Key Deal Facts
The Borrower was advanced the money it needed to purchase this property on April 17, 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 three LROs on this project, each representing subsequent draws. The first series of LROs will be for $216,310, the second series of LROs will be for $216,310, and the third series of LROs will be for $216,310. 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 had late repayments, but has repaid all loans in full, with all interest and fees due., Please consult the
for further discussion of general risk factors.