United Development Funding IV fka UDFI

[Jh5142]

In 2011, Moayedi brought the Ipours to meet Greenlaw at the private airstrip in Addison where Moayedi and Greenlaw kept their plane. During this meeting, Greenlaw represented that UDF wanted—and was able to—fund all of Megatel’s development projects. In exchange for Moayedi’s partnership introductions between UDF and Megatel, Megatel agreed to pay Moayedi a $2,000 “consulting fee” for every home Megatel sold, regardless of whether that home was built on a lot developed by Centurion. In addition, the Ipours and Moayedi orally agreed that Centurion would grant Megatel first opportunity and a right of first refusal to participate in all of Centurion’s developments on which UDF provided Centurion’s financing. Thus, a partnership among the three companies was born. Megatel ultimately paid Moayedi approximately $1.6 million in these consulting fees.