UDF IV’s management has extensive experience in homebuilding, land development, asset management, development finance, public accounting, tax law and market involvement. UDF IV benefits from the latest research and analysis of homebuilding trends, population flow, consumer attitudes, monetary policy, market movements and the role that each field plays in shaping the industry.
Hollis M. Greenlaw, Chairman of the Board of Trustees and Chief Executive Officer
Chairman of the Board of Trustees and Chief Executive Officer of UDF IV, President and Chief Executive Officer of UMT Services and UMTH Land Development, Chief Executive Officer of UMT Holdings, Director of UMT Services and Partner of UMT Holdings
Mr. Greenlaw has served as our Chief Executive Officer and Chairman of our board of trustees since our formation in May 2008. Mr. Greenlaw also has served as Chief Executive Officer of UMTH LD since March 2003 and served as its president from March 2003 until July 2011. He also has served as partner, Vice Chairman and Chief Executive Officer of UMT Holdings and as President, Chief Executive Officer and a director of UMT Services since March 2003. Mr. Greenlaw is also the co-founder and Chief Executive Officer of UDF I, UDF II, and UDF III, affiliated real estate finance companies that provide custom financing and make opportunistic purchases of land for residential lot development and home construction. As Chief Executive Officer of the United Development Funding family of entities, Mr. Greenlaw has directed the funding of more than $2 billion in loans and equity investments through United Development Funding products, receiving more than $946 million in repayments to date. From March 1997 until June 2003, Mr. Greenlaw served as Chairman, President, and Chief Executive Officer of a multi-family real estate development and management company owned primarily by The Hartnett Group, Ltd., a closely-held private investment company managing more than $40 million in assets. There he developed seven multi-family communities in Arizona, Texas, and Louisiana with a portfolio value exceeding $80 million. Prior to joining The Hartnett Group, Mr. Greenlaw was an attorney with the Washington, D.C. law firm, Williams & Connolly, where he practiced business and tax law. Mr. Greenlaw was a member of Phi Beta Kappa at Bowdoin College and received his Juris Doctorate from the Columbia University School of Law in 1990. Mr. Greenlaw is a member of the Maine, District of Columbia, and Texas bars. Our board of trustees selected Mr. Greenlaw to serve as a trustee because he is our Chief Executive Officer and has served in various executive roles with our sponsor or its affiliates since 2003. He has expansive knowledge of the public homebuilding and real estate industries, and has relationships with chief executives and other senior management at a multitude of real estate companies. His demonstrated leadership skills, business expertise and extensive REIT executive experience provide him with the skills and qualifications to serve as a director.
Todd Etter, Chairman and Partner
Chairman and Partner of UMT Holdings
Mr. Etter has served as director, partner and Chairman of UMT Services, the general partner of UMT Holdings and UMTH LD and Executive Vice President of UMTH LD since March 2003. UMT Holdings originates, purchases, sells and services loans for the development of single-family lots and loans for the construction of single-family homes through its subsidiary UMTH LD. UMT Holdings also provides real estate-related corporate finance services through its subsidiary UMTH GS. UMTH GS serves as the advisor to UDF IV and United Mortgage Trust. Mr. Etter serves as Chairman of the general partner of UDF I and UDF II and Executive Vice President of the general partner of UDF III, each of which are limited partnerships formed to originate, purchase, sell and service land development loans and/ or equity participations. Since 2000, Mr. Etter has been the Chairman of UMT Advisors, Inc., which served as the advisor to United Mortgage Trust from 2000 through July 31, 2006, and since 1996, he has been Chairman of Mortgage Trust Advisors, Inc., which served as the advisor to United Mortgage Trust from 1996 to 2000. Subsequent to the completion of the terms of their advisory agreements with United Mortgage Trust, neither UMT Advisors, Inc. nor Mortgage Trust Advisors, Inc. has been engaged in providing advisory services. Mr. Etter has overseen the growth of United Mortgage Trust from its inception in 1997 to over $160 million in capital. Since 1998, Mr. Etter has been a 50% owner of and has served as a director of Capital Reserve Corp. Since 2002, he has served as an owner and director of Ready America Funding Corp. Both Capital Reserve Corp. and Ready America Funding Corp. are Texas corporations that originate, sell and service mortgage loans for the purchase, renovation and construction of single-family homes. In 1992, Mr. Etter formed, and since that date has served as President of, South Central Mortgage, Inc. (“SCMI”), a Dallas, Texas-based mortgage banking firm. In July 2003, Mr. Etter consolidated his business interests in Capital Reserve Corp., Ready America Funding Corp. and SCMI into UMT Holdings. From 1980 through 1987, Mr. Etter served as a Principal of South Central Securities, an NASD member firm. In 1985, he formed South Central Financial Group, Inc., a Dallas, Texas-based investment banking firm, and he continues to serve as its President; however, since 1992, South Central Financial Group, Inc. has not actively engaged in investment banking activities. From 1974 through 1981, he was Vice President of Crawford, Etter and Associates, a residential development, marketing, finance and construction company. Mr. Etter received a Bachelor of Arts degree from Michigan State University in 1972.
Michael K. Wilson, Executive Vice President, Director and President
Executive Vice President and Director of UMT Services and President of UMT Holdings
Mr. Wilson has served as Executive Vice President and a director of UMT Services since August 2005, President of UMT Holdings since June 2009, and has been a partner of UMT Holdings since January 2007. Mr. Wilson is currently responsible for Sales, Marketing and Investor Relations for UMT Holdings, and from August 2005 through June 2009 directed the capital raise of over approximately $300 million in United Development Funding securities through independent FINRA-member broker-dealers. From January 2004 through July 2005, Mr. Wilson served as Senior Vice President of Marketing for UMT Holdings. From January 2003 through January 2004, Mr. Wilson served as Senior Vice President of Operations of Interelate, Inc., a marketing services business process outsourcing firm. From September 2001 to December 2002, Mr. Wilson was the sole principal of Applied Focus, LLC, an independent management consulting company that provided management consulting services to executives of private technology companies. Mr. Wilson continues to serve as a consultant for Applied Focus, LLC. From April 1998 to September 2001, Mr. Wilson served as Senior Director and Vice President of Matchlogic, the online database marketing division of Excite@ Home, where he directed outsourced ad management and database marketing services for Global 500 clients including General Motors and Procter & Gamble. From July 1985 to April 1998, Mr. Wilson was employed with Electronic Data Systems in Detroit, Michigan where he led several multi-million dollar IT services engagements in the automotive industry, including GM OnStar. Mr. Wilson graduated from Oakland University in 1985 with a Bachelor of Science degree in Management Information Systems and earned a Master of Business Administration degree from Wayne State University in 1992. Mr. Wilson also attended the Thunderbird School of Global Management executive development program.
Stacey H. Dwyer, Chief Operating Officer
Chief Operating Officer of UDF IV
Ms. Dwyer joined UDF IV as its Chief Operating Officer in February 2014. Prior to joining UDF IV, Ms. Dwyer worked 22 years with D.R. Horton, a leading national homebuilder. Her most recent roles at D.R. Horton were Executive Vice President and Treasurer, positions she held from 2000 and 2003, respectively. In those roles, she was responsible for the Company’s financial community relations, including banks, investors, rating agencies and analysts. Prior to 2000, Ms. Dwyer held various positions in accounting, treasury and mergers and acquisitions. From 1989 to 1991, she was an auditor with Ernst and Young in Fort Worth. Ms. Dwyer is a Certified Public Accountant and holds a Bachelor of Science Degree in Accounting from Southeastern Oklahoma State University and a Master of Science Degree in Accounting from the University of Texas at Arlington.
Dave A. Hanson, Chief Accounting Officer
Chief Accounting Officer for UDF IV
Mr. Hanson has served as our Chief Accounting Officer since our formation in May 2008 and as our Chief Operating Officer from inception through February 2014. Mr. Hanson also serves as President of UDFH GS, our sub-advisor, and as Chief Financial Officer of UDF Services. He has also served as President of UMTH General Services, L.P. (UMTH GS), Chief Financial Officer of UMT Holdings, L.P. (UMT Holdings), and Chief Financial Officer of UMT Services, Inc. (UMT Services) since June 2007. Mr. Hanson has over 25 years of experience as a financial executive in the residential housing industry and as an accountant with an international public accounting firm. From 2006 to 2007, he was a Director of Land Finance for the Central/Eastern Region at Meritage Homes Corporation (Meritage), the twelfth largest publicly traded homebuilder. While at Meritage, Mr. Hanson handled all aspects of establishing, financing, administering and monitoring off-balance sheet FIN 46-compliant entities for the Central/Eastern Region. From 2001 to 2006, he was employed with Lennar Corporation, a national homebuilding company, as the Regional Finance Manager and served as acting homebuilding Division President, Regional Controller, and Controller for both homebuilding and land divisions. From 1999 to 2001, Mr. Hanson was the Director, Finance and Administration for One, Inc., a technology consulting firm. From 1996 to 1999, Mr. Hanson was the Vice President, Finance and Accounting for MedicalControl, Inc., a publicly traded managed healthcare company. Prior to 1996, he was employed with Arthur Andersen LLP, an international accounting and consulting firm, for approximately nine years. He graduated from the University of Northern Iowa in 1984 with a Bachelor of Arts degree in Financial Management/Economics and in 1985 with a Bachelor of Arts degree in Accounting. He is a Certified Public Accountant and Certified Management Accountant.
Cara D. Obert, Chief Financial Officer, Partner
Chief Financial Officer of UMTH Land Development and Partner of UMT Holdings
Ms. Obert serves as our Chief Financial Officer and Treasurer and is a partner of UMT Holdings. Ms. Obert served as the Chief Financial Officer for UMT Holdings from March 2004 until August 2006 and served as Controller for UMT Holdings from October 2003 through March 2004. She has served as the Chief Financial Officer of UMTH LD since August 2006. From 1996 to 2003, she was a self-employed consultant, assisting clients, including Fortune 500 companies, in creating and maintaining financial accounting systems. From May 1995 until June 1996, she served as Controller for Value-Added Communications, Inc., a Nasdaq-listed telecommunications company that provided communications systems for the hotel and prison industries. From 1990 to 1993, she was employed with Arthur Andersen LLP, an international accounting and consulting firm. She graduated from Texas Tech University in 1990 with a Bachelor of Arts degree in accounting. She is a Certified Public Accountant.
Ben L. Wissink, President, Partner
President of UMTH Land Development and Partner of UMT Holdings
Mr. Wissink joined UMTH Land Development L.P. (asset manager of United Development Funding IV) in September 2005, serving as its President since June 2011. Prior to June, he served as Chief Operating Officer from 2005 through 2011, and has been a partner of UMT Holdings since September 2008. Mr. Wissink has directed the management of more than $1.21 billion in loans and equity investments through United Development Funding (UDF) products, receiving more than $592 million in repayments to date. From June 2003 through August 2005, Mr. Wissink served as the Controller for the Dallas/Fort Worth land division for the national homebuilding company, Lennar Corporation. During that time, Mr. Wissink also served as an analyst for the Texas region. Mr. Wissink graduated from the University of Iowa in 2003 with a Bachelor of Business Administration degree in finance.
Melissa Youngblood, Chief Operating Officer, Partner
Chief Operating Officer of UMTH Land Development and Partner of UMT Holdings
Mrs. Youngblood became the Chief Operating Officer of UMTH Land Development, L.P. and partner of UMT Holdings in July 2011. Mrs. Youngblood has 18 years’ experience as a practicing attorney. Prior to joining UMTH, Mrs. Youngblood was a partner at Hallett & Perrin, P.C. in the firm’s corporate and securities section, with a concentration in real estate and lending transactions. Mrs. Youngblood has represented both publicly and privately owned business entities, including public and private finance, mergers and acquisitions, general contracting and commercial real estate transactions. Mrs. Youngblood’s legal career has focused on representation of borrowers and lenders in private and commercial lending transactions, and real estate syndicators and financiers in connection with real estate-based lending, documentation of loans, and real estate financing. She has also represented businesses in various aspects of securities laws, with an emphasis on federal securities reporting and compliance. Her experience includes corporate reorganizations, mergers, asset acquisitions and sales, shareholder, partnership and joint venture agreements, sales of equity and debt interests, and representation of issuers in connection with private placements of equity and secondary public offerings of debt and equity. Mrs. Youngblood received her J. D. from the University of Texas at Austin law school in 1992, and became a member of the State Bar of Texas upon taking the bar exam in 1993. She graduated with honors from the University of Texas at Arlington in 1990 with a Bachelors of Business Administration degree.
Brandon Jester, Director of UMTH Land Development
Director of UMTH Land Development, Director of Asset Management
Mr. Jester serves as Director of Asset Management where he oversees the department and the transaction process in every UDF market. Mr. Jester joined UDF in 2008 as an Asset Manager, responsible for managing UDF’s financing activities in the Austin and San Antonio markets. Prior to joining UDF, Mr. Jester served as Land Acquisitions Manager for Highland Homes in the Houston, Austin and San Antonio markets. During his time with Highland Homes, Mr. Jester initiated and established relationships with high-profile development firms and negotiated contracts with more than 50 developers and financial counter-parties across the state of Texas. Mr. Jester was also responsible for securing lot positions for Highland’s entry into the Houston market. Mr. Jester began his career in financial management with Fidelity Investments, while obtaining a Bachelors of Business Administration degree in Accounting from Texas A&M University in College Station.
BOARD OF TRUSTEES
Hollis M. Greenlaw, Chairman of the Board of Trustees
Chief Executive Officer and Chairman of the Board of Trustees
• Chief Executive Officer and Chairman of the Board of Trustees
• Co-Founder of United Development Funding (2003)
• Vice Chairman and Chief Executive Officer of UMT Holdings (2003)
• Chief Executive Officer of UMTH Land Development (2003)
• B.A. Bowdoin College (1986), J. D. Columbia University School of Law (1990)
• Member of the Maine, District of Columbia and Texas bars
Stacey H. Dwyer, Trustee
• Chief Operating Officer and Trustee
• 22 years with D.R. Horton, a leading national homebuilder
• Former Executive Vice President and Treasurer at D.R. Horton
• Former auditor with Ernst and Young
• Certified Public Accountant
• B.S., Accounting, Southeastern Oklahoma State University
• M.S., Accounting, University of Texas at Arlington
Phillip K. Marshall, Independent Trustee
• Independent Trustee, Chairman of Audit Committee, United Mortgage Trust (2006)
• Chief Financial Officer of public and private oil and gas, water technology, restaurant and entertainment companies (2003)
• Former Principal and Audit Partner for Whitley Penn independent certified public accountants (2001)
• Former Director of Audit Services for Jackson & Rhodes, PC (1992)
• Former Audit Partner for Toombs, Hall and Foster and KPMG Peat Marwick (1987)
• B.B.A., Accounting, Texas State University (1972)
J. Heath Malone, Independent Trustee
• Former Chief Financial Officer of Mericom Corporation (1998) ($60MM)
• Former Chief Operating Officer of OmniAmerica Development, a Hicks Muse & Tate company (1995)
• Former Chief Financial Officer of US Alarm Systems (1992)
• Accountant, Arthur Andersen (fraud audit team) (1989)
• Certified Public Accountant state of Texas
• B.A., Accounting, Southern Methodist University (1989)
Steven J. Finkle, Independent Trustee
• Member of the Board of Directors of the National Association of Life Brokerage Agencies
• Partner, Broker Resources of America
• Former board member District of Columbia Association of Insurance and Financial Advisors
• B.B.A. Georgia State University (1972)