United Development Funding IV fka UDFI

[Jh5142]

Also agree it is interesting that UDF doesn’t mention loan losses. Greenlaw stated that the loan portfolio declined by about $350 million in the 9-12 months after the attack. Some of that reduction was borrowers either paying back the loans in full or refinancing. While there may have been some losses, it shouldn’t have been all losses.

The north Dallas market has been red hot since 2015 when we last saw financials. Even hotter since 2016 since Greenlaw let us know they still had $900 million in loans mostly in Dallas.

I find it hard to believe those loans are worth 50 cents on the dollar, or whatever the current price is implying.