1640-1644 NE 145TH ST

1640-1644 NE 145TH ST

New Construction

Claim My Business
Loan to ARV
No. Investors
Projected Return
21 months
Total Project Costs

Key Deal Facts

The Borrower was advanced the money it needs to begin construction of this property on April 28, 2023 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower has begun construction 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 construction of the property may be extensive, and therefore subject to delays and other unexpected issues., The construction will require permitting, and permits may not be obtained on time or may be denied., There is no existing structure on this property, or if there is, it will be demolished, and a new structure built in its place., This LRO represents the first draw for the construction project and is secured by an individual note., There will be multiple LROs on this project, each representing subsequent draws. The LROs will range from $100,000 to $101,000. 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., Each draw on this project is structured as an individual LRO. We will fund each draw from our own capital or credit facilities as and when requested by the Borrower, provided conditions for each draw are met as described in our Offering Circular. Once a draw has been approved and funded, we will then sell the corresponding series of LROs on our platform, each of which will be due 21 months from the time such series of LRO is deemed issued, as described in our Offering Circular. Subsequent draws are expected to be requested every two months from the date we advanced the first draw, but may be requested sooner, or later, depending on the progress of construction., 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
Offering Circular
for further discussion of general risk factors.

Management Team / Advisory Board Bios

Remy Quilliot - principal
Available to Invest : $15,319
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