v2.4.0.6
Related Party Transactions (Tables)
3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
Schedule Of Recourse Obligations, Related Party [Table Text Block]
 The Secured Notes (including related guaranties discussed below) are secured by an assignment of the distributions on the Class C units and Class D units of limited partnership interest of UMT Holdings held by each originating company.
  
Name
 
Initial
principal
amount
 
Balance at
March 31,
2014
 
Promissory
Note
principal
amount (2)
 
 
Units/
indemnification
pledged as
security
 
C Units
distributed
during
2014
 
Units/
indemnification
remaining
 
Estimated
Collateral
Value (3)
 
CRG
 
$
2,725,442
 
$
4,504,544
 
$
4,300,000
 
 
4,984 Class C and 2,710 Class D
 
 
-
 
2,399 Class C and 2,710 Class D
 
$
4,786,000
 
RAFC
 
$
3,243,369
 
$
10,324,266
 
$
7,100,000
 
 
11,228 Class C & 6,659 Class D
 
 
-
 
8,694 Class C & 6,659 Class D
 
$
10,465,000
 
SCMI
 
$
3,295,422
 
$
3,448,002
 
$
3,488,643
 
 
4,545 Class C and 3,000 Class D
 
 
-
 
985 Class C and 3,000 Class D
 
$
3,872,481
 
RAFC / Wonder(1)
 
$
1,348,464
 
$
1,971,536
 
$
1,400,000
 
 
1,657 Class C
 
 
-
 
1,482 Class C
 
$
1,482,000
 
Wonder
Indemnification (1)
 
 
n/a
 
 
n/a
 
 
n/a
 
 
$1,134,000
 
 
-
 
n/a
 
$
822,000
 
Totals
 
$
10,612,697
 
$
20,248,348
 
$
16,288,643
 
 
 
 
 
 
 
 
 
$
21,427,000
 
 
(1)
Wonder is collateralized by an indemnification agreement from RMC in the original amount of $1,134,000, of which $822,000 remains, and the pledge of 3,870 C Units. 2,213 of the pledged C Units also cross-collateralize the RAFC obligation.
(2)
The CRG, RAFC and Wonder balances at March 31, 2014 exceeded the stated principal amount per their variable Secured Notes by approximately $205,000, $3,224,000 and $572,000, respectively.  Per the terms of the Secured Notes, the unpaid principal balance may be greater or less than the initial principal amount of the note and is not considered an event of default.  The rapid rate of liquidation of the remaining portfolio of properties caused a more rapid increase in the Unpaid Principal Balance (“UPB”) than we originally anticipated and outpaced the minimum principal reductions scheduled for the loans.
(3)
Estimated collateral value reflects the pledge of D units of limited partnership interest of UMTH held by WLL, Ltd., RAFC and KLA, Ltd. UMTH D units represent equity interests in UMT Holdings, LP. Pledge of the UMTH D units entitles the beneficiary to a pro-rata share of UMTH partnership D unit cash distributions
Schedule Of Affiliate Lines Of Credit Receivable [Table Text Block]
The following table summarizes the related party lines of credit receivable as of March 31, 2014 and December 31, 2013:
 
 
 
2014
 
2013
 
UDF I
 
$
7,739,000
 
$
7,739,000
 
UDF III Economic Interest Participation Agreement
 
 
70,835,000
 
 
70,835,000
 
UMTH LC
 
 
7,577,000
 
 
7,577,000
 
Balance, end of period
 
$
86,151,000
 
$
86,151,000
 
Schedule Of Loan Made To Affiliate [Table Text Block]
Below is a table of the aggregate principal amount of mortgages funded during the quarters ended March 31, 2014 and 2013, respectively, to the companies affiliated with the Advisor, and named in the table and the aggregate amount of draws made by UMTHLC under the line of credit, during the three quarters indicated:
 
Related Party Company
 
2014
 
2013
 
RAFC
 
 
-
 
 
-
 
UMTHLC
 
 
-
 
$
15,000
 
UDF
 
 
-
 
 
-
 
Schedule of Related Party Transactions [Table Text Block]
The table below summarizes the approximate payments associated with related parties for the three months ended March 31, 2014 and 2013:
 
Related Party Payments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For Three Months Ended
 
Payee
 
Purpose
 
March 31, 2014
 
 
 
March 31, 2013
 
UMTHGS
 
Trust administration fees
 
$
250,000
 
88
%
 
$
319,000
 
94
%
UMTHGS
 
General & administrative - shareholder relations
 
 
34,000
 
12
%
 
 
19,000
 
6
%
 
 
 
 
$
284,000
 
100
%
 
$
338,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSC
 
Loan servicing fee
 
$
-
 
-
 
 
$
2,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UDF III
 
Credit enhancement fees
 
$
18,000
 
100
%
 
$
21,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UDF IV
 
Participation Interest Paid
 
$
1,058,000
 
100
%
 
$
342,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UMTH LD
 
Admin and origination fees paid
 
$
92,000
 
100
%
 
$
91,000
 
100
%
Schedule Of General and Administrative Expense Related Party [Table Text Block]
The table below summarizes the approximate expenses associated with related parties for the three months ended March 31, 2014 and 2013:
 
Related Party Expenses:
 
 
 
 
 
 
 
 
 
For Three Months Ended
 
Payee
 
Purpose
 
March 31, 2014
 
 
March, 31, 2013
 
UMTHGS
 
Trust administration fees
 
$
250,000
 
93
%
 
$
250,000
 
93
%
UMTHGS
 
General & administrative - shareholder relations
 
 
19,000
 
7
%
 
 
19,000
 
7
%
 
 
 
 
$
269,000
 
100
%
 
$
269,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSC
 
Loan servicing fee
 
$
-
 
-
 
 
$
2,000
 
100
%
PSC
 
General & administrative – Misc
 
$
3,000
 
100
%
 
 
-
 
-
 
 
 
 
 
$
3,000
 
100
%
 
$
2,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UMTH
 
Debt placement fees
 
$
20,000
 
100
%
 
$
8,000
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UDF III
 
Credit enhancement fees
 
$
22,000
 
100
%
 
$
20,000
 
100
%