Explanatory Note
Landa Financing LLC (the “Company”) has prepared this Form 1-A/A solely for the purpose of filing the exhibits set forth below.
PART III—EXHIBITS
Index to Exhibits
| * | Previously Filed |
| ** | Filed Herewith |
SIGNATURES
Pursuant to the requirements of Regulation A, Landa Financing LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on March 29, 2023.
| LANDA FINANCING LLC | |||
| By: | Landa Management LLC | ||
| By: | Landa Holdings, Inc. | ||
| By: | /s/ Yishai Cohen | ||
| Name: | Yishai Cohen | ||
| Title: | Chairman, Chief Executive Officer and President | ||
This offering statement has been signed by the following persons in the capacities and on the dates indicated.
| Signature | Title | Date | ||
| /s/ Yishai Cohen | Chairman, Chief Executive Officer, President, and | March 29, 2023 | ||
| Yishai Cohen | Director of Landa Holdings, Inc. | |||
| (Principal Executive Officer) | ||||
| /s/ Charles Tomlinson | Head of Finance of Landa Holdings, Inc. | March 29, 2023 | ||
| Charles Tomlinson | (Principal Financial Officer and Principal Accounting Officer) |

March 16, 2023
Yishai Cohen
Chief Executive Officer Landa Financing LLC
6 W. 18th Street, 12th Floor New York, NY 10011
| Re: | Landa Financing LLC |
| Draft
Offering Statement on Form 1-A Submitted February 17, 2023 | |
| CIK No. 0001965132 |
Dear Yishai Cohen :
We have reviewed your draft offering statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.
Please respond to this letter by providing the requested information and either submitting an amended draft offering statement or publicly filing your offering statement on EDGAR. Please refer to Rule 252(d) regarding the public filing requirements for non-public submissions, amendments and correspondence. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing your amended draft offering statement or filed offering statement and the information you provide in response to these comments, we may have additional comments.
Draft Offering Statement on Form 1-A Cover Page
| 1. | Your disclosure states that the per share purchase price will be $10 for “approximately one year” and then your price will be determined on or "about the first day of each month (or such other period as determined by our Manager in its sole discretion, but no less frequently than annually) and will equal the Company’s net asset value (“NAV”), divided by the number of Shares outstanding as of the end of the immediately preceding month (such amount, the “NAV Per Share”)." However, at the market offerings are not permitted under Regulation A. See Rule 251(d)(3)(ii) of Regulation A. Therefore, please clarify when you expect to calculate NAV Per Share. |
Yishai Cohen
Landa Financing LLC March 16, 2023
Page 2
Signatures, page 107
| 2. | Please add the signatures for the persons in the capacities of the company's principal executive officer, principal financial officer, principal accounting officer, and a majority of the members of its board of directors. See instructions to signatures in Form 1-A. |
Please contact Stacie Gorman at 202-551-3585 or Brigitte Lippmann at 202-551- 3713 with any other questions.
| Sincerely, | |
| Division of Corporation Finance Office of Real Estate & Construction | |
| cc: Mark Schonberger, Esq. |
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Goodwin
Procter LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 goodwinlaw.com +1 212 813 8800 |
March 22, 2023
VIA EDGAR
U.S. Securities and Exchange Commission
Division of Corporation Finance – Office of Real Estate & Construction
100 F Street, N.E.
Washington, D.C. 20549-3010
| Re: | Landa Financing LLC Offering Statement on Form 1-A Filed February 17, 2023 CIK No. 0001965132 |
Dear Staff of the Division of Corporation Finance:
This letter is submitted on behalf of Landa Financing LLC (the “Company”) in response to a comment letter from the staff of the Division of Corporation Finance (the “Staff”) of the Securities and Exchange Commission (the “Commission”) dated March 16, 2023 (the “Comment Letter”) with respect to the Company’s Offering Statement on Form 1-A filed with the Commission on February 17, 2023 (the “Offering Statement”). The response provided is based upon information provided to Goodwin Procter LLP by the Company. The Company is concurrently filing an amended Offering Statement on Form 1-A (the “Amended Offering Statement”), which includes changes in response to the Staff’s comments as well as other revisions.
For your convenience, the Staff’s comments have been reproduced in bold italics herein with responses immediately following each comment. Unless otherwise indicated, page references in the Staff’s comments refer to the Offering Statement, and page references in the responses refer to the Amended Offering Statement. Defined terms used herein but not otherwise defined have the meanings given to them in the Amended Offering Statement.
Draft Offering Statement on Form 1-A
Cover Page
| 1. | Your disclosure states that the per share purchase price will be $10 for “approximately one year” and then your price will be determined on or “about the first day of each month (or such other period as determined by our Manager in its sole discretion, but no less frequently than annually) and will equal the Company’s net asset value (“NAV”), divided by the number of Shares outstanding as of the end of the immediately preceding month (such amount, the “NAV Per Share”).” However, at the market offerings are not permitted under Regulation A. See Rule 251(d)(3)(ii) of Regulation A. Therefore, please clarify when you expect to calculate NAV Per Share. |
Response to Staff Comment No. 1
By permitting the Manager in the Offering Statement to exercise discretion to make changes to the pricing formulation, it was not the Company’s intention for the Offering to be considered an “at the market” offering. Therefore, in response to the Staff’s comment, the Company has determined to eliminate any discretion on the part of its Manager to change the pricing time periods, and has revised the Amended Offering Statement to reflect a fixed, quarterly pricing time period in relation to the pricing formulation of the Offering. Further and to the extent the Company determines in the future to set forth a different specified pricing period other than as stated in the Amended Offering Statement, the Company has revised the Amended Offering Statement to state that it will either terminate or amend this offering and file a new Offering Statement or Post Qualification Amendment in compliance with Regulation A.
Signatures, page 107
| 2. | Please add the signatures for the persons in the capacities of the company’s principal executive officer, principal financial officer, principal accounting officer, and a majority of the members of its board of directors. See instructions to signatures in Form 1-A. |
Response to Staff Comment No. 2
In response to the Staff’s comment, the Company has revised the Amended Offering Statement to include the signatures for the persons in the capacities of the Company’s principal executive officer, principal financial officer, and principal accounting officer.
If you have any questions or would like further information concerning the Company’s responses to the Comment Letter, please do not hesitate to contact me at (212) 813-8842.
| Sincerely, | |
| /s/ Mark Schonberger | |
| Mark Schonberger |
cc: Via E-mail
Yishai Cohen, Chief Executive Officer
Charles Tomlinson, Head of Accounting
Erick Posser, Esq., General Counsel
Landa Holdings, Inc.
Farnell Morisset, Esq.
Patrick Wilson, Esq.
Goodwin Procter LLP
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