United Development Funding IV fka UDFI

[Phaedrus77]

I’m just basing it on principal receipts from 2014 & 2015...which were over $100 million/year. Plus, I assume repayments were accelerated in 2016 due to UDF’s lines of credit being called.

As far as new loans, if you’re a developer, would you want to borrow from a company that was accused of being a ponzi scheme and can’t show you a current financial statement? If UDF ends up liquidating and can’t fund your future draws (remember, these loans aren’t all drawn at once), you look like a moron. Or to put it another way, if you’re a developer and can borrow from UDF (no financials, accused ponzi scheme) or another lender, which one are you going to choose?

When I talked to IR last year, the guy said the key to underwriting more loans is to get the audit done. Of course, that begs the question of why the hell it’s taking so long.