August 25, 2016 5:26 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of United Development Funding IV

Company Overview

United Development Funding IV operates as a real estate investment trust (REIT) in the United States. It focuses on originating, purchasing, participating, and holding investment secured loans for the acquisition and development of parcels of real property as single-family residential lots; and the construction of model and new single-family homes, including development of mixed-use master planned residential communities. The company also makes direct investments in land for development into single-family lots, new and model homes, and portfolios of finished lots and homes; provides credit enhancements to real estate developers, home builders, land bankers, and other real estate investors; a...

1301 Municipal Way

Suite 100

Grapevine, TX 76051

United States

Founded in 2008

1 Employees

Phone:

214-370-8960

Key Executives for United Development Funding IV

Chairman of the Board of Trustees and Chief Executive Officer
Age: 51
Chief Financial Officer and Treasurer
Age: 46
Chief Operating Officer and Trustee
Age: 50
President UMTH Land Development LP and Partner of UMT Holdings
Age: 34
President of UMT Holdings, Executive Vice President of UMT Services, Partner of UMT Holdings and Director of UMT Services
Age: 53
Compensation as of Fiscal Year 2016.

United Development Funding IV Key Developments

United Development Funding IV and the Lenders Entered into Amendment No. 1 to the Forbearance Agreement

On August 4, 2016, United Development Funding IV and the Lenders entered into Amendment No. 1 (the ‘Amendment’) to the Forbearance Agreement to extend the Forbearance Period from August 4, 2016 to September 30, 2016. The Forbearance Period will earlier terminate if the Loan is repaid, if an event of default occurs, or if the Trust fails to meet or maintain certain representations, warranties, terms, conditions or covenants contained in the Forbearance Agreement. Other than the modified terms described above, the material terms of the Forbearance Agreement remain unchanged. The balance of the Loan as of August 4, 2016 is approximately $15.6 million. On July 9, 2014, United Development Funding IV entered into a loan agreement (the ‘Loan Agreement’) on July 2, 2014 with Waterfall Finance 4, LLC for a $35 million term loan (the ‘Loan’). On May 23, 2016, the Trust and Waterfall Eden Master Fund Ltd., Waterfall Sandstone Fund, LP and HEDCO ABS Ltd. (collectively, the ‘Lenders’), as successors-in-interest to Waterfall Finance 4, LLC under the Loan Agreement, entered into a Forbearance Agreement on May 17, 2016, effective as of March 4, 2016, pursuant to which the Trust acknowledged the occurrence of certain events of default and the Lenders agreed to forbear from exercising any of their default-related rights against the Trust until August 4, 2016 (the ‘Forbearance Period’).

United Development Funding IV announced delayed 10-Q filing

On 08/10/2016, United Development Funding IV announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

NASDAQ Hearings Panel Approves Continued Listing Of United Development Funding IV Shares

United Development Funding IV (“UDF IV” or the “Trust”) announced that a NASDAQ Hearings Panel (the “Panel”) has determined to continue the listing of the Trust’s common shares on The NASDAQ Stock Market LLC (“NASDAQ”). The Trust’s continued listing is subject to the condition that, on or before September 12, 2016, the Trust evidence compliance with Nasdaq Listing Rule 5250(c)(1) by filing all necessary periodic reports with the Securities and Exchange Commission (“SEC”). The Trust must also be able to demonstrate that it satisfies all other quantitative and qualitative requirements for continued listing on NASDAQ. UDF IV has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Form 10-K”) or its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (the “First Quarter Form 10-Q”) with the SEC, and does not anticipate filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 (the “Second Quarter Form 10-Q”) with the SEC by the applicable August 9th deadline. However, the Trust currently expects that it will be in a position to file the 2015 Form 10-K, First Quarter Form 10-Q and Second Quarter Form 10-Q and thereby evidence full compliance with the Filing Requirement on or before the September 12, 2016 date required by the Panel. The Panel’s determination follows a hearing held on July 7, 2016 at which the Trust presented its plan to regain compliance with the Filing Requirement. The Trust is working diligently to complete and file all necessary periodic reports with the SEC as soon as practicable; however, there can be no assurance that the Trust will be able to do so within the period granted by the Panel.

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Recent Private Companies Transactions

Type
Date
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No transactions available in the past 12 months.
 

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