debt
confidence high
sentiment neutral
materiality 0.50
Generation Income Properties enters $1.0M secured promissory note due in 180 days
GENERATION INCOME PROPERTIES, INC.
- Loan of $1.0M from Brown Family Enterprises, secured by operating partnership assets.
- Interest at 16% for first 90 days, then 9% simple interest thereafter.
- $500K principal plus accrued interest due at 90 days; remaining balance at 180 days.
- Prepayment allowed without penalty.
- Note is non-convertible; existing Security Agreement from July 2024 secures it.