Harbor Custom Development, Inc. secures $7,683,000 in acquisition and construction financing from solid equity loans for the Austin Metro Market



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

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

Sterling Griffin, President and CEO of Harbor, stated, “We are pleased to have secured this financing for the construction of upscale single family homes in the Austin metro area market. Harbor has a solid working relationship with Sound Capital, which has funded several of our western Washington communities. We also appreciate David Huey and his team for demonstrating their continued support for the growth of our business 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 be a part of the company’s growth into new markets. Sterling Griffin and Harbor’s management team has a deep understanding of adding value throughout the acquisition, development and homebuilding process, as evidenced by their numerous residential communities. We are pleased 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, permitting, project infrastructure construction, housing construction, marketing, sales and management of various residential projects in Washington State, California , and Texas. Harbor has active or recently sold out communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island and Allyn, Washington. Harbor has also acquired developed land and plans to begin building homes in the Sacramento and Austin subway markets beginning in the second quarter of 2021. The community of Darkhorse Golf Course is about 50 miles northeast of Sacramento in Auburn, California, and La Ventana and Bunker Ranch subdivisions, about 22 miles from Austin, in Driftwood and Dripping Springs, Texas are Harbor’s newest locations. Harbor Custom Development’s business strategy is to strategically acquire and develop land based on an understanding of population growth patterns, entitlement constraints, infrastructure development and geoeconomic forces. Harbor focuses on real estate in target markets with convenient access to metropolitan areas, generally characterized by diverse economic and employment bases and growing populations. For more information on Harbor Custom Development, Inc., visit www.harborcustomdev.com.

About solid capital loans

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

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws. Words like “may”, “could”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “continue”, “predict”, “forecast”, “project”, “plan” Intend” or similar expressions or statements regarding intentions, beliefs or current expectations are forward-looking statements. These forward-looking statements are based on current estimates and assumptions. Although the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on such forward-looking statements, which are based on information available to us as of the date of this press 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. Therefore, actual results may differ materially. The Company expressly disclaims any obligation to update or change any statement, whether as a result of new information, future events or otherwise, except as required by law.

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