Filed pursuant to Rule 253(g)(2)

File No. 024-11953

 

This Supplement No. 12, dated September 8, 2023 (which we refer to as "this supplement"), supplements, and should be read in conjunction with, the offering circular (the "Offering Circular"), dated March 28, 2023, of Landa App, LLC, a Delaware series limited liability company (which we refer to as "we," "us," "our" or "our company"), as supplemented. The purpose of this supplement is to update, correct and supersede certain information for the following Series (the "Updated Series"):

 

  • Landa App LLC — 773 Villa Way Douglasville GA LLC
  • Landa App LLC — 6710 Sunset Hills Boulevard Rex GA LLC
  • Landa App LLC — 2443 Hodges Farm Road Mansfield GA LLC
  • Landa App LLC — 1683 Spoonbill Board Hampton GA LLC
  •  

    LANDA APP LLC

    20 W. 22nd Street

    Suite 1411

    New York, NY 10010

    (646) 905-0931

    Landa.app

    CURRENT AND PREVIOUS SERIES OFFERINGS

     

    Refinance Note, Title Transfer, and Property Insurance Expiration

     

    The tables below (the "Update Tables") show key information related to the Updated Series and its underlying Property. The information in the Update Tables supersedes any contrary previous information contained in the Master Series Table included in the Offering Circular, which can be found here; all other information in the Offering Circular is otherwise unchanged.

     

    As previously disclosed in the Company’s latest Offering Circular, which can be found here, each Series is expected to pay down, or otherwise discharge, the outstanding balance of its Acquisition Note with (i) the proceeds received in exchange for a commercial promissory note bearing interest at current market rates to be issued by a third party lender (a “Refinance Lender”) after the qualification date of the offering statement of which the Offering Circular forms a part (a “Refinance Note”), and (ii) substantially all of the net proceeds from the Series Offering. Further, the Company filed Supplement #7 to its Offering Circular on June 26, 2023, which expressly amended the definition of “Refinance Lender” to include a third party lender or an affiliate of the Manager, a copy of which can be found here.

     

    In furtherance of the above, on September 1, 2023, the Series listed below entered into a Refinance Note with Landa Financing LLC, an affiliate of the Series and its Manager, the terms of which are listed in the table below. The Refinance Note is secured by the Property underlying the respective Series and any other assets of the Series, and bears interest at a rate equal to Overnight SOFR + 3.5%.

     

    Landa Series LLC Borrower   Loan
    Amount
        Interest
    Rate
      Loan Date   Maturity
    Date
    Landa App LLC – 773 Villa Way Jonesboro GA LLC   $ 71,906.0     (1)   09/01/2023   09/01/2025

     

    (1) Bears interest at Overnight SOFR + 3.5%.

     

    The foregoing is a summary of the terms of the Refinance Note and does not purport to be a complete description of such terms. This summary is qualified in its entirety by reference to the Commercial Promissory Note, a copy of which is filed as Exhibit 6.1 to our Form 1-U, filed on September 12, 2023, which can be found here.

     

    Further, on September 1, 2023, the Series listed below each entered into a Refinance Note with Kiavi Funding, Inc., the terms of which are listed in the table below. The Refinance Notes are secured by the Property underlying the respective Series and any other assets of the Series.

     

    Landa Series LLC Borrower   Loan
    Amount
        Interest
    Rate
      Loan Date   Maturity
    Date
    Landa App LLC – 6710 Sunset Hills Boulevard Rex GA LLC   $ 147,000.0     (1)   09/01/2023   09/01/2024
    Landa App LLC – 2443 Hodges Farm Road Mansfield GA LLC   $ 154,000.0     (1)   09/01/2023   09/01/2024
    Landa App LLC – 1683 Spoonbill Board Hampton GA LLC   $ 154,000.0     (1)   09/01/2023   09/01/2024

    (1) Bears interest at 11%.

    The foregoing is a summary of the terms of the Refinance Notes and does not purport to be a complete description of such terms. This summary is qualified in its entirety by reference to the Commercial Promissory Notes, copies of which are filed as Exhibits 6.2, 6.3 and 6.4 to our Form 1-U, filed on September 12, 2023, which can be found here.

     

    On September 1, 2023, Landa Properties LLC ("Landa Properties") transferred title (the "Transfer") of the following properties ("Properties") to the Series set forth in the table below. In connection with the Transfer, Landa Properties also assigned the applicable lease agreement for the Properties to the Series.

     

    Series   Property
    Landa App LLC – 773 Villa Way Jonesboro GA LLC   773 Villa Way, Jonesboro, GA 30238
    Landa App LLC – 6710 Sunset Hills Boulevard Rex GA LLC   6710 Sunset Hills Boulevard, Rex, Georgia
    Landa App LLC – 2443 Hodges Farm Road Mansfield GA LLC   2443 Hodges Farm Road Mansfield, Georgia 30055
    Landa App LLC – 1683 Spoonbill Board Hampton GA LLC   1683 Spoonbill Road Hampton, Georgia 30238

     

    Lastly, the Offering Circular states that the Manager cannot ensure that property insurance will be adequate to cover actual losses or that such insurance will continue to be available at reasonable costs, if at all, which could inhibit a Series’ ability to finance or refinance the underlying Property and result in uninsured losses. In such instances, a Series may be required to provide other financial support, either through financial assurances or self-insurance to cover potential losses. A Series may not have adequate coverage for such losses. If a Property incurs a loss that is not fully insured, the value of the Series’ asset will be reduced by such uninsured loss, which would reduce the value of the investment.

     

    Accordingly, and in connection with the paragraph above, the Manager has determined that carrying insurance for the following two Series is no longer reasonable or available at reasonable costs, and the property insurance policy for these two Series will expire effective immediately:

     

    Series   Property
    Landa App LLC – 773 Villa Way Jonesboro GA LLC   773 Villa Way, Jonesboro, GA 30238

     

    Resignation of Board Member of the Manager

     

    Effective August 25, 2023, Amit Assaraf resigned from the Board of the Manager, which directs the Company's operations.

     


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