United Development Funding IV fka UDFI

[Jh5142]

Alpha Ranch was one of the larger loans at $22 million. Hayman did a report on it highlighting it as a potential problem loan.

Looks like Alpha Ranch went to DRC on November 17, 2017. See items 20 and 21 in the link below.

DRC recommended their concept plan approval for 735 acres of residential, 24 acres of commercial, 15 acres of institutional and 623 acres of open space.

Assuming a density of 3.2 per acre, that would lead to 2,352 single family lots. That values the lots at a price of about $10k per blank. Plus potentially any value in the other acreage.

Centurian bought this land in 2012. In most major markets, any land bought in 2012 has turned out to be a home run for the developer. Even accruing interest on a loan made in 2012 to buy raw land should be money good.

Another indication that we are hopefully going to see value in the portfolio once reported.



http://fortworthtexas.gov/files/ec28279c-1617-474c-a168-067444fe87ae.pdf