Introduction

Iron Born Pizza is Pittsburgh’s first privately owned Detroit Style Pizza company (June 2017). It reflects the pride that I have been raised with here in Pittsburgh, but also speaks to the iconic pan that Detroit Style Pizza is “born” out of.

Our products and brand have clearly resonated with all Pittsburgh clientele. In our first six months, we sold 23,000 pizzas, been reviewed by 18 publications and gained 2,400 followers. As of June 2019 1.5 years later we now have 8,500 and growing. @ironbornpizza

National media has taken notice as well! We’ve been on the Travel Channel with Andrew Zimmern, re-posted by Zagat and have been featured in Pizza Today Magazine twice. It’s now time to open our first full-service restaurant with bar seating, local beers, tasty wines, and cocktails!

I am looking to borrow between $50,000 and $107,000 at 11.50% over 60 months, with the first six months paying interest only. Anyone who is 18 years old can invest.

 

 


About Iron Born Pizza

I first learned of Detroit Style Pizza in a small ski town in Telluride Colorado. I found inspiration from “Brown Dog Pizza” and the surprise that Pittsburgh had never heard of Detroit Style Pizza. It’s a pan style pizza cooked classically in blue steel pizza pans, the dough is very light but crispy on the bottom, and sauce goes on top after it is baked. Our guests always come back for the crispy cheese corners seen below. It took me over one year to develop the dough, countless notes, and recipe restructuring. Our recipe, that will never change, is a 48-hour fermentation process that uses USA organic flour and is topped with the most flavorful ingredients I can find. Iron Born wants to help solve the problem of low-quality pizza by providing a high-quality product with thought and focus on flavor and texture.


Fast Facts


The Project

We currently are renovating a corner restaurant in the heart of the strip district, just down the street from our original location! 1806 Smallman Street is across the street from the build-out of the fruit and auction building which will restore the strip district back to the way it was in the past. We will have a full bar with cocktails, fine wines, and local beers. Our newest addition to the menu is fresh made pasta in house, with four different sauces that you will be able to mix and match. “Forge your own pasta”. Housemade - Spaghetti, Rigatoni, Orrechettie, fettuccine and gluten free penne. This was one of our most recent test batches of pasta.

With that, we have to install all new plumbing, venting and dish machine to ensure food safety. We need an electrical upgrade for a walk-in cooler and top of the line Pizzamaster Pizza Oven. The building has been painted to match our color scheme, it will be marketed and signed by another local Millvale company, Top Hat Marketing, PLCB Liquor License transfer and holding as well as all new bar equipment and ice machine. Installation of garage doors for the ability to have a walk up standing bar to see the action inside the kitchen and pick up to-go pizzas!

Our future pickup window

I really enjoy working and cross-promoting with other local businesses and organizations. This is a strategic move in terms of marketing, a great way to reach new customers, and can bring awareness to other local businesses. With this new location, I hope to establish many new business relationships and partnerships with some amazing organizations!

 


About the Owner

After spending years in fine dining, I decided to come home to work for the Giant Eagle Market Districts. By the age of 24 years old, I was the youngest Executive Chef at their Settler’s Ridge location and was in charge of their highest food sales as well as oversee the beer and wine area, which was licensed under my name. I also gained in-flight catering contracts for the Pittsburgh Penguins and Steelers. This is where I began to learn the business aspect of the restaurant industry, P&L’s, gross margin, labor cost etc.

Iron Born Pizza testing began and my fiancé and I began to develop the brand and firm foundation that was “born” and continues to grow today.

Many people on my staff have added key pieces that roll our success, they are what keeps us going and make the company great.

 


The Location

The building we are leasing has not been used in a few years

 


Deal Summary

Issuer

Iron Born LLC

Security Type

Secured Loan

Loan Purpose

Refinance of business's Kabbage loans. The proceeds shall be used for commercial purposes only.

Offering Amount

$50,000 - $107,000

Interest Rate

11.50%

Payments

Monthly, Disbursed to Investors Quarterly

Maturity

6 months interest only followed by 54 months fully amortizing

Personal Guaranty

Yes, Peter Tolman

Security Interest

Yes, second lien in assets of the business

 


Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to Iron Born, LLC.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

Investment Amount One-Time Fee Potential Quarterly Returns* (Interest Only Period) Potential Quarterly Returns* (Amortizing Period) Potential Total Repayment*
$100 $2.85 $2.88 $7.14 $134.31
$500 $14.25 $14.38 $35.71 $671.57
$1,000 $28.50 $28.75 $71.42 $1,343.15
$5,000 $37.25 $143.75 $357.12 $6,715.74

*Individual payments may vary slightly based on rounding. Potential repayments include principal and interest, they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a fully amortizing loan: principal and interest are paid down starting with the first payment. There are no prepayment penalties and Iron Born may pay down their loan early which may impact your earnings potential. Please note, returns are not guaranteed and investors could lose some or all of their investment.

Your ongoing responsibilities from investing are very limited. Each year over the life of the loan you will receive a 1099-INT, this is a simple tax document similar to what you receive for most savings accounts.

When Iron Born pays as agreed, you will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the Administrative Agent to manage the collections process on investors' behalf.

 


How Honeycomb is Compensated

Honeycomb charges Iron Born Pizza a $250 posting fee and a 6.0% loan origination fee on the total amount funded.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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