---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-042796"
form_type: "8-K"
ticker: null
cik: "0001784567"
company_name: "Harbor Custom Development, Inc."
filed_at: "2023-11-27T23:59:59+00:00"
generated_at: "2026-06-07T21:34:15.911251+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Harbor Custom Development defaults on $707,790 principal payment to BankUnited; director resigns

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-042796
- form_type: 8-K
- cik: 0001784567
- company_name: Harbor Custom Development, Inc.
- filed_at: 2023-11-27T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.04, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1784567/000149315223042796/0001493152-23-042796-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1784567/000149315223042796/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-042796
- JSON: https://secwatch.observer/filing/0001493152-23-042796.json
- Plain text: https://secwatch.observer/filing/0001493152-23-042796.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784567/000149315223042796/0001493152-23-042796-index.htm
- Executive change
  Larry Swets resigned as Director at Harbor Custom Development, Inc..
  - Action: resigned
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784567/000149315223042796/0001493152-23-042796-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.