Keep in mind, this deal is still contingent on financing or cash proceeds enough to pay back the senior loan in full.
On the surface, if the senior loan can't be repaid in full then the subordinated loan would be worth zero. Hard to believe that would be true but they did put that language in the 8-K.
This transaction may not even happen if the contingencies aren't met. But apparently, we know the developer has agreed to hand over the deal back to UDF V for no money- just a release of debt and an agreement to be the fee developer.
We are left to speculate due to the ongoing decision from management to not disclose financials.
News 
Market Data 
Discover 
