Harbor Custom Development, Inc.: debt financing — Harbor Custom Development defaults on $707,790 principal payment to BankUnited; director resigns

Harbor Custom Development, Inc.

Failed to make $707,790.41 principal payment to BankUnited on Nov 20, 2023, triggering Event of Default under Loan Agreement.
Lender may accelerate all amounts due; no written notice of acceleration received as of filing date.
Director Larry Swets resigned from Board effective Nov 21, 2023, not due to any disagreement with management or Board.

item 2.04 item 5.02

Executive movements

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Departed

Larry Swets

Director

Harbor Custom Development, Inc.

Effective: 2023-11-21
Filed: November 27, 2023, 6:59 PM ET

On November 21, 2023, Larry Swets, a member of the Board of Directors (the “Board”) of the Company, gave notice of his resignation from the Board, effective November 21, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Harbor Custom Development, Inc. reported a default on credit facility of $707,790.41 of principal with BankUnited, N.A..

Instrument: credit facility
Principal: $707,790.41 of principal
Counterparty: BankUnited, N.A.
Event: default

Exact text from the filing

On November 20, 2023, Harbor Custom Development, Inc., a Washington corporation (the “Company”), failed to make the payment of $707,790.41 of principal required to be made on that date pursuant to the Company’s Loan Agreement with BankUnited, N.A. (the “Lender”), dated March 7, 2022 (the “Loan”) and the Amendment to the Loan Agreement, dated February 22, 2023 (the “Amendment”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Larry Swets resigned as Director at Harbor Custom Development, Inc..

Action: resigned
Role: Director

Exact text from the filing

On November 21, 2023, Larry Swets, a member of the Board of Directors (the “Board”) of the Company, gave notice of his resignation from the Board, effective November 21, 2023.

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-23-042796

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