been delivered and installed.
GROUNDFLOOR - 9/13/2024
A draw has been approved. The project is now 43% complete.
GROUNDFLOOR - 8/22/2024
A draw has been approved. The project is now 31% complete.
GROUNDFLOOR - 7/23/2024
A draw has been approved. The project is now 20% complete.
GROUNDFLOOR - 7/11/2024
A draw has been approved. The project is now 12% complete.
GROUNDFLOOR - 6/20/2024
Per borrower, renovations are ongoing.
GROUNDFLOOR - 5/30/2024
A draw has been approved. The project is now 4% complete.
GROUNDFLOOR - 5/8/2024
A draw has been approved. The project is now % complete.
GROUNDFLOOR - 4/30/2024
Per borrower, there were some issues with the property and those are currently being handled. The borrower has set a tentative completion date of August 2024. Please keep in mind completion dates are subject to change.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$360,000
Total Project Costs
$313,411
$46,589
GROUNDFLOOR
$250,721
$62,690
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$180,000
Purchase Date
04/12/2024
Loan To ARV
69.6%
Loan To Total Project Cost
80.0%

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
3
10
Location
4
8
Borrower Experience
2
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$360,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

974 MONTGOMERY STREET, OROVILLE, CA 95965
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 April 12, 2024 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.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • The Principal has not yet completed or sold any projects. As such, the Principal's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular