Private Equity Offering
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3 Months Ended | ||||
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Mar. 31, 2014
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Private Equity Offering [Abstract] | |||||
Private Equity Offering [Text Block] |
On February 24, 2014, the Company initiated a private offering of equity units (“Equity Units”) to accredited investors (“Equity Unit Holders”). The Equity Units to accredited investors (“Equity Unit Holders”) are being offered by UMT United Residential Home Finance, L.P. (“URHF”). URHF is a Delaware limited partnership formed for the purpose of investing in loans made to fund the acquisition of land and development of single family lots, loans for the acquisition of finished lots, loans secured by model homes and loans for the construction of new homes (“Loans”). URHF will issue up to $15.5 million in 5.5% Preferred Limited Partner Equity Units to Equity Unit Holders who will become Limited Partners in URHF. The offering of the Equity Units is not registered under the Securities Act, in reliance upon the exemption from registration for non-public offerings provided by Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended. As of March 31, 2014 no Equity Units had been issued or sold. Through May 15, 2014 $500,000 of Equity Units has been sold. |