{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-043906","form_type":"8-K","ticker":null,"cik":"0001784567","company_name":"Harbor Custom Development, Inc.","filed_at":"2023-12-06T23:59:59+00:00","discovered_at":"2026-05-14T18:03:30.424837+00:00","generated_at":"2026-06-07T17:19:02.562491+00:00","sec_items":["2.04"],"event_type":"debt","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Harbor Custom Development defaults on $22M in loans; obligations accelerated","bullets":["Default on $8M principal + $55,555.56 interest due Nov 25 to Fratelli's LLC; 18% default rate applies.","BankUnited accelerated $14,197,706.88 principal plus $111,992.10 interest due Dec 4; default rate is contract+3%.","Both defaults reported via Item 2.04; all amounts are due and payable immediately."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-043906","json":"https://secwatch.observer/filing/0001493152-23-043906.json","markdown":"https://secwatch.observer/filing/0001493152-23-043906.md","text":"https://secwatch.observer/filing/0001493152-23-043906.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1784567/000149315223043906/0001493152-23-043906-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1784567/000149315223043906/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T17:19:02.562491+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"8a635a474b40210188eaaabce241d1607799f1b0","claim":"Harbor Custom Development, Inc. reported a default on loan of $14,197,706.88 with BankUnited, N.A. at contract rate plus 3%.","evidence_excerpt":"On December 4, 2023, the Company received a notice of event of default and acceleration of all amounts due under the Loan from the Lender. According to the Lender, the principal amount due is $14,197,706.88 plus interest of $111,992.10 as of December 4, 2023 (the “Debt”). The Debt will accrue additional interest at the default rate from December 4, 2023, which rate floats at the contract rate plus 3%, until the Debt is paid in full.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1784567/000149315223043906/0001493152-23-043906-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$14,197,706.88"},{"label":"Counterparty","value":"BankUnited, N.A."},{"label":"Rate","value":"contract rate plus 3%"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"},{"claim_id":"8e4d7a26f83937bd9164006bf53fbc75ef9e38ea","claim":"Harbor Custom Development, Inc. reported a default on loan of $8,000,000 of principal with Fratelli's LLC at 18%.","evidence_excerpt":"On November 30, 2023, Harbor Custom Development, Inc., a Washington corporation (the “Company”), received a notice of event of default for failure to make payment of $8,000,000 of principal and $55,555.56 of prorated interest due on November 25, 2023 pursuant to the Company’s Loan Agreement with Fratelli’s LLC (the “Lender”), dated May 23, 2022 (the “Loan”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1784567/000149315223043906/0001493152-23-043906-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$8,000,000 of principal"},{"label":"Counterparty","value":"Fratelli's LLC"},{"label":"Rate","value":"18%"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}