Key Deal Facts
The Borrower was advanced the money it needed to purchase this property on January 26, 2024 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 two LROs on this project, each representing subsequent draws. The second series of LROs will be for $271,230. 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 2023 revenue was derived from rental properties because the Borrower's primary focus in 2023 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.
