Key Deal Facts
The Borrower was advanced the money it needed to continue renovation of this property on April 19, 2023 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is continuing renovation 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 Borrower is using $137,221.28 of the loan proceeds to pay off an existing Groundfloor loan that was used to acquire the property. Groundfloor will assume the first lien position. The rest of the loan proceeds will be put towards the renovation of the property, much like an acquisition and renovation loan., 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'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., 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 has had late repayments, but has repaid all loans in full, with all interest and fees due., Please consult the
Offering Circular
for further discussion of general risk factors.
