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Landa App 3 LLC

Sponsored by Landa·

Unknown· Debt· LLC · 1 class· ● Low· PPM v1· Updated 26d ago
2 data notes▶
Unusual structureUnscored: absolute lp take
Run the numbers
Composite
26.9
median 35 −8
Pref Returnⓘ
—
—
LP Take (Base)ⓘ
—
median 42.6% · Other / Specialty
GP Commitⓘ
0.0%
median 0.0% +0.0%
Min Investment
—
ticket size
Offering Size
$11M
target raise
Cascade · Distributions

Where each dollar goes

$875K
LP $853K · Fees $23K · GP $0
GROSS PROCEEDS$875KGPFFees to Manager$22,500 · 2.6% of grossLPT1Return of Capital$500,000 · 57.1% of grossLPGPT4Residual Split (100% / 0%) · 40.3%Limited Partners · $353KGeneral Partner · $0pool fully distributed
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →

Deal diligence10 findings · worst high

Automated checks across the fund's extracted PPM. Every finding is shown with the evidence it's based on — proven numbers or a verbatim quote and page.

Document quality

Drafting defects found in the PPM prose — numeric inconsistencies, broken cross-references, unfilled placeholders, and defined-term problems. Each is shown with the offending quote and its page.

Defined-term defect — the Fund

Low

The Tax Withholding section refers to 'the Fund' — a term never defined or used anywhere else in the document (the issuer is consistently 'the Company' / 'a Series'); an apparent template carryover creating ambiguity about which entity collects the TIN.

“A Series may be required in certain circumstances to apply backup withholding on dividends, distributions, and redemption proceeds payable to any holder (including a U.S. Holder) that fails to timely provide the Fund with its correct taxpayer identification number or to make required certifications.”
PPM p.8778% confidence

Diligence gaps

Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.

DDQ gap: Does the fund engage an independent auditor?

High

The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: Does the fund have a GP clawback provision?

High

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What is the LP/GP carried-interest split above the preferred return?

High

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What is the preferred return (hurdle) rate offered to LPs?

High

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: Does the fund use a third-party fund administrator?

Medium

The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: Is there a GP catch-up, and at what rate?

Medium

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What distribution-waterfall structure does the fund use?

Medium

The offering documents don't answer a standard institutional DDQ question (Structure). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What is the GP's capital commitment (skin in the game)?

Medium

The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ gap: What is the minimum LP investment?

Low

The offering documents don't answer a standard institutional DDQ question (Structure). An allocator will ask this directly — the GP should be ready with an answer.

90% confidence

DDQ readiness

How much of a standard institutional due-diligence questionnaire this fund's offering documents answer out of the box. Gaps are questions an allocator will ask directly.

31%
Coverage
4 answered0 partial9 gaps13 questions
Economics
  • What is the preferred return (hurdle) rate offered to LPs?Gap
  • What is the LP/GP carried-interest split above the preferred return?Gap
  • Is there a GP catch-up, and at what rate?Gap
  • Does the fund have a GP clawback provision?Gap
  • What is the GP's capital commitment (skin in the game)?Gap
Structure
  • What distribution-waterfall structure does the fund use?Gap
  • What is the fund's investment strategy / asset class?Debt · UnknownAnswered
  • What is the fund's vintage year?Vintage 2022.Answered
  • What is the target offering size?Target offering of $10,897,021.Answered
  • What is the minimum LP investment?Gap
Fees & Expenses
  • Is the fund's fee schedule disclosed (management fee, etc.)?7 fee line item(s) extracted from the offering documents.Answered
Governance
  • Does the fund engage an independent auditor?Gap
  • Does the fund use a third-party fund administrator?Gap
Generate IC memo →

Fee scheduletaken before LP distributions

Total load 5.50%
Fee
Trigger
Basis
Rate
Acquisition Fee
Acquisition of Property from Landa Properties
5% to 10% of the purchase cost of the Property (approximately 6% per the Use of Proceeds table). Included in the Acquisition Note issued by each Series to the Manager.
0.00%
Monthly Management Fee
Monthly, ongoing property management
5% to 10% of Gross Monthly Rent; set at 8% for Georgia properties and 5% for New York properties as of the offering circular date. Not to exceed 10% of Gross Monthly Rent.
0.00%
Broker Fee - Commission
Each Offering closing
1% of the amount raised in each Offering. Paid by the Manager (not the Series).
1.00%
Broker Fee - One-Time Consulting Fee
Following qualification of offering statement and receipt of FINRA No Objection Letter
Flat $20,000 one-time consulting fee. Paid by the Manager (not the Series).
0.00%
Broker Fee - Advance Expense Allowance
Upfront in connection with Offerings
Flat $5,000 one-time advance expense allowance for reasonable out-of-pocket expenses including FINRA filing. Refundable to the extent unused. Paid by the Manager.
0.00%
Acquisition Note Interest
Outstanding balance on Acquisition Note after title transfer
Up to 4.5% per annum on related-party Acquisition Note. Interest does not accrue prior to title transfer to the Series.
4.50%
Operations Loan Interest
If Manager provides an additional loan to a Series for operating expenses or refinancing
Interest not to exceed 7% per annum on any additional related-party loans from the Manager (other than the Acquisition Note).
0.00%

Service providers3 gaps

Provider network →
Legal Counsel
Gap
Not disclosed
No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.
Auditor
Gap
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Gap
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
OK
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.

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