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Hayman: UDF IV’s Stated Financial Position vs. Reality

Posted October 12, 2016

Hayman’s latest presentation analyzes how the circumstances surrounding a recent default do not seem to square with how UDF IV described its financial position.

Hayman: Alpha Ranch

Posted October 5, 2016

Hayman’s latest presentation outlines another case study that highlights numerous recurring red flags regarding UDF loans and the nature of the financial relationship between UDF and its largest borrower.

Hayman: The Northpointe Crossing Quandary

Posted September 9, 2016

Hayman’s case study of Northpointe Crossing examines how UDF was lending on real estate in tertiary markets leading up to the financial crisis in late 2007.

Hayman: The Precarious Preston Manor

Posted August 30, 2016

Hayman’s case study on the problematic nature of a development which UDF financed, foreclosed upon and then financed again through multiple successive funds, leading up to, and subsequent to, the great financial crisis.

Hayman: Is UDF a Legitimate REIT?

Posted August 11, 2016

Hayman’s overview of IRS case law, restrictions placed on REITs, debt versus equity issues and the potential implications for UDF IV.

Hayman: Case Study on Where Public Shareholder Capital Went

Posted April 1, 2016

Hayman’s case study presentation shows how UDF IV public shareholder capital helped fund payments to an affiliated UDF fund which had previously lost millions.

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