Key Deal Facts
The Borrower was advanced the money it needed to purchase this property on June 9, 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 $148,050 and the second series of LROs will be for $36,950. The last LROs series is subordinate to the first two series of LROs and will be for $15,000. 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., The event of default on one Groundfloor note secured by this property will trigger default on all Groundfloor notes secured by this property. However, LRO holders investing in LROs corresponding to notes secured by this property have different priorities in any recovery. Holders of LRO series 3227 Puffin Way #1 and 3227 Puffin Way #2 share first priority and any recovery will be distributed on a pro rata basis to these LRO holders first. Holders of LRO Series 3227 Puffin Way #3 have a subordinated priority, and any remaining recovery will be distributed to them if and when LRO holders of the first priority notes are made whole., 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
for further discussion of general risk factors.
