Harbor Custom Development, Inc. Establishes New Banking Relationship with Washington Federal and Secures $6,383,000 in Construction Financing. Nasdaq: HCDI

Harbor Custom Development, Inc. Establishes New Banking Relationship with Washington Federal and Secures $6,383,000 in Construction Financing. Nasdaq: HCDI

News Highlights

Gig Harbor, Washington , April 08, 2021 (News) — 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 established a new corporate banking relationship with Washington Federal Inc. DBA “WaFd Bank” and secured $6,383,000 in construction financing for 13 single family homes at Soundview Estates, a 339 lot subdivision located in Bremerton, Washington.

Sterling Griffin, President and CEO of Harbor stated, “We are excited to enter into a new banking relationship with a top tier multi-state lender like WaFd Bank.  Their eight state Western U.S. footprint provides us the opportunity to grow Harbor Custom Homes in several of our target markets with conventional financing. We are currently established in the Seattle, Sacramento and Austin metro markets and look forward to potential expansion into other markets prior to year end.”

“Eric Seidenberger, Director of Home Builder Finance at WaFd Bank stated, “We are pleased Harbor Custom Homes chose WaFd to be their banking partner and welcome the opportunity to be a part of their growth.”

About WaFd BankWashington Federal, Inc. is the parent company of Washington Federal Bank (“WaFd Bank”), a national bank that operates over 200 branches in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico. Established in 1917, the bank provides consumer and commercial deposit accounts, financing for small to middle market businesses, commercial real estate and residential real estate, including consumer mortgages, home equity lines of credit and insurance products through a subsidiary.  As of December 31, 2020, reported $19.1 billion in assets, $14.2 billion in deposits and $2.1 billion in stockholders’ equity. For further information about WaFd Bank, please visit www.wafdbank.com

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.

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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