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The cascade above is filtered to 1yr Bonds. Reset to blended view.
“We may sell up to 2,500,000 1yr Bonds for $25,000,000 and up to 5,000,000 3yr Bonds. for $50,000,000. 1yr Bonds will accrue interest at 8% per annum and 3yr Bonds will accrue interest at 10% per annum.”— PPM p. 1
“We may sell up to 2,500,000 1yr Bonds for $25,000,000 and up to 5,000,000 3yr Bonds. for $50,000,000. 1yr Bonds will accrue interest at 8% per annum and 3yr Bonds will accrue interest at 10% per annum.”— PPM p. 1
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.
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.
Plan of Distribution states the offering size as '$75,000,000 million', a doubled/garbled magnitude (would imply $75 trillion) for an offering described everywhere else as $75,000,000.
“We are offering up to $75,000,000 million of our Bonds pursuant to this offering circular at $10 per Bond.”
A Patricia Midgett Notes Payable entry lists an Original Loan Amount of $100,000 yet a 12-31-2023 balance of $115,000 on an interest-only loan, so the balance impossibly exceeds the original principal.
“Original Loan Amount: $100,000 Periodic payment: $583 per month (interest only) Interest rate: 7.0% annual fixed rate Balance at 12-31-2023: $115,000”
The Rampart (Loan 5, Valiant Builder Finance) margin over Prime is stated as 2% above WSJ Prime in the loan description but 'Prime + 1.5%' in the Notes Payable schedule.
“The borrower will pay an annual interest rate of 2% per annum above the Wall Street Journal Prime Rate with a floor of 8.5%. ... Interest rate: Variable rate – Prime + 1.5%”
The TowneBank blanket loan rate is described two ways: a variable Wall Street Journal Prime + 0% with a 4% floor in the loan description, but an '8.5% annual fixed rate' in the Notes Payable schedule of the financial statements.
“The loan bears monthly interest at a variable rate of Wall Street Journal Prime + 0% with a floor of 4%. ... Interest rate: 8.5% annual fixed rate”
The Index to Exhibits keys exhibits with superscripts (1), (2) and (3), but the footnote legend repeats '(2)' twice and never defines '(3)', so every exhibit marked (3) (e.g. Form of Bond, the loan agreements) points to a nonexistent legend.
“(2) Filed with Form 1-A on February 7, 2024, which is incorporated herein by reference. (2) Filed with Form 1-A on April 15, 2024, which is incorporated herein by reference.”
Two distinct loans in the Description of Current Outstanding Loans are both numbered 'Loan 7' — Steven Lloyd / Pony Lot 14 and Stone Bay Holdings II / Pony Lot 13 — so the sequence skips Loan 8 and the property-table loan references become ambiguous.
“Loan 7 - Pony Lot 14 Lender: Steven Lloyd ... Loan 7 - Pony Lot 13 Lender: Stone Bay Holdings II LLC”
The Use of Proceeds table refers to 'the sale of the Class A interests offered hereby', but the security being offered throughout the circular is 'Bonds' — there is no Class A interest, indicating leftover template language.
“The following table illustrates the amount of net proceeds to be received by the Company on the sale of the Class A interests offered hereby and the intended uses of such proceeds over an approximate twelve 12-month period.”
The circular twice refers to 'Series Interests' (a term never defined and inconsistent with the Bonds being offered), e.g. as to delivery/sale and to liquidity/value — apparent leftover boilerplate from a different offering template.
“regardless of the time of delivery of this offering circular or sale of Series Interests”
The Security Ownership section describes voting and investment power 'with respect to all shares of common stock owned by them', but the issuer is a Delaware LLC whose interests are membership interests and which has no common stock.
“the persons listed below have sole voting and investment power with respect to all shares of common stock owned by them, except to the extent that power may be shared with a spouse.”
The 'How to invest' instruction prints the investor website URL with an embedded space ('www.robert ventures.com'), an unusable/broken address that also conflicts with the www.robertventures.com and invest.robertventures.com URLs used elsewhere.
“Please visit our website at www.robert ventures.com and click the 'Invest' link at the top of the home page.”
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
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.
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.
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.
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.
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.
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.
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.
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.
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.
What allocators are saying. Diligence notes, open questions, attached scenarios.
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