U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
Current
Report Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
November 16, 2016
CAPITAL FINANCIAL HOLDINGS, INC.
(Exact
name of small business issuer as specified in its
charter)
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North Dakota
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000-25958
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45-0404061
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(State or
other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer ID No.)
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1 Main Street North
Minot, North Dakota 58703
(Address
of principal executive offices)
(701) 852-5292
(Issuer's
Telephone Number)
ITEM 1.01. Entry into a Material Definitive
Agreement
On
November 16, 2016, the Company closed on the acquisition of a
commercial office building and associated property (the
“Office Building”) located at 1801 Burdick Expressway
West, Minot, North Dakota from Evanmark Enterprises, LLC, pursuant
to the terms of the Uniform Offer to Purchase (the
“Agreement”) filed as Exhibit 10.55 to the
Company’s Form 8-K filed November 3, 2016.
The
contract purchase price for the Office Building was $975,000,
exclusive of closing costs of $9,091, with all built-in fixtures
and other furniture, fixtures and equipment in the building to
remain with the property. The Company paid $509,091 at closing
toward the purchase price of the Office Building with the remaining
$475,000 of the purchase price financed by a commercial real estate
loan from American Bank Center (the “American Bank”) in
the principal amount of $675,000, $475,000 of which is being
applied to the purchase price of the Office Building and $200,000
of which will be utilized for renovations to the building. The loan
will carry a fixed interest rate of 4.879% per annum for five (5)
years with the rate to be adjusted at the end of the five (5) year
period based on the Wall Street Journal Prime interest rate plus
1.759%. The Company is responsible for all costs, including lenders
fee, appraisal, title insurance, flood certification and recording
fees, associated with the loan, and, as is customary with
commercial real estate loans, American Bank will have a first
priority mortgage on the Office Building.
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SIGNATURES
Pursuant to the
requirements of Section 12 of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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CAPITAL
FINANCIAL HOLDINGS, INC.
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(Registrant) |
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| Dated: November 17, 2016 |
By:
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/s/
John
Carlson
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John Carlson |
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Chief Executive Officer |
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