InvestorsHub Logo
Followers 11
Posts 649
Boards Moderated 0
Alias Born 02/05/2014

Re: Jh5142 post# 643

Friday, 12/27/2019 12:39:49 PM

Friday, December 27, 2019 12:39:49 PM

Post# of 1825
The senior note was for $24,690,000 and had a 1 yr term. Like the UDF loans, it wasn’t funded all at once.

On 4/1/19, the total amount of the advances was increased to $25,575,000. The loan balance at that date was $11,875,467.

https://www.cclerk.hctx.net/applications/websearch/EComm/ViewEdocs.aspx?ID=ihpahpMbvcoWkF5RdbzIVTkv19/6uOjyrgR7ASnB9g+nl3i+qrW4Qh4Qcq2VB1h0QYXxmbTSg1w3R9fasLBQ9+PEN7Ec++KznC+wAQAjO/m0CBfxUFsQ6C72vAIuG+yWCmLjzJarNpegOD7BaQMBZw==

You probably need to create an account to view that link.

The 8-k said there needs to be “sufficient financing or cash proceeds” to pay off the Senior Loan. So, I assume the senior lender (John F Howell, Jr, Trustee) got tired of funding (the total advances were over the original agreed amount) and wants to be repaid.

Perhaps UDF didn’t want to subordinate itself to a new lender (although, I doubt that’s plausible).

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.