United Mortgage Trust (UDMG) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 13, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	UNITED MORTGAGE TRUST
Entity Central Index Key	101,390
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	UDMG
Entity Common Stock, Shares Outstanding		6,418,257

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 611,761	$ 984,841
Mortgage investments:
Investment in trust receivable	330,082	536,084
Investment in residential mortgages	0	159,375
Interim mortgages, related party	0	15,830,254
Allowance for loan losses	0	(105,462)
Total mortgage investments, net	330,082	16,420,251
Lines of credit receivable, related parties	80,387,639	90,844,122
Lines of credit receivable	13,844,088	15,706,986
Accrued interest receivable	2,411,297	4,234,105
Accrued interest receivable, related parties	1,847,240	13,025,687
Reserves - accrued interest receivable	(1,822,025)	(5,027,174)
Recourse obligations, related parties	31,588,811	20,190,990
Real estate owned, net	9,449,935	4,439,004
Deficiency notes	3,235,770	3,258,330
Deficiency note, related party	41,347,144	28,739,855
Allowance for loan losses - deficiency notes	(1,204,049)	(591,447)
Other assets	302,059	394,783
Total assets	182,329,752	192,620,333
Liabilities:
Dividends payable	214,000	311,000
Lines of credit payable	8,315,940	13,805,860
Accounts payable and accrued liabilities	538,652	616,341
Accounts payable and accrued liabilities, related parties	129,831	526,431
Participation payable, related parties	71,206,633	74,686,618
Notes payable	7,369,201	7,420,156
Total liabilities	$ 87,774,257	$ 97,366,406
Commitments and contingencies
Shareholders’ Equity:
Shares of beneficial interest; $.01 par value; 100,000,000 shares authorized; 8,379,763 and 8,375,363 shares issued in 2015 and 2014, respectively; and 6,421,520 and 6,431,960 shares outstanding in 2015 and 2014, respectively	$ 83,798	$ 83,754
Additional paid-in capital	148,030,078	147,965,964
Cumulative distributions in excess of earnings	(22,715,052)	(19,523,383)
Shareholders Equity Attributable To Parent Before Deducting Treasury Stock Value	125,398,824	128,526,335
Less treasury stock of 1,958,243 and 1,943,403 shares of beneficial interest in 2015 and 2014, respectively, at cost	(37,577,389)	(37,359,812)
Total United Mortgage Trust shareholders’ equity	87,821,435	91,166,523
Noncontrolling interest	6,734,060	4,087,404
Total equity	94,555,495	95,253,927
Total liabilities and shareholders' equity	$ 182,329,752	$ 192,620,333

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	8,379,763	8,375,363
Common stock, shares outstanding	6,421,520	6,431,960
Treasury stock, shares	1,958,243	1,943,403

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Income:
Interest on loans - related parties	$ 539,848	$ 871,171	$ 1,716,095	$ 2,587,433
Interest on loans	526,507	480,161	1,707,020	1,231,156
Total interest income	1,066,355	1,351,332	3,423,115	3,818,589
Interest Expense:
Interest expense - related parties	20,686	46,472	132,025	133,423
Interest expense	297,037	344,496	989,158	873,918
Total interest expense	317,723	390,968	1,121,183	1,007,341
Net interest income	748,632	960,364	2,301,932	2,811,248
Provision for loan losses	210,000	402,017	630,000	1,210,474
Net interest income after provision for loan losses	538,632	558,347	1,671,932	1,600,774
Noninterest Expense:
Trust administration fee - related parties	250,000	250,000	750,000	750,000
Loan servicing fee - related parties	133	216	332	555
General and administrative - related parties	188,953	19,084	559,184	71,605
General and administrative	197,008	229,477	683,246	544,014
Total noninterest expense	636,094	498,777	1,992,762	1,366,174
Net (loss) income	(97,462)	59,570	(320,830)	234,600
Less: net (income) loss attributable to noncontrolling interest	(222,142)	8,254	(462,633)	21,058
Net (loss) income attributable to holders of shares of beneficial interest	$ (319,604)	$ 67,824	$ (783,463)	$ 255,658
Net (loss) income per share of beneficial interest (in dollars per share)	$ (0.05)	$ 0.01	$ (0.12)	$ 0.04
Weighted average shares outstanding (in shares)	6,421,520	6,433,849	6,427,217	6,434,978
Distributions per weighted average shares outstanding (in dollars per share)	$ 0.10	$ 0.14	$ 0.39	$ 0.43

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income (loss)	$ (320,830)	$ 234,600
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Provision for loan losses	630,000	1,210,474
Depreciation and amortization	12,375	12,375
Performance obligation expense, related party	500,846	0
Changes in assets and liabilities:
Accrued interest receivable	1,782,972	(1,411,258)
Accrued interest receivable, related parties	(537,497)	(2,234,656)
Other assets	80,349	1,426,452
Accounts payable and accrued liabilities	(77,566)	(328,334)
Accounts payable and accrued liabilities, related parties	(396,600)	(1,229,205)
Net cash provided by (used in) operating activities	1,674,049	(2,319,552)
Investing Activities
Principal receipts on trust receivable	206,002	86,667
Principal receipts on residential mortgages	159,375	63,414
Principal receipts on deficiency notes	22,560	1,825
Principal receipts on interim mortgages and deficiency notes, related parties	1,582,976	418,846
Investments in recourse obligations, related parties	0	(2,159)
Principal receipts from recourse obligations, related parties	45,699	500
Principal investments in lines of credit receivable	(34,685,459)	(5,232,344)
Principal receipts from lines of credit receivable	36,548,357	49,249
Proceeds from sale of real estate owned	53,070	128,924
Net cash provided by (used in) investing activities	3,932,580	(4,485,078)
Financing Activities
Proceeds from issuance of shares of beneficial interest	64,158	165,285
Borrowings on lines of credit payable	2,061,452	8,138,583
Repayments on lines of credit payable	(7,551,372)	(1,634,207)
Proceeds from notes payable	425,000	1,637,000
Principal payments on notes payable	(475,955)	(250,000)
Purchase of treasury stock	(217,577)	(216,046)
Distributions to shareholders of beneficial interest	(2,505,206)	(2,797,420)
Distributions to noncontrolling interest	(166,709)	(28,176)
Proceeds from noncontrolling interest preferred equity units	2,386,500	1,659,000
Net cash (used in) provided by financing activities	(5,979,709)	6,674,019
Net decrease in cash and cash equivalents	(373,080)	(130,611)
Cash and cash equivalents at beginning of period	984,841	1,108,300
Cash and cash equivalents at end of period	611,761	977,689
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	896,616	768,887
Supplemental Disclosure of Noncash Activity:
Decrease in interim mortgages foreclosed to real estate owned	15,830,254	0
(Increase) decrease in residential mortgages	0	47,749
(Increase) decrease in participation receivable, related parties	3,479,985	(5,238,166)
Increase (decrease) in participation payable, related parties	(3,479,985)	5,238,166
(Increase) decrease in participation accrued interest receivable, related parties	0	823,041
Increase (decrease) in participation accrued interest payable, related parties	0	(823,041)
Decrease in accrued interest receivable, related parties	8,371,631	654,909
(Increase) decrease in deficiency notes, related parties	(14,691,111)	151,225
(Increase) in recourse obligations, related parties	(11,443,520)	(152,911)
Decrease in accrued interest receivable	179,000	0
(Decrease) in real estate owned	(5,186,111)	(501,580)
(Increase) decrease in lines of credit receivable, related parties	6,976,498	(626,199)
Decrease in interim mortgages and deficiency notes	(873)	426,807
Increase (decrease) in distributions payable to shareholders of beneficial interest	(97,000)	0
(Increase) decrease in cumulative distributions in excess of earnings	97,000	0
Increase (decrease) in accrued noncontrolling interest preferred distributions	$ (35,768)	$ 0

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Nature of Operations [Text Block]	1. Nature of Business United Mortgage Trust (the “Company,” “UMT,” “Us” or “We”) is a Maryland real estate investment trust that qualifies as a real estate investment trust (a “REIT”) under federal income tax laws. The Company’s principal investment objectives are to invest our financing proceeds, proceeds from the repayment of our loans, capital transaction proceeds and retained earnings in the following types of investments: (i) lines of credit and secured loans for the acquisition and development of single-family home lots, referred to as “Land Development Loans;” (ii) lines of credit and loans secured by developed single-family lots, referred to as “Finished Lot Loans;” (iii) lines of credit and loans secured by completed model homes, referred to as “Model Home Loans;” (iv) lines of credit and loans, with terms of 18 months or less, secured by single family lots and homes constructed thereon, referred to as “Construction Loans;” (v) to provide credit enhancements to real estate developers, homebuilders, land bankers and other real estate investors who acquire real property, subdivide real property into single-family residential lots, acquire finished lots and/or build homes on such lots referred to as “Credit Enhancements;” (vi) discounted cash flows secured by assessments levied on real property; and (vii) senior or subordinate securities backed by finished lot loans and/or development loans referred to as “Securitizations.” We collectively refer to the above listed loans as “Mortgage Investments.” Additionally, our portfolio includes obligations of affiliates of our Advisor, which we refer to as “Recourse Obligations” and “Deficiency Notes.” The Company has no employees. The Company pays a monthly trust administration fee to UMTH General Services, L.P. (“UMTHGS” or “Advisor”), a subsidiary of UMT Holdings, L.P. (“UMTH”), a Delaware real estate finance company and affiliate, for its services as our advisor. The Company’s offices are located in Grapevine, Texas.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries, in which the Company wholly owns, has a controlling financial interest or both: UMT Home Finance, L.P. (“UMT HF”), UMT Home Finance II, L.P. (“UMT HF II”), UMT Home Finance III, L.P. (“UMT HF III”), United Residential Home Finance, L.P. (“URHF”), UMT LT Trust, UMT Properties, LP and UMT 15 th

Recent Accounting Standards and

Recent Accounting Standards and Pronouncements	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	3. Recent Accounting Standards and Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In February 2015, the FASB issued ASU No. 2015-02, Consolidation In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest

Loan Modification Related Parti

Loan Modification Related Parties - UMTHLC Deficiency Note and Recourse Obligations	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Loan Modification Agreement Related Parties Disclosure [Text Block]	4. Loan Modification Related Parties – UMTHLC Deficiency Note and Recourse Obligations Loan Modification Certain of UMT’s affiliates are indebted to UMT pursuant to certain loan arrangements including (i) Deficiency Notes owing from UMTH Lending Company, L.P. (“UMTHLC”), (ii) Recourse Obligations owing from Capital Reserve Group, Inc., South Central Mortgage, Inc. and Ready America Funding Corp. (“RAFC”) and (iii) certain payment obligations of UMT Holdings, L.P. (“UMTH”) in favor of UMT in connection with an indemnification agreement dated December 31, 2005 (the “Indemnification Agreement”) originally executed by UMTH in favor of RAFC, which Indemnification Agreement secures deficiency obligations owing to RAFC by Wonder Funding Corp., an affiliate of RAFC (“Wonder”). In late 2013 and early 2014, the foregoing affiliates approached UMT with the proposal to modify the existing loans to: ⋅ accelerate the repayment schedule and set repayment amounts on an aggregate indebtedness and reduction basis; ⋅ provide additional security on the indebtedness; and ⋅ reduce the interest rate to a market rate which would automatically adjust up to 6% upon the failure to make a scheduled payment. Following an analysis of the proposal, our Board of Trustees approved the proposed modification of the loans effective as of January 1, 2015. On March 25, 2015, and effective as of January 1, 2015, UMT entered into loan modification agreements (“Agreements”) with certain of its affiliated entities which are indebted to UMT under the above-referenced outstanding loan arrangements. Summary of Modified Loans As modified, each of the existing notes evidencing the indebtedness has been amended and the outstanding indebtedness divided into and evidenced by two new notes – Note No. 1, which matures on December 31, 2017 December 31, 2017 Quarterly, such portion of the outstanding principal balance of Note No. 2 as is necessary to restore the outstanding principal balance of Note No. 1 to its initial principal balance shall be transferred from Note No. 2 to Note No. 1 and such transferred principal balance shall become part of the outstanding principal balance of Note No. 1, payable in accordance with, and subject to all of the terms and conditions of Note No. 1. This process will be repeated for each note until all of the indebtedness has been paid. The interest rate of all Notes No. 1 is equal to the higher of: (a) 1.75% or (b) the imputed interest/applicable federal rate rules set forth in Sections 483 or 1274 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“AFR”) (a) 2.70% or (b) the AFR The modified notes require the payment of a minimum cumulative quarterly payment and a minimum cumulative annual payment from all of the obligors. The failure to make the minimum cumulative annual payment within 30 days after notice of such failure or the commission of any act of bankruptcy, general assignment for the benefit of creditors, or any existence of a proceeding under any insolvency or bankruptcy law by or against any obligor constitutes a default under all of the notes. Upon the occurrence of an event of default, the interest rate is automatically increased to 6% per annum from the date of such default until the entire outstanding balance of principal and interest is paid. Security Previously, the security for the Deficiency Notes from UMTHLC consisted of the limited guaranty of our Advisor, UMTH General Services, L.P. (“UMTHGS”), including the pledge of up to 33 The new cross-collateralized security provided for the modified loans consists of: The same security as provided earlier plus: ⋅ pledge by the limited partners of UMTH of the distributions of previously unencumbered UMTH Series D Units; ⋅ assignment by UMTH of certain fees to which UMTH is entitled under certain securitization transactions; ⋅ assignment of general partnership distributions by UMTH as the general partner of United Residential Home Finance, L.P.; ⋅ assignment of general partnership distributions by UMT HF GP Manager, LLC as the general partner of UMT Home Finance III, L.P.; ⋅ assignment of general partnership distributions by UMT HF GP Manager, LLC as the General Partner of UMT Home Finance II, LP; ⋅ assignment of general partnership distributions by UMT HF Manager, LLC as the General Partner of UMT Home Finance, LP; ⋅ assignment of general partner distributions by UMT HF GP MANAGER, LP as the General Partner of UMT Residential Home Finance, L.P.; ⋅ assignment by UMTH Land Development, L.P. (“UMTHLD”) of all loan origination and servicing fees payable to UMTHLD with respect to construction loans originated by UMTHLD in which loans the Obligors take an invested interest; and ⋅ assignment by UMTHGS of all advisory and debt placement fees payable to it under the Advisory Agreement dated effective January 1, 2009 between UMT and UMTHGS. Application of payments from all sources and the proceeds from foreclosure upon the security on the modified notes will be applied to the outstanding indebtedness of the various affiliates in a specified order of priority as described in the summary of security provided below. The assignments of fees and assignments of limited and general partnership distributions are respectively essentially identical, for each assignee except as regards the entity involved, specific fees and the number of units being assigned. Forms of those assignments, charts summarizing the modified loans and the security on the modified loans are included in the exhibits to our Report on Form 8-K filed on March 30, 2015.

Deficiency Notes - Related Part

Deficiency Notes - Related Party and Non Related Party	9 Months Ended
	Sep. 30, 2015
Deficiency Notes [Abstract]
Deficiency Notes [Text Block]	5. Deficiency Notes – Related Party and Non Related Party The Company has made loans in the normal course of business to related parties and non-related parties, the proceeds from which have been used to originate underlying loans that are pledged to the Company as security for such obligations. When principal and interest on an underlying loan is due in full, at maturity or otherwise, the corresponding obligation owed by the originating company to the Company is also due in full. If the borrower or the Company foreclosed on property securing an underlying loan, or if the Company foreclosed on property securing a purchased loan, and the proceeds from the sale were insufficient to pay the loan in full, the originating company had the option of (1) repaying the outstanding balance owed to the Company associated with the underlying loan or purchased loan, as the case may be, or (2) delivering to the Company an unsecured deficiency note in the amount of the deficiency. As of September 30, 2015, the Company had two deficiency notes with non-related parties totaling approximately $ 3,236,000 1,703,000 14 1,533,000 1,204,000 As of December 31, 2014, the Company had two deficiency notes with non-related parties totaling of approximately $ 3,258,000 1,725,000 14 1,533,000 591,000 As of December 31, 2007, UMTH Lending Company, L.P. (“UMTHLC”) issued to the Company a variable amount promissory note in the amount of $ 5,100,000 1,848,000 28,740,000 1.75 2.70 December 31, 2017 3,333,000 11,376,000 41,347,000 11,930,000 On a quarterly basis, the Company conducts a review of the underlying borrowers and third party guarantors in order to assess their ability to perform their obligations under the terms of the Deficiency Notes based on updated five year forecasts of future cash flows of the underlying borrowers and guarantors. Such ability to perform is principally dependent upon the borrower’s and obligor’s ability to realize cash flows from distributions derived from the pledged collateral sufficient to meet their respective current operational needs, as well as to provide liquidity to fund the debt service requirements under the Company’s notes. Such review includes, but is not limited to the following related to the guarantor: analyzing current financial statements and operating results, analyzing projected future operating results and validating the assumptions used to generate such projections, forecasting future cash flows and assessing the adequacy of these cash flows to service the Company’s notes, conducting discussions with and obtaining representations from the guarantors’ management with respect to their current and projected operating results. Based on such reviews, the Company has concluded that the guarantor has the ability to perform under their repayment obligations and that the Deficiency Note balance is fully realizable over their terms. Accordingly, the Company has not recorded any reserves on these loans.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions 1) UMTH is a Delaware limited partnership which is in the real estate finance business. UMTH holds a 99.9 50 2) UMTHLC is a Delaware limited partnership, and subsidiary of UMTH. The Company has loaned money to UMTHLC so it can make loans to its borrowers. The loans are collaterally assigned to the Company as security for the promissory note between UMTHLC and the Company. On March 26, 2009, the Company executed a secured line of credit promissory note with UMTHLC in the amount of $ 8,000,000 12.50 7,577,000 3,800,000 See Note 5 above for discussion of additional related party transactions with UMTHLC. 3) CRG is a Texas corporation that is 50 4) RAFC is a Texas corporation that is 50 The unpaid principal balance of the loan at December 31, 2014 was approximately $ 15,830,000 . 5) Wonder Funding, LP (“Wonder”) is a Delaware limited partnership that is owned by RMC. RMC is beneficially owned by Craig Pettit, a partner of UMTH and the sole proprietor of two companies that own 50 As of September 30, 2015 and December 31, 2014, respectively, all remaining obligations owed by Wonder to the Company are included in the recourse obligations discussed below. 6) Recourse Obligations. The Company has made recourse loans to (a) CRG, which is a Texas corporation that is 50 In addition, some of the originating companies have sold loans to the Company, referred to as the "purchased loans," and entered into recourse agreements under which the originating company agreed to repay certain losses the Company incurred with respect to purchased loans. If the originating company forecloses on property securing an underlying loan, or the Company forecloses on property securing a purchased loan, and the proceeds from the sale are insufficient to pay the loan in full, the originating company has the option of (1) repaying the outstanding balance owed to the Company associated with the underlying loan or purchased loan, as the case may be, or (2) delivering an unsecured Deficiency Note in the amount of the deficiency to the Company. On March 30, 2006, but effective December 31, 2005, the Company and each originating company agreed to consolidate (1) all outstanding amounts owed by such originating company to the Company under the loans made by the Company to the originating company and under the Deficiency Notes described above and (2) the estimated maximum future liability to the Company under the recourse arrangements described above, into secured promissory notes (“Recourse Obligations”). Each originating company issued to the Company a secured variable amount promissory note dated December 31, 2005 (the “Secured Notes”) in the principal amounts shown below, which amounts represent all principal and accrued interest owed as of such date. The initial principal amounts are subject to increase if the Company incurs losses upon the foreclosure of loans covered by recourse arrangements with the originating company. Initial Balance at Promissory Note Units/ C Units Units/ Estimated principal September 30, principal indemnification distributed indemnification Collateral Name amount 2015 amount (2) pledged as security during 2015 remaining Value (3) CRG $ 2,725,442 $ 4,847,503 $ 4,300,000 4,984 Class C and 2,710 Class D 57 2,418 Class C and 2,710 Class D $ 5,027,000 RAFC $ 3,243,369 $ 20,854,440 $ 7,100,000 11,228 Class C & 6,659 Class D 203 8,026 Class C & 6,659 Class D $ 21,255,000 SCMI $ 3,295,422 $ 3,785,037 $ 3,488,643 4,545 Class C and 3,000 Class D 23 1,240 Class C and 3,000 Class D $ 3,656,000 RAFC / Wonder(1) $ 1,348,464 $ 2,101,831 $ 1,400,000 1,657 Class C 35 1,435 Class C $ 1,471,000 Wonder n/a n/a n/a $1,134,000 - n/a $ 822,000 Totals $ 10,612,697 $ 31,588,811 $ 16,288,643 $ 32,231,000 (1) Wonder is collateralized by an indemnification agreement from RMC in the original amount of $ 1,134,000 822,000 3,870 2,213 (2) The CRG, RAFC, SCMI and Wonder balances at June 30, 2015, exceeded the stated principal amount per their variable Secured Notes by approximately $ 548,000 13,754,000 296,000 702,000 (3) Estimated collateral value reflects pledge of C and D units of limited partnership interest of UMTH held by WLL, Ltd. (“WLL”), RAFC and KLA, Ltd. (“KLA”) 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. Through September 2007, the Secured Notes incurred interest at a rate of 10 15 22 The Secured Notes required the originating company to make monthly payments equal to the greater of (1) principal and interest amortized over 180 months and 264 months, respectively, or (2) the amount of any distributions paid to the originating company with respect to the pledged Class C units 10 6 Effective January 1, 2015, UMT entered into loan modification agreements with certain of its affiliated entities which are indebted to UMT under certain outstanding loan arrangements including Recourse Obligations owing from Capital Reserve Group, Inc., South Central Mortgage, Inc., Ready America Funding Corp. (“RAFC”) and (iii) certain payment obligations of UMT Holdings, L.P. (“UMTH”) in favor of UMT in connection with an indemnification agreement dated December 31, 2005 (the “Indemnification Agreement”) originally executed by UMTH in favor of RAFC, which Indemnification Agreement secures deficiency obligations owing to RAFC by Wonder Funding Corp., an affiliate of RAFC (“Wonder”). The total principal balance of all Recourse Obligations at December 31, 2014 was approximately $ 20,191,000 1.75 2.70 December 31, 2017 748,000 31,589,000 5,956,000 Management has accounted for these as loan modifications in the normal course of business, and not as a troubled debt restructuring, as the underlying collateral value exceeds the outstanding loan amounts, the modifications did not include an extension of the debt’s original contractual maturity or expected duration, the borrowers and guarantors have obtained third party financing at current market rates, the modified rate represents a premium over current market rates and the risk characteristics of the third party debt obtained is similar to the modified debt. The Company expects to receive full repayment under the loans. On a quarterly basis, the Company conducts a review of the collateral pledged by the underlying borrowers and third party guarantors in order to assess their ability to perform their obligations under the terms of the Recourse Obligations. The collateral pledged consists of Class C and Class D ownership units of UMTH. These units represent capital shares in UMTH and are eligible for, and receive, quarterly distributions from UMTH. Such ability to perform is principally dependent upon the forecasted cash distributions associated with the pledged collateral and the ability of the distributions to meet the debt service requirements under the Secured Notes. The review includes analyzing projected future distribution sources and amounts, validating the assumptions used to generate such projections, assessing the ability to execute on the business plan, conducting discussions with and obtaining representations from the guarantors’ management with respect to their current and projected distribution amounts. The value of the pledged collateral is estimated using a discounted cash flow model that is reviewed and updated each quarter. Based on such reviews, the Company has concluded that the guarantors have the ability to perform their obligations under the guaranties and that the Recourse Obligations are fully realizable. Accordingly, the Company has not recorded any reserves on these loans. The Secured Notes have also been guaranteed by the following entities under the arrangements described below, all of which are dated effective December 31, 2005: - UMTH. This guaranty is limited to a maximum of $ 1,153,426 - WLL, a related party of CRG. This guaranty is of all amounts due under Secured Note from CRG, is non-recourse and is secured by an assignment of 2,492 1,355 - RMC. This guaranty is non-recourse, is limited to 50 3,870 - Wonder. Wonder Funding obligations are evidenced by a note from RAFC (RAFC/Wonder Note) and are secured by a pledge of a certain Indemnification Agreement given by UMTH to RAFC and assigned to UMT in the amount of $ 1,134,000 - SCMI. This guaranty is limited to a maximum of $ 2,213,000 2,213 - KLA. KLA has given the following limited guaranties: (1) Guaranty of obligations of SCMI under the First Amended and Restated Secured Variable Amount Promissory Note to the Company dated as of October 1, 2007 with a then current principal balance of $ 3,472,073 3,000 4,053,799 1,355 In addition, WLL has obligations to UMTH under an indemnification agreement between UMTH, WLL and William Lowe, under which UMTH is indemnified for certain losses on loans and advances made to William Lowe by UMTH. That indemnification agreement allows UMTH to offset any amounts subject to indemnification against distributions made to WLL with respect to the Class C and Class D units of limited partnership interest held by WLL. Because WLL has pledged these Class C and Class D units to the Company to secure its guaranty of Capital Reserve Corp.'s obligations under its Secured Note, UMTH and the Company entered into an Intercreditor and Subordination Agreement under which UMTH has agreed to subordinate its rights to offset amounts owed to it by WLL to the Company’s lien on such units. For a more detailed discussion of additional collateral pledged to secure this obligation refer to Note 4. These loans were reviewed by management and no loss reserves on principal amounts are deemed necessary at September 30, 2015. 7) On June 20, 2006, the Company entered into a Second Amended and Restated Secured Line of Credit Promissory Note as modified by an amendment effective September 1, 2006 (the "Amendment") with UDF; a Nevada limited partnership that is a related party of the Company's Advisor, UMTHGS. The Amendment increased an existing revolving line of credit facility ("Loan") to $ 45 60,000,000 60,000,000 75,000,000 82,000,000 84,674,672 The UDF I Loan is secured by the pledge of all of UDF's Land Development Loans and equity investments pursuant to the First Amended and Restated Security Agreement dated as of September 30, 2004, executed by UDF in favor of UMT (the “Security Agreement”). Those UDF loans may be first lien loans or subordinate loans. 14 9.25 UDF may use the UDF I Loan proceeds to finance indebtedness associated with the acquisition of any assets to seek income that qualifies under the Real Estate Investment Trust provisions of the Internal Revenue Code to the extent such indebtedness, including indebtedness financed by funds advanced under the UDF I Loan and indebtedness financed by funds advanced from any other source, including Senior Debt, is no more than 85 80 68 75 On September 19, 2008, UMT entered into an Economic Interest Participation Agreement with UDF III pursuant to which UDF III purchased (i) an economic interest in the UDF I Loan. Pursuant to the Economic Interest Agreement, each time UDF requests an advance of principal under the UDF I Loan, UDF III will fund the required amount to UMT and UDF III’s economic interest in the UDF I Loan increases proportionately. Because these advances are funded by UDF III and UMT recognizes an offsetting participation payable amount to UDF III, the Company does not earn any net interest income on the advances made under the Economic Interest Participation Agreement. UDF III’s economic interest in the UDF I Loan gives UDF III the right to receive payment from UMT of principal and accrued interest relating to amounts funded by UDF III to UMT which are applied towards UMT’s funding obligations to UDF under the UDF I Loan. UDF III may abate its funding obligations under the Economic Participation Agreement at any time for a period of up to twelve months by giving UMT notice of the abatement. The Option gives UDF III the right to convert its economic interest into a full ownership participation interest in the UDF I Loan at any time by giving written notice to UMT and paying an exercise price of $ 100 71,207,000 74,687,000 9,181,000 8,580,000 On July 22, 2013, the Company entered into a guaranty agreement (the “URHF Guaranty”) pursuant to which UDF IV guaranteed all amounts due associated with the URHF $ 15,000,000 th 2015 2014 UDF I $ 9,181,000 $ 8,580,000 UDF III Economic Interest Participation Agreement 71,207,000 74,687,000 UMTHLC - 7,577,000 Balance, end of period $ 80,388,000 $ 90,844,000 8) Loans made to affiliates of the Advisor. Related Party Company 2015 2014 UDF $ 483,000 - 9) As of August 1, 2006, (now subject to an Advisory Agreement effective January 1, 2009) the Company entered into an Advisory Agreement with UMTHGS. Under the terms of the agreement, UMTHGS is paid a monthly trust administration fee. The fee is calculated monthly depending on the Company’s annual distribution rate, ranging from 1/12th of 1% up to 1/12th of 2% of the amount of average invested assets per month. During the three months ended September 30, 2015 and September 30, 2014 the expenses for the Company’s Advisor were approximately $ 250,000 333,000 253,000 750,000 672,000 760,000 19,000 13,000 57,000 59,000 19,000 57,000 The agreement also provides for a subordinated incentive fee equal to 25 10 5 10,000 20.00 50,000 The Advisory Agreement provides for the Advisor to pay all of the Company’s expenses and for the Company to reimburse the Advisor for any third-party expenses that should have been paid by the Company but which were instead paid by the Advisor. However, the Advisor remains obligated to pay: (1) the employment expenses of its employees, (2) its rent, utilities and other office expenses and (3) the cost of other items that are part of the Advisor's overhead that is directly related to the performance of services for which it otherwise receives fees from the Company. The Advisory Agreement also provides for the Company to pay to the Advisor, or a related party of the Advisor, a debt placement fee. The Company may engage the Advisor, or an Affiliate of the Advisor, to negotiate lines of credit on behalf of the Company. UMT shall pay a negotiated fee, not to exceed 1 2,000 17,000 39,000 56,000 10) The Company pays loan servicing fees to PSC, a subsidiary of UMTH, under the terms of a Mortgage Servicing Agreement. The Company paid no significant loan servicing fees in the three month periods or nine month periods ended September 30, 2015 and 2014, respectively. 11) The Company pays “guarantee” credit enhancement fees to UDF III, as specified under the terms of the UDF Guarantee agreement. During the three months ended September 30, 2015 and September 30, 2014, the Company made payments of approximately $ 8,000 26,000 54,000 48,000 14,000 18,000 55,000 53,000 12) UDF IV, a related party, is reimbursed for its degree of invested “participatory” interest in the Company’s construction loans. The Company made payments of such participation interest, as a net amount against the construction loan interest, in the three months ended September 30, 2015 and September 30, 2014 of approximately $ 426,000 540,000 1,547,000 2,420,000 The Company pays “guarantee” credit enhancement fees to UDF IV, as specified under the terms of the UDF Guarantee agreement. During the three months ended September 30, 2015 and September 30, 2014, the Company made payments of approximately $ 4,000 9,000 29,000 24,000 9,000 12,000 35,000 24,000 13) The Company pays UMTHLD administrative and origination fees for the Construction Loans in which UDF affiliates take an invested interest in. The fees are withheld from construction draws funded to the borrower and are in turn paid directly to UMTHLD. In the three months ended September 30, 2015 and September 30, 2014, administrative and origination fees paid were approximately $ 2,000 26,000 75,000 185,000 Related Party Payments: For Three Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 333,000 95 % $ 253,000 95 % UMTHGS General & administrative - Shareholder Relations 19,000 5 % 13,000 5 % $ 352,000 100 % $ 266,000 100 % PSC General & administrative – Misc. $ - - $ 14,000 100 % UDF III Credit Enhancement Fees $ 8,000 100 % $ 26,000 100 % UDF IV Credit Enhancement Fees $ 4,000 100 % $ 9,000 100 % UDF IV Participation Interest Paid $ 426,000 100 % $ 540,000 100 % UMTHLD Admin and Origination Fees Paid $ 2,000 100 % $ 26,000 100 % The table below summarizes the approximate expenses associated with related parties for the three months ended September 30, 2015 and 2014: Related Party Expenses: For Three Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 250,000 93 % $ 250,000 93 % UMTHGS General & administrative - shareholder relations 19,000 7 % 19,000 7 % UMTHGS General & administrative - misc. - 0 % 1,000 0 % $ 269,000 100 % $ 270,000 100 % UMTHLC Performance obligation expense $ 170,000 100 % $ - - UMTH Debt placement fees $ (2,000) 100 % $ 17,000 100 % UDF III Credit enhancement fees $ 14,000 100 % $ 18,000 100 % UDF IV Credit Enhancement fees $ 9,000 100 % $ 12,000 100 % Related Party Payments: For Nine Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 672,000 92 % $ 760,000 93 % UMTHGS General & administrative - shareholder relations 57,000 8 % 59,000 7 % $ 729,000 100 % $ 819,000 100 % PSC General & administrative – Misc. $ - - $ 14,000 100 % UDF III Credit enhancement fees $ 54,000 100 % $ 48,000 100 % UDF IV Credit enhancement fees $ 29,000 100 % $ 24,000 100 % UDF IV Participation interest paid $ 1,547,000 100 % $ 2,420,000 100 % UMTHLD Admin and origination fees paid $ 75,000 100 % $ 185,000 100 % Related Party Expenses: For Nine Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 750,000 93 % $ 750,000 93 % UMTHGS General & administrative - shareholder relations 57,000 7 % 57,000 7 % UMTHGS General & administrative - misc. 1,000 0 % 1,000 0 % $ 808,000 100 % $ 808,000 100 % PSC Loan Servicing Fee $ - - $ 1,000 7 % PSC General & administrative - misc. - - 14,000 93 % $ - $ 15,000 100 % UMTHLC Performance obligation expense $ 501,000 100 % $ - - UMTH Debt placement fees $ 39,000 100 % $ 56,000 100 % UDF III Credit enhancement fees $ 55,000 100 % $ 53,000 100 % UDF IV Credit enhancement fees $ 35,000 100 % $ 24,000 100 %

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	7. Fair Value of Financial Instruments The Company calculates the fair value of its assets and liabilities that qualify as financial instruments under this statement and includes additional information in notes to the Company’s consolidated financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of accrued interest receivable (including related parties) and accounts payable and accrued liabilities (including related parties) approximate the carrying value due to the relatively short maturity of these instruments. The carrying value of investments in residential mortgages, interim mortgages (including related parties), lines of credit (including related parties), recourse obligations from related parties, notes payable, deficiency notes (including related parties) and the Company’s line of credit payable also approximate fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes.

Lines of Credit Payable

Lines of Credit Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	8. Lines of Credit Payable During August 2009, the Company entered into a revolving line of credit facility with Texas Capital Bank for $ 5,000,000 September 5, 2016 2,984,000 4,454,000 On May 27, 2011, the Company entered into a revolving line of credit facility with Veritex Community Bank for $ 4,300,000 5,000,000 May 27, 2017 3,082,000 3,618,000 On October 26, 2011, the Company entered into a revolving line of credit facility with Green Bank for $ 5,000,000 October 26, 2014 May 31, 2015 0 697,000 On July 22, 2013, the Company entered into a revolving line of credit facility with Southwest Bank for $ 15,000,000 3,200,000 May 6, 2017 2,509,000 December 16, 2015 2,250,000 5,037,000 Lines of Credit Payable Maturity Amount 2015 $ 2,250,000 2016 2,984,000 2017 3,082,000 2018 - 2019 - Thereafter - Total $ 8,316,000

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	9. Notes Payable On April 21, 2010, the Company entered into a term loan credit facility with Community Trust Bank for $ 1,600,000 7.0 7.0 5.5 568,000 On January 27, 2011, the Company initiated a private offering of Secured Subordinated Notes (“Notes,” to accredited investors (“Note Holders”). The Notes are being offered through the Company’s wholly - owned subsidiary UMT HF II, a Delaware limited partnership formed on November 29, 2010 as a Special Purpose Entity, for the purpose of originating and holding loans made to fund the acquisition of finished lots and the construction of single-family homes on the subject lots (“Loans”). HF II will issue up to $ 5 7.5 4,449,000 4,749,000 As of September 30, 2015 and December 31, 2014, the Company had twenty-three notes payable to various non-related parties totaling approximately $ 2,352,000 2,103,000 7.5 Notes Payable Maturity Amount 2015 $ - 2016 568,000 2017 300,000 2018 305,000 2019 4,697,000 Thereafter 1,499,000 Total $ 7,369,000

URHF Preferred Equity Offering

URHF Preferred Equity Offering	9 Months Ended
	Sep. 30, 2015
Private Equity Offering [Abstract]
Private Equity Offering [Text Block]	10. URHF Preferred Equity Offering On February 24, 2014, the Company initiated a private offering of Preferred Limited Partner Equity Units (“Preferred Equity Units”) to accredited investors (“Preferred Equity Unit Holders”). The Preferred Equity Units are being offered through the Company’s subsidiary URHF, 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 5.5 0.3225 (310) 132 84 6,581,000 4,194,000

Share Redemption Program and Di

Share Redemption Program and Dividend Reinvestment Plan	9 Months Ended
	Sep. 30, 2015
Stockholders Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	11. Share Redemption Program and Dividend Reinvestment Plan There is currently no established public trading market for our shares. As an alternative means of providing limited liquidity for our shareholders, we maintain a Share Redemption Plan, (“SRP”). Our trustees have the discretion to modify or terminate the SRP upon 30 days’ notice. Under the terms of our plan as modified and effective on May 1, 2009, shareholders who have held their shares for at least one year are eligible to request that we repurchase their shares. In any consecutive 12 month period we may not repurchase more than 5 14.72 14.81 88,097 14,840 Share repurchases have been at prices between $ 14.50 20 The Company complies with Distinguishing Liabilities from GAAP, which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. We believe that shares tendered for redemption by shareholders under the Company’s share redemption program do not represent a mandatory obligation until such redemptions are approved at the discretion of our board of trustees. At such time, we will reclassify such obligations from equity to an accrued liability based upon their respective settlement values. Period Ended Date Paid Distribution Amount December 31, 2014 January 30, 2015 $ 310,636 January 31, 2015 March 2, 2015 310,570 February 28, 2015 March 27, 2015 310,572 March 31, 2015 April 29, 2015 310,561 April 30, 2015 May 25, 2015 310,494 May 31, 2015 June 26, 2015 310,432 June 30, 2015 July 30, 2015 214,067 July 31, 2015 August 25, 2015 213,952 August 31, 2015 September 29, 2015 213,922 $ 2,505,206 Period Ended Date Paid Distribution Amount December 31, 2014 January 22, 2015 $ 44,023 March 31, 2015 April 24, 2015 58,396 June 30, 2015 July 22, 2015 64,290 $ 166,709 For the nine months ended September 30, 2015, we paid total distributions of $ 2,671,915 2,607,757 64,158 1,674,049 2,825,596 2,660,311 165,285 2,319,552 107.5 84.3 23.2 85.4 85.0 For the Nine Months Ended September 30, 2015 2014 Distributions paid in cash $ 2,607,757 $ 2,660,311 Distributions reinvested 64,158 165,285 Total distributions $ 2,671,915 $ 2,825,596 Source of distributions: Cash flow from operations $ 1,674,049 63 % $ - 0 % Proceeds from issuance of shares 64,158 2 % 165,285 6 % Borrowings under lines of credit payable and notes payable 933,708 35 % 2,660,311 94 % Total sources $ 2,671,915 100 % $ 2,825,596 100 % Total number of shares purchased as part of a Total number of Total number of Average Purchase publicly shares purchased Month shares repurchased Price announced plan outside of plan January 2,422 $ 14.51 2,422 - February 2,316 $ 14.51 2,316 - March - - - - April 2,532 $ 14.81 2,532 - May 2,540 $ 14.76 2,540 - June 9 $ 14.70 9 - July 2,190 $ 14.70 2,190 - August 2,831 $ 14.67 2,831 - September - - - - Totals 14,840 $ 14.66 14,840 - Effective April 15, 2015, pursuant to the terms of our Dividend Reinvestment Plan (“DRP”), the Board of Trustees elected to suspend the DRP until further notice. Please refer to our Report on Form 8-K filed on March 3, 2015 for further information about the suspension of the DRP. Effective with the July distribution paid to shareholders of beneficial interest, the distribution rate was set at $ 0.40

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
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. Initial Balance at Promissory Note Units/ C Units Units/ Estimated principal September 30, principal indemnification distributed indemnification Collateral Name amount 2015 amount (2) pledged as security during 2015 remaining Value (3) CRG $ 2,725,442 $ 4,847,503 $ 4,300,000 4,984 Class C and 2,710 Class D 57 2,418 Class C and 2,710 Class D $ 5,027,000 RAFC $ 3,243,369 $ 20,854,440 $ 7,100,000 11,228 Class C & 6,659 Class D 203 8,026 Class C & 6,659 Class D $ 21,255,000 SCMI $ 3,295,422 $ 3,785,037 $ 3,488,643 4,545 Class C and 3,000 Class D 23 1,240 Class C and 3,000 Class D $ 3,656,000 RAFC / Wonder(1) $ 1,348,464 $ 2,101,831 $ 1,400,000 1,657 Class C 35 1,435 Class C $ 1,471,000 Wonder n/a n/a n/a $1,134,000 - n/a $ 822,000 Totals $ 10,612,697 $ 31,588,811 $ 16,288,643 $ 32,231,000 (1) Wonder is collateralized by an indemnification agreement from RMC in the original amount of $ 1,134,000 822,000 3,870 2,213 (2) The CRG, RAFC, SCMI and Wonder balances at June 30, 2015, exceeded the stated principal amount per their variable Secured Notes by approximately $ 548,000 13,754,000 296,000 702,000 (3) Estimated collateral value reflects pledge of C and D units of limited partnership interest of UMTH held by WLL, Ltd. (“WLL”), RAFC and KLA, Ltd. (“KLA”) 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 September 30, 2015 and December 31, 2014: 2015 2014 UDF I $ 9,181,000 $ 8,580,000 UDF III Economic Interest Participation Agreement 71,207,000 74,687,000 UMTHLC - 7,577,000 Balance, end of period $ 80,388,000 $ 90,844,000
Schedule Of Loan Made To Affiliate [Table Text Block]	The table below sets forth the aggregate principal amount of mortgages funded during the nine months ended September 30, 2015 and 2014, respectively, to the companies affiliated with the Advisor, named in the table and aggregate amount of draws made by UDF under the line of credit, during the three quarters indicated: Related Party Company 2015 2014 UDF $ 483,000 -
Schedule of Related Party Transactions [Table Text Block]	The table below summarizes the approximate payments associated with related parties for the three months ended September 30, 2015 and 2014: Related Party Payments: For Three Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 333,000 95 % $ 253,000 95 % UMTHGS General & administrative - Shareholder Relations 19,000 5 % 13,000 5 % $ 352,000 100 % $ 266,000 100 % PSC General & administrative – Misc. $ - - $ 14,000 100 % UDF III Credit Enhancement Fees $ 8,000 100 % $ 26,000 100 % UDF IV Credit Enhancement Fees $ 4,000 100 % $ 9,000 100 % UDF IV Participation Interest Paid $ 426,000 100 % $ 540,000 100 % UMTHLD Admin and Origination Fees Paid $ 2,000 100 % $ 26,000 100 % The table below summarizes the approximate payments associated with related parties for the nine months ended September 30, 2015 and 2014: Related Party Payments: For Nine Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 672,000 92 % $ 760,000 93 % UMTHGS General & administrative - shareholder relations 57,000 8 % 59,000 7 % $ 729,000 100 % $ 819,000 100 % PSC General & administrative – Misc. $ - - $ 14,000 100 % UDF III Credit enhancement fees $ 54,000 100 % $ 48,000 100 % UDF IV Credit enhancement fees $ 29,000 100 % $ 24,000 100 % UDF IV Participation interest paid $ 1,547,000 100 % $ 2,420,000 100 % UMTHLD Admin and origination fees paid $ 75,000 100 % $ 185,000 100 %
Schedule Of General and Administrative Expense Related Party [Table Text Block]	Related Party Expenses: For Three Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 250,000 93 % $ 250,000 93 % UMTHGS General & administrative - shareholder relations 19,000 7 % 19,000 7 % UMTHGS General & administrative - misc. - 0 % 1,000 0 % $ 269,000 100 % $ 270,000 100 % UMTHLC Performance obligation expense $ 170,000 100 % $ - - UMTH Debt placement fees $ (2,000) 100 % $ 17,000 100 % UDF III Credit enhancement fees $ 14,000 100 % $ 18,000 100 % UDF IV Credit Enhancement fees $ 9,000 100 % $ 12,000 100 % The table below summarizes the approximate expenses associated with related parties for the nine months ended September 30, 2015 and 2014: Related Party Expenses: For Nine Months Ended September 30, Payee Purpose 2015 2014 UMTHGS Trust administration fees $ 750,000 93 % $ 750,000 93 % UMTHGS General & administrative - shareholder relations 57,000 7 % 57,000 7 % UMTHGS General & administrative - misc. 1,000 0 % 1,000 0 % $ 808,000 100 % $ 808,000 100 % PSC Loan Servicing Fee $ - - $ 1,000 7 % PSC General & administrative - misc. - - 14,000 93 % $ - $ 15,000 100 % UMTHLC Performance obligation expense $ 501,000 100 % $ - - UMTH Debt placement fees $ 39,000 100 % $ 56,000 100 % UDF III Credit enhancement fees $ 55,000 100 % $ 53,000 100 % UDF IV Credit enhancement fees $ 35,000 100 % $ 24,000 100 %

Lines of Credit Payable (Tables

Lines of Credit Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt [Table Text Block]	Below is a Five Year Maturity Schedule of all lines of credit payable: Lines of Credit Payable Maturity Amount 2015 $ 2,250,000 2016 2,984,000 2017 3,082,000 2018 - 2019 - Thereafter - Total $ 8,316,000

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule Of Maturities Of Notes Payable [Table Text Block]	Below is a Five Year Maturity Schedule of all notes payable: Notes Payable Maturity Amount 2015 $ - 2016 568,000 2017 300,000 2018 305,000 2019 4,697,000 Thereafter 1,499,000 Total $ 7,369,000

Share Redemption Program and 20

Share Redemption Program and Dividend Reinvestment Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders Equity Note [Abstract]
Schedule of Dividends Payable [Table Text Block]	For the nine months ended September 30, 2015, we have made the following distributions to our shareholders of beneficial interest: Period Ended Date Paid Distribution Amount December 31, 2014 January 30, 2015 $ 310,636 January 31, 2015 March 2, 2015 310,570 February 28, 2015 March 27, 2015 310,572 March 31, 2015 April 29, 2015 310,561 April 30, 2015 May 25, 2015 310,494 May 31, 2015 June 26, 2015 310,432 June 30, 2015 July 30, 2015 214,067 July 31, 2015 August 25, 2015 213,952 August 31, 2015 September 29, 2015 213,922 $ 2,505,206
Distributions Made to Limited Partner, by Distribution [Table Text Block]	For the nine months ended September 30, 2015, we have made the following distributions to our preferred limited partners of URHF: Period Ended Date Paid Distribution Amount December 31, 2014 January 22, 2015 $ 44,023 March 31, 2015 April 24, 2015 58,396 June 30, 2015 July 22, 2015 64,290 $ 166,709
Schedule Of Distributions Made To Shareholders And Sources Of Distributions [Table Text Block]	The distributions to our shareholders paid during the nine months ended September 30, 2015 and 2014, along with the amount of distributions reinvested pursuant to our DRP and the sources of our distributions were as follows: For the Nine Months Ended September 30, 2015 2014 Distributions paid in cash $ 2,607,757 $ 2,660,311 Distributions reinvested 64,158 165,285 Total distributions $ 2,671,915 $ 2,825,596 Source of distributions: Cash flow from operations $ 1,674,049 63 % $ - 0 % Proceeds from issuance of shares 64,158 2 % 165,285 6 % Borrowings under lines of credit payable and notes payable 933,708 35 % 2,660,311 94 % Total sources $ 2,671,915 100 % $ 2,825,596 100 %
Schedule Of Share Redemption Program [Table Text Block]	The following table sets forth information relating to shares of beneficial interest repurchased into treasury during the period covered by this report. Total number of shares purchased as part of a Total number of Total number of Average Purchase publicly shares purchased Month shares repurchased Price announced plan outside of plan January 2,422 $ 14.51 2,422 - February 2,316 $ 14.51 2,316 - March - - - - April 2,532 $ 14.81 2,532 - May 2,540 $ 14.76 2,540 - June 9 $ 14.70 9 - July 2,190 $ 14.70 2,190 - August 2,831 $ 14.67 2,831 - September - - - - Totals 14,840 $ 14.66 14,840 -

Loan Modification Related Par21

Loan Modification Related Parties - UMTHLC Deficiency Note and Recourse Obligations (Details Textual)	9 Months Ended
	Sep. 30, 2015
Debt Instrument, Debt Default, Description of Notice of Default	Upon the occurrence of an event of default, the interest rate is automatically increased to 6% per annum from the date of such default until the entire outstanding balance of principal and interest is paid.
U M T H G S [Member]
Percentage Of Advisory Fee Receivable By Guarantor Of Variable Interest Promissory Note	33.00%
Note One [Member]
Debt Instrument, Interest Rate Terms	(a) 1.75% or (b) the imputed interest/applicable federal rate rules set forth in Sections 483 or 1274 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (AFR)
Debt Instrument, Maturity Date	Dec. 31, 2017
Note Two [Member]
Debt Instrument, Interest Rate Terms	(a) 2.70% or (b) the AFR
Debt Instrument, Maturity Date	Dec. 31, 2017

Deficiency Notes - Related Pa22

Deficiency Notes - Related Party and Non Related Party (Details Textual) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended	93 Months Ended
	Jan. 31, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2015	Dec. 31, 2007
Related Party Transaction [Line Items]
Notes Receivable Net		$ 3,235,770	$ 3,258,330	$ 3,235,770
Notes Receivable Related Parties		41,347,144	28,739,855	41,347,144
Non Related Party [Member]
Related Party Transaction [Line Items]
Notes Receivable Net		3,236,000	3,258,000	3,236,000
UMTHLC Deficiency Note [Member]
Related Party Transaction [Line Items]
Financing Receivable, Modifications, Recorded Investment		41,347,000		41,347,000
UMTHLC Promissory Note [Member]
Related Party Transaction [Line Items]
Debt Instrument, Periodic Payment				11,930,000
Note One [Member] | Non Related Party [Member]
Related Party Transaction [Line Items]
Notes Receivable Net		$ 1,703,000	$ 1,725,000	1,703,000
Notes Receivable Stated Interest Rate		14.00%	14.00%
Note Two [Member] | Non Related Party [Member]
Related Party Transaction [Line Items]
Notes Receivable Net		$ 1,533,000	$ 1,533,000	1,533,000
Allowance for loan losses - deficiency notes		1,204,000	591,000	1,204,000
UMTHLC [Member]
Related Party Transaction [Line Items]
Variable Interest Promissory Note Face Amount					$ 5,100,000
Notes Receivable Related Parties			$ 28,740,000		$ 1,848,000
Financing Receivable, Modifications, Recorded Investment		11,376,000		11,376,000
Financing Receivable, Recorded Investment, Past Due		$ 3,333,000		$ 3,333,000
UMTHLC [Member] | Note One [Member]
Related Party Transaction [Line Items]
Notes Receivable Stated Interest Rate	1.75%
Debt Instrument, Maturity Date	Dec. 31, 2017
UMTHLC [Member] | Note Two [Member]
Related Party Transaction [Line Items]
Notes Receivable Stated Interest Rate	2.70%
Debt Instrument, Maturity Date	Dec. 31, 2017

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)		Sep. 30, 2015	Sep. 14, 2015	Dec. 31, 2014	Dec. 31, 2005
Related Party Transaction [Line Items]
Initial principal amount		$ 10,612,697
Balance		31,588,811		$ 20,190,990
Promissory Note principal amount	[1]	16,288,643
Estimated Collateral Value	[2]	32,231,000
CRG [Member]
Related Party Transaction [Line Items]
Initial principal amount		2,725,442
Balance		4,847,503
Promissory Note principal amount	[1]	4,300,000
Estimated Collateral Value	[2]	$ 5,027,000
CRG [Member] | C Units [Member]
Related Party Transaction [Line Items]
C Units distributed		57
CRG [Member] | Class C [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)		4,984
Units/indemnification remaining (in shares)		2,418
CRG [Member] | Class D [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)		2,710
Units/indemnification remaining (in shares)		2,710
RAFC [Member]
Related Party Transaction [Line Items]
Initial principal amount		$ 3,243,369
Balance		20,854,440	$ 10,695,254
Promissory Note principal amount	[1]	7,100,000
Estimated Collateral Value	[2]	$ 21,255,000
RAFC [Member] | C Units [Member]
Related Party Transaction [Line Items]
C Units distributed		203
RAFC [Member] | Class C [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)		11,228			3,870
Units/indemnification remaining (in shares)		8,026
RAFC [Member] | Class D [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)		6,659
Units/indemnification remaining (in shares)		6,659
SCMI [Member]
Related Party Transaction [Line Items]
Initial principal amount		$ 3,295,422
Balance		3,785,037
Promissory Note principal amount	[1]	3,488,643
Estimated Collateral Value	[2]	$ 3,656,000
SCMI [Member] | C Units [Member]
Related Party Transaction [Line Items]
C Units distributed		23
SCMI [Member] | Class C [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)		4,545			2,213
Units/indemnification remaining (in shares)		1,240
SCMI [Member] | Class D [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)		3,000
Units/indemnification remaining (in shares)		3,000
RAFC Wonder [Member]
Related Party Transaction [Line Items]
Initial principal amount	[3]	$ 1,348,464
Balance	[3]	2,101,831
Promissory Note principal amount	[1],[3]	1,400,000
Estimated Collateral Value	[2],[3]	$ 1,471,000
RAFC Wonder [Member] | C Units [Member]
Related Party Transaction [Line Items]
C Units distributed	[3]	35
RAFC Wonder [Member] | Class C [Member]
Related Party Transaction [Line Items]
Units/ indemnification pledged as security (in shares)	[3]	1,657
Units/indemnification remaining (in shares)	[3]	1,435
Wonder Indemnification [Member]
Related Party Transaction [Line Items]
Initial principal amount	[3]	$ 0
Balance	[3]	0
Promissory Note principal amount	[1],[3]	$ 0
Units/ indemnification pledged as security (in shares)	[3]	1,134,000
Units/indemnification remaining (in shares)	[3]	0
Estimated Collateral Value	[2],[3]	$ 822,000
Wonder Indemnification [Member] | C Units [Member]
Related Party Transaction [Line Items]
C Units distributed	[3]	0
[1]	The CRG, RAFC, SCMI and Wonder balances at June 30, 2015, exceeded the stated principal amount per their variable Secured Notes by approximately $548,000, $3,063,000, $296,000 and $702,000, 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 originally anticipated and outpaced the minimum principal reductions scheduled for the loans.
[2]	Estimated collateral value reflects pledge of C and D units of limited partnership interest of UMTH held by WLL, Ltd. (“WLL”), RAFC and KLA, Ltd. (“KLA”) 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.
[3]	Wonder is collateralized by an indemnification agreement from RMC in the original amount of $1,134,000, of which approximately $822,000 remains, and the pledge of 3,870 C Units. 2,213 of the pledged C Units also cross-collateralize the RAFC obligation.

Related Party Transactions (D24

Related Party Transactions (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Lines of credit receivable, related parties	$ 80,387,639	$ 90,844,122
UDF I [Member]
Related Party Transaction [Line Items]
Lines of credit receivable, related parties	9,181,000	8,580,000
UDF I (UDF III Economic Interest Participation Agreement) [Member]
Related Party Transaction [Line Items]
Lines of credit receivable, related parties	71,207,000	74,687,000
UMTHLC [Member]
Related Party Transaction [Line Items]
Lines of credit receivable, related parties	$ 0	$ 7,577,000

Related Party Transactions (D25

Related Party Transactions (Details 2) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
UDF [Member]
Related Party Transaction [Line Items]
Payments to Fund Long-term Loans to Related Parties	$ 483,000	$ 0

Related Party Transactions (D26

Related Party Transactions (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 352,000	$ 266,000	$ 729,000	$ 819,000
Related Party Transaction Payment Percentage	100.00%	100.00%	100.00%	100.00%
UMTHGS [Member] | Trust Administration Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 333,000	$ 253,000	$ 672,000	$ 760,000
Related Party Transaction Payment Percentage	95.00%	95.00%	92.00%	93.00%
UMTHGS [Member] | General and Administrative Shareholder Relations [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 19,000	$ 13,000	$ 57,000	$ 59,000
Related Party Transaction Payment Percentage	5.00%	5.00%	8.00%	7.00%
PSC [Member] | General And Administrative - Misc [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 0	$ 14,000	$ 0	$ 14,000
Related Party Transaction Payment Percentage	0.00%	100.00%	0.00%	100.00%
UDF III [Member] | Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 8,000	$ 26,000	$ 54,000	$ 48,000
Related Party Transaction Payment Percentage	100.00%	100.00%	100.00%	100.00%
UDF IV [Member] | Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 4,000	$ 9,000	$ 29,000	$ 24,000
Related Party Transaction Payment Percentage	100.00%	100.00%	100.00%	100.00%
UDF IV [Member] | Participation Interest Paid [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 426,000	$ 540,000	$ 1,547,000	$ 2,420,000
Related Party Transaction Payment Percentage	100.00%	100.00%	100.00%	100.00%
UMTH LD [Member] | Administrative and Origination Fees Paid [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 2,000	$ 26,000	$ 75,000	$ 185,000
Related Party Transaction Payment Percentage	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (D27

Related Party Transactions (Details 4) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 269,000	$ 270,000	$ 808,000	$ 808,000
General and Administrative Expense Percentage Related Party	100.00%	100.00%	100.00%	100.00%
UMTHGS [Member] | Trust Administration Fees [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 250,000	$ 250,000	$ 750,000	$ 750,000
General and Administrative Expense Percentage Related Party	93.00%	93.00%	93.00%	93.00%
UMTHGS [Member] | General and Administrative Shareholder Relations [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 19,000	$ 19,000	$ 57,000	$ 57,000
General and Administrative Expense Percentage Related Party	7.00%	7.00%	7.00%	7.00%
UMTHGS [Member] | General And Administrative Misc [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 0	$ 1,000	$ 1,000	$ 1,000
General and Administrative Expense Percentage Related Party	0.00%	0.00%	0.00%	0.00%
PSC [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party			$ 0	$ 15,000
General and Administrative Expense Percentage Related Party				100.00%
PSC [Member] | General And Administrative Misc [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party			$ 0	$ 14,000
General and Administrative Expense Percentage Related Party			0.00%	93.00%
PSC [Member] | Loan Servicing Fee [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party			$ 0	$ 1,000
General and Administrative Expense Percentage Related Party			0.00%	7.00%
UMTH [Member] | Debt Placement Fees [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ (2,000)	$ 17,000	$ 39,000	$ 56,000
General and Administrative Expense Percentage Related Party	100.00%	100.00%	100.00%	100.00%
UDF III [Member] | Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 14,000	$ 18,000	$ 55,000	$ 53,000
General and Administrative Expense Percentage Related Party	100.00%	100.00%	100.00%	100.00%
UMTHLC [Member] | Performance Obligation Expense [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 170,000	$ 0	$ 501,000	$ 0
General and Administrative Expense Percentage Related Party	100.00%	0.00%	100.00%	0.00%
UDF IV (Member) | Credit Enhancement Fees [Member]
Related Party Transaction [Line Items]
General and Administrative Expense Related Party	$ 9,000	$ 12,000	$ 35,000	$ 24,000
General and Administrative Expense Percentage Related Party	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (D28

Related Party Transactions (Details Textual) - USD ($)	1 Months Ended					3 Months Ended		9 Months Ended		93 Months Ended
	Oct. 31, 2013	Jun. 30, 2009	Mar. 26, 2009	Sep. 30, 2007	Dec. 31, 2005	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 14, 2015	Jun. 30, 2015	Dec. 31, 2014	Jul. 22, 2013	Dec. 31, 2010	Jul. 29, 2009	Sep. 19, 2008	Oct. 01, 2007	Sep. 30, 2006
Interest Rate Terms Description
Secured Notes Payment Terms				The Secured Notes required the originating company to make monthly payments equal to the greater of (1) principal and interest amortized over 180 months and 264 months, respectively, or (2) the amount of any distributions paid to the originating company with respect to the pledged Class C units
Line Of Credit Facility Receivable Increased Value																			$ 45,000,000
Interest Rate Terms Description								The Loan interest rate is the lower of 15% or the highest rate allowed by law
Transferred Revolving Credit Facility																	$ 100
Advisory Expenses Incurred						$ 250,000	$ 250,000	$ 750,000	$ 750,000
Advisory Expenses Paid						333,000	253,000	672,000	760,000
Payment Of Shareholder Relation Activities, Advisory Reimbursement Expense						19,000	19,000	$ 57,000	57,000
Percentage Of Incentive Fee Based On Net Income								25.00%
Minimum Percentage Of Net Income Applicable For Incentive Fee Calculation								10.00%
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in shares)								10,000
Share-Based Goods and Nonemployee Services Transaction, Securities Issued, Issue Price (in dollars per share)								$ 20
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance (in shares)								50,000
Negotiated Fees, Percentage								1.00%
Debt Placement Fees Expenses								$ 39,000	56,000
Guaranty Facility Credit Enhancement Fee						8,000	26,000	54,000	48,000
Payment For Loan Participation Interest In Construction Loan						426,000	540,000	1,547,000	2,420,000
Related Party Transaction, Amounts of Transaction						352,000	266,000	729,000	819,000
Debt Instrument Placement Fee						2,000	17,000
Shareholders Relation Activities Advisory Reimbursement Expense						19,000	13,000	$ 57,000	59,000
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term								5 years
General and Administrative Expense Related Party						269,000	270,000	$ 808,000	808,000
Recourse Obligations, Affiliates						$ 31,588,811		$ 31,588,811		$ 31,588,811			$ 20,190,990
Note One [Member]
Interest Rate Terms Description
Debt Instrument, Maturity Date								Dec. 31, 2017
Debt Instrument, Interest Rate, Stated Percentage						1.75%		1.75%		1.75%
Note Two [Member]
Interest Rate Terms Description
Debt Instrument, Maturity Date								Dec. 31, 2017
Debt Instrument, Interest Rate, Stated Percentage						2.70%		2.70%		2.70%
Recourse Obligations [Member]
Interest Rate Terms Description
Long-Term Debt, Gross						$ 31,589,000		$ 31,589,000		$ 31,589,000			20,191,000
Interest Payable						748,000		748,000		748,000
Debt Instrument, Periodic Payment										5,956,000
Economic Interest Participation Agreement [Member]
Interest Rate Terms Description
Transferred Revolving Credit Facility																$ 60,000,000
Secured Note [Member]
Interest Rate Terms Description
Debt Instrument, Interest Rate, Effective Percentage				10.00%
UDF III [Member] | Economic Interest Participation Agreement [Member]
Interest Rate Terms Description
Amount Funded Under Security Agreement						71,207,000		71,207,000		71,207,000			74,687,000
UDF III [Member] | Credit Enhancement Fees [Member]
Interest Rate Terms Description
Related Party Transaction, Amounts of Transaction						8,000	26,000	54,000	48,000
General and Administrative Expense Related Party						14,000	18,000	55,000	53,000
UMT [Member]
Interest Rate Terms Description
Indemnification Agreement Value Included In Limited Guarantee					$ 1,134,000
UMT [Member] | Economic Interest Participation Agreement [Member]
Interest Rate Terms Description
Amount Funded Under Security Agreement						9,181,000		$ 9,181,000		9,181,000			8,580,000
UMTH [Member]
Interest Rate Terms Description
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest								99.90%
Percentage Of Profit Interest In Holding Company								50.00%
Secured Notes Receivable Limited Guaranty Value					$ 1,153,426
UMTH LD [Member] | Administrative and Origination Fees Paid [Member]
Interest Rate Terms Description
Related Party Transaction, Amounts of Transaction						2,000	26,000	$ 75,000	185,000
UMTHLC [Member]
Interest Rate Terms Description
Line Of Credit Facility Receivable Maximum Financing Capacity			$ 8,000,000
Line Of Credit Facility Receivable Interest Rate During Period			12.50%
Line Of Credit Receivable Included In Related Party Loan Receivable						3,800,000		$ 3,800,000		3,800,000			7,577,000
CRG [Member]
Interest Rate Terms Description
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest								50.00%
Amortization Period Of Secured Notes				15 years
Recourse Obligations, Affiliates						$ 4,847,503		$ 4,847,503		$ 4,847,503
CRG [Member] | Secured Debt [Member]
Interest Rate Terms Description
Line Of Credit Receivable Included In Related Party Loan Receivable												$ 548,000
CRG [Member] | Class C [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)						4,984		4,984		4,984
CRG [Member] | Class D [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)						2,710		2,710		2,710
CRG [Member] | Guarantors Class D [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)																		1,355
Secured Notes Receivable Limited Guaranty Value																		$ 4,053,799
RAFC [Member]
Interest Rate Terms Description
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest								50.00%
Line Of Credit Receivable Included In Related Party Loan Receivable												15,830,000	$ 15,830,000
Amortization Period Of Secured Notes				15 years
Real Estate Investments, Net, Total											$ 5,135,000
Recourse Obligations, Affiliates						$ 20,854,440		$ 20,854,440		$ 20,854,440	$ 10,695,254
RAFC [Member] | Secured Debt [Member]
Interest Rate Terms Description
Line Of Credit Receivable Included In Related Party Loan Receivable												13,754,000
RAFC [Member] | Class C [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)					3,870	11,228		11,228		11,228
RAFC [Member] | Class D [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)						6,659		6,659		6,659
RMC [Member]
Interest Rate Terms Description
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					50.00%
Wonder [Member]
Interest Rate Terms Description
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest								50.00%
Amortization Period Of Secured Notes				15 years
Secured Notes Receivable Limited Guaranty Value												822,000
Indemnification Agreement Value Included In Limited Guarantee												1,134,000
Wonder [Member] | Secured Debt [Member]
Interest Rate Terms Description
Line Of Credit Receivable Included In Related Party Loan Receivable												$ 702,000
Wonder [Member] | Class C [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)												3,870
SCMI [Member]
Interest Rate Terms Description
Amortization Period Of Secured Notes				22 years
Secured Notes Receivable Limited Guaranty Value					$ 2,213,000
Recourse Obligations, Affiliates						$ 3,785,037		$ 3,785,037		$ 3,785,037
SCMI [Member] | Secured Debt [Member]
Interest Rate Terms Description
Line Of Credit Receivable Included In Related Party Loan Receivable												$ 296,000
SCMI [Member] | Class C [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)					2,213	4,545		4,545		4,545
SCMI [Member] | Class D [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)						3,000		3,000		3,000
WLL [Member] | Class C [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)					2,492
WLL [Member] | Class D [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)					1,355
KLA Ltd [Member]
Interest Rate Terms Description
Secured Notes Receivable Limited Guaranty Value																		$ 3,472,073
KLA Ltd [Member] | Guarantors Class D [Member]
Interest Rate Terms Description
Promissory Note , Units Pledged As Securities (in shares)																		3,000
UDF [Member]
Interest Rate Terms Description
Minimum Percentage Of Credit Enhancement Fees								14.00%
Percentage Of Loan Qualification For Refinancing								85.00%
Percentage Refinanced On Qualified Loans								80.00%
Percentage Of Loan Refinanced								68.00%
Percentage Refinanced For First Lien Secured Loan								75.00%
Base Interest Rate Decreased To	9.25%
Todd Etter [Member]
Interest Rate Terms Description
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest								50.00%
URHF Guaranty [Member]
Interest Rate Terms Description
Transferred Revolving Credit Facility														$ 15,000,000
Udf Iv [Member]
Interest Rate Terms Description
Guaranty Facility Credit Enhancement Fee						$ 4,000	9,000	$ 29,000	24,000
Udf Iv [Member] | Credit Enhancement Fees [Member]
Interest Rate Terms Description
Related Party Transaction, Amounts of Transaction						4,000	9,000	29,000	24,000
General and Administrative Expense Related Party						$ 9,000	12,000	$ 35,000	24,000
Minimum [Member]
Interest Rate Terms Description
Amortization Modify Interest Rate Percentage		6.00%
Minimum [Member] | UDF [Member]
Interest Rate Terms Description
Line Of Credit Facility Receivable Maximum Financing Capacity							82,000,000		82,000,000						$ 60,000,000
Maximum [Member]
Interest Rate Terms Description
Amortization Modify Interest Rate Percentage		10.00%
Maximum [Member] | UDF [Member]
Interest Rate Terms Description
Line Of Credit Facility Receivable Maximum Financing Capacity							$ 84,674,672		$ 84,674,672						$ 75,000,000

Lines of Credit Payable (Detail

Lines of Credit Payable (Details) - Line of Credit [Member]	Sep. 30, 2015USD ($)
Line of Credit Facility [Line Items]
2,015	$ 2,250,000
2,016	2,984,000
2,017	3,082,000
2,018	0
2,019	0
Thereafter	0
Total	$ 8,316,000

Lines of Credit Payable (Deta30

Lines of Credit Payable (Details Textual) - USD ($)	1 Months Ended				9 Months Ended
	Jul. 22, 2013	Oct. 26, 2011	May. 27, 2011	Aug. 31, 2009	Sep. 30, 2015	Dec. 31, 2014	May. 27, 2014
Line of Credit Facility [Line Items]
Line Of Credit Facility, Amount Outstanding					$ 8,315,940	$ 13,805,860
UMT HF TCB [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 5,000,000
Line of Credit Facility, Interest Rate Description				The line of credit bears interest at prime plus one percent, with a floor of 5.50% and requires monthly interest payments.
Line Of Credit Facility, Amount Outstanding					2,984,000	4,454,000
Line of Credit Facility, Expiration Date				Sep. 5, 2016
UMT HF III Veritex Bank [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 4,300,000				$ 5,000,000
Line of Credit Facility, Interest Rate Description			The loan bears interest at prime plus one percent, with a floor of 5.0%, and requires monthly interest payments.
Line Of Credit Facility, Amount Outstanding					3,082,000	3,618,000
Line of Credit Facility, Expiration Date			May 27, 2017
UMT HF II Green Bank [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000
Line of Credit Facility, Interest Rate Description		The loan bears interest at prime plus one percent, with a floor of 5.0%, and requires monthly interest payments.
Line Of Credit Facility, Amount Outstanding					$ 0	697,000
Line of Credit Facility, Expiration Date		Oct. 26, 2014			May 31, 2015
URHF SWB [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000,000
Line of Credit Facility, Interest Rate Description	The loan bears interest at prime plus one percent, with a floor of 4.75%, and requires monthly interest payments.
Line Of Credit Facility, Amount Outstanding					$ 2,250,000	$ 5,037,000
Payment Due January 16, 2015 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Periodic Payment	$ 3,200,000
Payment Due January 16, 2015 [Member] | URHF SWB [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date	Dec. 16, 2015
Payment Due May 6, 2017 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Periodic Payment	$ 2,509,000
Payment Due May 6, 2017 [Member] | URHF SWB [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Date	May 6, 2017

Notes Payable (Details)

Notes Payable (Details) - Convertible Notes Payable [Member]	Sep. 30, 2015USD ($)
Short-term Debt [Line Items]
2,015	$ 0
2,016	568,000
2,017	300,000
2,018	305,000
2,019	4,697,000
Thereafter	1,499,000
Total	$ 7,369,000

Notes Payable (Details Textual)

Notes Payable (Details Textual) - USD ($)	1 Months Ended		9 Months Ended
	Jan. 27, 2011	Apr. 21, 2010	Sep. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Lines of credit payable			$ 8,315,940	$ 13,805,860
UMT 15th Street, L.P. CTB Loan [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,600,000
Line of Credit Facility, Interest Rate During Period		7.00%	0.00%
Line Of Credit Facility Interest Rate Reduced		5.50%
Lines of credit payable			$ 568,000	568,000
UMT HF II Notes Payable [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Line of Credit Facility, Interest Rate During Period	7.50%
Lines of credit payable			$ 4,449,000	4,749,000
UMT HF Notes Payable [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Interest Rate During Period			7.50%
Debt Instrument Carrying Amount			$ 2,352,000	$ 2,103,000

URHF Preferred Equity Offering

URHF Preferred Equity Offering (Details Textual) - USD ($)	1 Months Ended
	Feb. 24, 2014	Sep. 30, 2015	Dec. 31, 2014
Limited Partners Capital Account Preferred Units Issued Amount	$ 15,500,000
Limited Partners Capital Account Preferred Units Rate	5.50%
Limited Partners Capital Account Equity Units Issued Amount		$ 6,581,000	$ 4,194,000
Limited Partners Capital Account Preferred Units Ownership Interest	0.3225%
Limited Partners Capital Account Preferred Units Issued	(310)	132	84

Share Redemption Program and 34

Share Redemption Program and Dividend Reinvestment Plan (Details) - USD ($)	1 Months Ended									9 Months Ended
	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Dividends Payable, Period Ended	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014
Dividends Payable, Date Paid	Sep. 29, 2015	Aug. 25, 2015	Jul. 30, 2015	Jun. 26, 2015	May 25, 2015	Apr. 29, 2015	Mar. 27, 2015	Mar. 2, 2015	Jan. 30, 2015
Dividends Payable, Distribution Amount	$ 213,922	$ 213,952	$ 214,067	$ 310,432	$ 310,494	$ 310,561	$ 310,572	$ 310,570	$ 310,636	$ 2,505,206	$ 2,797,420

Share Redemption Program and 35

Share Redemption Program and Dividend Reinvestment Plan (Details 1) - USD ($)	1 Months Ended			9 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Distribution Made to Limited Partner, Date of Record	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Distribution Made to Limited Partner, Distribution Date	Jul. 22, 2015	Apr. 24, 2015	Jan. 22, 2015
Payments of Ordinary Dividends, Noncontrolling Interest	$ 64,290	$ 58,396	$ 44,023	$ 166,709	$ 28,176

Share Redemption Program and 36

Share Redemption Program and Dividend Reinvestment Plan (Details 2) - USD ($)	9 Months Ended		87 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Source of distributions:
Cash flow from operations	$ 1,674,049	$ (2,319,552)	$ 85,400,000
Proceeds from issuance of shares of beneficial interest	64,158	165,285
Dividend Reinvestment Plan [Member]
Dividends Payable [Line Items]
Distributions paid in cash	2,607,757	2,660,311
Distributions reinvested	64,158	165,285
Total distributions	2,671,915	2,825,596	107,500,000
Source of distributions:
Cash flow from operations	1,674,049	0
Proceeds from issuance of shares of beneficial interest	64,158	165,285	$ 23,200,000
Borrowings under lines of credit payable and notes payable	933,708	2,660,311
Total sources	$ 2,671,915	$ 2,825,596
Cash flow from operations (in percentage)	63.00%	0.00%
Proceeds from issuance of shares(in percentage)	2.00%	6.00%
Borrowings under lines of credit payable and notes payable (in percentage)	35.00%	94.00%
Total sources	100.00%	100.00%

Share Redemption Program and 37

Share Redemption Program and Dividend Reinvestment Plan (Details 3) - $ / shares	1 Months Ended									9 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2015
Class of Stock [Line Items]
Total number of shares repurchased (in shares)	0	2,831	2,190	9	2,540	2,532	0	2,316	2,422	14,840
Average Purchase Price (in dollars per share)	$ 0	$ 14.67	$ 14.70	$ 14.7	$ 14.76	$ 14.81	$ 0	$ 14.51	$ 14.51	$ 14.66
Publiciy Announced Share Redemption Plan [Member]
Class of Stock [Line Items]
Total number of shares repurchased (in shares)	0	2,831	2,190	9	2,540	2,532	0	2,316	2,422	14,840
Outside Of Share Redemption Plan [Member]
Class of Stock [Line Items]
Total number of shares repurchased (in shares)	0	0	0	0	0	0	0	0	0	0

Share Redemption Program and 38

Share Redemption Program and Dividend Reinvestment Plan (Details Textual) - USD ($)	1 Months Ended									3 Months Ended		9 Months Ended		87 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015	Jun. 12, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Net Asset Value Per Share															$ 0.40
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)	$ 0	$ 14.67	$ 14.70	$ 14.7	$ 14.76	$ 14.81	$ 0	$ 14.51	$ 14.51			$ 14.66
Stock Redemption Request Received, Shares												88,097
Stock Redeemed or Called During Period, Shares												14,840
Proceeds From Issuance Of Common Stock												$ 64,158	$ 165,285
Net Cash Provided By (Used In) Operating Activities												1,674,049	(2,319,552)	$ 85,400,000
Net Income (Loss) Attributable To Parent										$ (319,604)	$ 67,824	(783,463)	255,658
Dividend Reinvestment Plan [Member]
Class of Stock [Line Items]
Payments of Dividends												2,671,915	2,825,596	107,500,000
Dividends, Common Stock, Cash												2,607,757	2,660,311	84,300,000
Proceeds From Issuance Of Common Stock												64,158	165,285	23,200,000
Net Cash Provided By (Used In) Operating Activities												$ 1,674,049	$ 0
Net Income (Loss) Attributable To Parent														$ 85,000,000
Share Redemption Plan [Member]
Class of Stock [Line Items]
Maximum Percentage Of Shares Redeemable												5.00%
Net Asset Value Per Share	$ 14.72									$ 14.72		$ 14.72				$ 14.81
Minimum [Member] | Share Redemption Plan [Member]
Class of Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)												14.50
Maximum [Member] | Share Redemption Plan [Member]
Class of Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)												$ 20