Harbor Custom Development, Inc. Secures $7,683,000 in Acquisition and Construction Financing from Sound Capital Loans for Austin Metro Market

Gig Harbor, Washington , March 17, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ: HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has secured $7,683,000 in financing from Sound Capital for the acquisition of 30 lots in Horseshoe Bay, Texas, and construction loans for nine lots in Dripping Springs, Texas.

Harbor Custom Homes® previously announced contracting to acquire the 30 Horseshoe Bay, Texas lots which the Company anticipates commencing home construction on in the third quarter of 2021. The lots are located near the destination resort, “The Club at Horseshow Bay,” (clubhsbresort.com).  Anticipated pricing for the 4 and 5 bedroom homes will range from $600,000 to $1,000,000.  Harbor also anticipates beginning construction on the nine lots in the La Ventana subdivision in Dripping Springs, Texas beginning in the second quarter of 2021. The La Ventana lots average one acre each.  Estimated pricing for the La Ventana homes ranges from $900,000 to $1,200,000.

Sterling Griffin, President and CEO of Harbor stated, “We are excited to have secured this financing to build upscale single-family homes in the Austin metro market.  Harbor has a solid business relationship with Sound Capital which has provided financing for several of our Western Washington communities.  We also appreciate David Huey and his team for demonstrating their continued support for our Company’s growth outside of Washington State in both the Sacramento and Austin metro markets.” 

David Huey, CEO of Sound Capital Loans, stated, “We are pleased to continue entering into financing agreements with Harbor Custom Development and to participate in the Company’s growth in new markets. Sterling Griffin and Harbor’s management team have a deep understanding of creating value throughout the entire acquisition, development, and home building process as evidenced by their numerous residential communities.  We are excited to be an integral part of their success.”

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc. is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Washington state, California, and Texas.  Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. Harbor has also acquired developed lots and plans to begin constructing homes in the Sacramento and Austin metro markets beginning in the second quarter of 2021. The Darkhorse Golf Course community located approximately 50 miles northeast of Sacramento in Auburn, California, and the La Ventana and Bunker Ranch subdivisions located approximately 22 miles from Austin, in Driftwood and Dripping Springs, Texas, are Harbor’s newest locations. Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces. Harbor focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.  For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.

About Sound Capital Loans

Founded in 2007, Sound Capital Loans (formerly Sound Equity) has raised hundreds of millions of dollars in investment capital to fund loans throughout various West Coast and Southern U.S. markets.  Today, they lend tens of millions per month, financing all types of new construction projects, including ground-up and construction-completion loans.   Sound Capital’s vast knowledge of new construction lending provides for the flexibility of a customized loan structure based on a specific project’s characteristics.  With lending standards that prioritize experience and track record, high volume borrowers have access to rates and terms that are among the industry’s best.  For more information, visit www.soundcapital.com. 

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws.  Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements.  These forward-looking statements are based upon current estimates and assumptions.  While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release.  These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, actual results could be materially different.  The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

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