United Development Funding IV fka UDFI

[Jh5142]

The last 10Q from UDFI listed a loan to an entity called CTMGT Frontier 80, LLC. The max loan amount was $32.6 million with an outstanding balance of $13.4 million.

This deal appears to be the Creeks of Legacy West in the city of Celina, Denton County.

According to the partial lien release dated September 28, 2018 there appears to have been a loan taken out with that land as collateral. The lender is First Continental Investment Co, LTD. the loan was dated July 2017 in the amount of $4.2 million.

Based on a LinkedIn search, First Continental appears to be a non-bank lender who makes loans for developing lots. They are Houston based.

This partial lien release was for 24 lots.

Prior to the attack, UDF IV or V would have provided the loan to develop the lots. It's possible that Centurian went to this lender to borrow the money to complete development.