Key Deal Facts
The Borrower was advanced the money it needs to refinance this loan on March 10, 2023 by Groundfloor Finance Inc. ("Groundfloor," "we," "us," or "our") or a wholly-owned subsidiary of Groundfloor. The Borrower has now been refinanced for this property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular., The property is being used as collateral for a loan. No substantial work is being done on the property, and the majority of the collateral is represented by the Borrower's skin-in-the-game. As a result, there will be little to no "cushion" and the Borrower will repay the Groundfloor loan by selling the property or refinancing it., This LRO represents the first 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 $240,400, the second series of LROs will be for $240,400, and the third series of LROs will be for $240,390. 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., 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 Borrower's 2022 revenue was derived from rental properties because the Borrower's primary focus in 2022 was buy and hold. The Number of Completed Projects reflects the number of rental units owned. The Gross Margin reflects the earnings after the expenses of the rental business, such as mortgage interest, property taxes, and maintenance, have been deducted from gross revenue., Please consult the
for further discussion of general risk factors.