United Development Funding IV (UDFI) 10-Q14 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2014	Nov. 10, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'United Development Funding IV	'
Entity Central Index Key	'0001440292	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Trading Symbol	'UDF	'
Entity Common Stock, Shares Outstanding	'	30,620,636
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets	'	'
Cash and cash equivalents	$12,016,005	$33,565,191
Restricted cash	8,153,116	2,385,535
Accrued interest receivable	22,319,165	12,747,047
Accrued receivable - related parties	2,084,471	2,607,292
Loan participation interest - related parties, net	40,199,606	32,909,958
Notes receivable, net	506,159,575	444,720,197
Notes receivable - related parties, net	47,035,731	30,854,000
Lot Inventory	13,590,316	8,236,953
Other assets	3,004,896	2,836,044
Total assets	654,562,881	570,862,217
Liabilities:	'	'
Accrued liabilities	7,190,383	3,241,009
Accrued liabilities - related parties	1,165,356	3,339,143
Distributions payable	0	2,653,450
Note payable	35,000,000	0
Lines of credit	107,348,486	30,519,056
Total liabilities	150,704,225	39,752,658
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Shares of beneficial interest; $0.01 par value; 400,000,000 shares authorized; 32,647,892 shares issued and 30,617,439 shares outstanding at September 30, 2014, and 32,115,232 shares issued and 31,902,325 shares outstanding at December 31, 2013	326,479	321,152
Additional paid-in-capital	571,783,888	562,442,028
Accumulated deficit	-26,849,925	-27,395,968
Shareholdersâ€™ equity before treasury stock	545,260,442	535,367,212
Less: Treasury stock, 2,030,453 shares at September 30, 2014 and 212,907 shares at December 31, 2013, at cost	-41,401,786	-4,257,653
Total shareholdersâ€™ equity	503,858,656	531,109,559
Total liabilities and shareholdersâ€™ equity	$654,562,881	$570,862,217

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Dec. 31, 2013
Shares of beneficial interest, par value (in dollars per share)	$0.01	$0.01
Shares of beneficial interest, shares authorized	400,000,000	400,000,000
Shares of beneficial interest, shares issued	32,647,892	32,115,232
Shares of beneficial interest, shares outstanding	30,617,439	31,902,325
Treasury stock, shares	2,030,453	212,907

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest income:	'	'	'	'
Interest income	$16,554,881	$11,597,420	$47,228,062	$29,575,272
Interest income - related parties	2,672,045	1,899,165	7,290,717	5,653,989
Total interest income	19,226,926	13,496,585	54,518,779	35,229,261
Interest expense:	'	'	'	'
Interest expense	1,909,455	95,251	2,885,557	951,928
Net interest income	17,317,471	13,401,334	51,633,222	34,277,333
Provision for loan losses	773,820	549,130	2,214,607	1,429,891
Net interest income after provision for loan losses	16,543,651	12,852,204	49,418,615	32,847,442
Noninterest income:	'	'	'	'
Commitment fee income	754,067	408,732	2,275,605	881,049
Commitment fee income - related parties	79,767	38,797	173,451	143,817
Lot inventory sales income	2,976,000	195,000	6,864,137	195,000
Total noninterest income	3,809,834	642,529	9,313,193	1,219,866
Noninterest expense:	'	'	'	'
Management fees - related party	2,325,276	2,177,262	7,629,346	5,653,507
Lot inventory sales cost	2,976,000	195,000	6,864,137	195,000
Listing expenses	77,028	0	5,115,229	0
General and administrative	1,217,717	622,093	3,934,933	1,289,658
General and administrative - related parties	382,431	2,820,065	-1,376,394	6,272,763
Total noninterest expense	6,978,452	5,814,420	22,167,251	13,410,928
Net income	$13,375,033	$7,680,313	$36,564,557	$20,656,380
Net income per weighted average share outstanding (in dollars per share)	$0.44	$0.24	$1.16	$0.80
Weighted average shares outstanding (in shares)	30,632,925	31,526,561	31,616,870	25,672,294
Distributions per weighted average share outstanding (in dollars per share)	$0.34	$0.41	$1.14	$1.26

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2014	Sep. 30, 2013
Operating Activities	'	'
Net income	$36,564,557	$20,656,380
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Provision for loan losses	2,214,607	1,429,891
Amortization expense	955,686	520,697
Share-based compensation	557,531	0
Changes in assets and liabilities:	'	'
Accrued interest receivable	-9,909,085	-5,896,243
Accrued receivable - related parties	859,788	-1,101,453
Other assets	-1,124,539	-2,190,684
Accrued liabilities	711,314	29,729
Net cash provided by operating activities	30,829,859	13,448,317
Investing Activities	'	'
Investments in loan participation interest - related parties	-16,212,677	-13,248,659
Principal receipts from loan participation interest - related parties	17,265,709	11,982,205
Investments in notes receivable	-169,294,765	-213,648,400
Principal receipts from notes receivable	97,298,100	65,636,539
Investments in notes receivable - related parties	-20,092,790	-11,605,997
Principal receipts from notes receivable - related parties	3,911,059	8,150,005
Investments in lot inventory	-9,786,217	-6,588,225
Proceeds from sales of lot inventory	5,497,128	156,195
Net cash used in investing activities	-91,414,453	-159,166,337
Financing Activities	'	'
Proceeds from issuance of shares of beneficial interest	0	272,879,903
Investor subscriptions receivable	0	1,137,357
Purchase of treasury shares	-37,058,319	-1,447,045
Proceeds from borrowings on lines of credit	85,992,416	60,762
Payments on lines of credit	-9,162,986	-25,157,181
Proceeds from notes payable	35,000,000	0
Payments on notes payable	0	-5,095,523
Distributions, net of shareholdersâ€™ distribution reinvestment	-29,968,122	-19,892,973
Restricted cash	-5,767,581	0
Payments of offering costs	0	-35,309,772
Deferred offering costs	0	5,050,715
Accrued liabilities - related parties	0	-5,372,771
Net cash provided by financing activities	39,035,408	186,853,472
Net (decrease) increase in cash and cash equivalents	-21,549,186	41,135,452
Cash and cash equivalents at beginning of period	33,565,191	23,225,858
Cash and cash equivalents at end of period	12,016,005	64,361,310
Supplemental Cash Flow Information:	'	'
Cash paid for interest	2,450,728	1,030,442
Supplemental Cash Flow Information - Non-Cash Investing and Financing Activities:	'	'
Shareholders' distribution reinvestment	8,703,842	11,739,952
Assignment of loans	8,342,680	0
Lot inventory purchased - earnest money	$1,064,274	$1,597,970

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit (Member)
BALANCE at Dec. 31, 2012	$294,300,752	$176,248	$308,069,721	($2,490,138)	($11,455,079)
BALANCE (in shares) at Dec. 31, 2012	'	17,624,839	'	124,531	'
Proceeds from shares issued	272,879,903	136,460	272,743,443	0	0
Proceeds from shares issued (in shares)	'	13,645,956	'	0	'
Redemption of shares	-1,447,045	0	44,066	-1,491,111	0
Redemption of shares (in shares)	'	0	'	74,555	'
Net income	20,656,380	0	0	0	20,656,380
Cash distributions declared	-2,562,161	0	0	0	-2,562,161
Distributions	-29,676,699	0	0	0	-29,676,699
Shareholders' distribution reinvestment	11,739,951	5,870	11,734,081	0	0
Shareholders' distribution reinvestment (in shares)	'	587,020	'	0	'
Shares issuance costs	-35,309,772	0	-35,309,772	0	0
BALANCE at Sep. 30, 2013	530,581,309	318,578	557,281,539	-3,981,249	-23,037,559
BALANCE (in shares) at Sep. 30, 2013	'	31,857,815	'	199,086	'
BALANCE at Dec. 31, 2013	531,109,559	321,152	562,442,028	-4,257,653	-27,395,968
BALANCE (in shares) at Dec. 31, 2013	'	32,115,232	'	212,907	'
Redemption of shares	-37,058,319	0	85,814	-37,144,133	0
Redemption of shares (in shares)	'	0	'	1,817,546	'
Share-based compensation	557,531	974	556,557	0	0
Share-based compensation (in shares)	'	97,410	'	0	'
Net income	36,564,557	0	0	0	36,564,557
Distributions	-36,018,514	0	0	0	-36,018,514
Shareholders' distribution reinvestment	8,703,842	4,353	8,699,489	0	0
Shareholders' distribution reinvestment (in shares)	'	435,250	'	0	'
BALANCE at Sep. 30, 2014	$503,858,656	$326,479	$571,783,888	($41,401,786)	($26,849,925)
BALANCE (in shares) at Sep. 30, 2014	'	32,647,892	'	2,030,453	'

Nature_of_Business

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
	A. Nature of Business

	United Development Funding IV (which may be referred to as the “Trust,” “we,” “our,” or “UDF IV”) was organized on May 28, 2008 (“Inception”) as a Maryland real estate investment trust. The Trust is the sole general partner of and owns a 99.999% partnership interest in United Development Funding IV Operating Partnership, L.P. (“UDF IV OP”), a Delaware limited partnership. UMTH Land Development, L.P. (“UMTH LD”), a Delaware limited partnership and the affiliated asset manager of the Trust, is the sole limited partner and owner of 0.001% (minority interest) of the partnership interests in UDF IV OP. At September 30, 2014 and December 31, 2013, UDF IV OP had no assets, liabilities or equity.

	As of September 30, 2014, the Trust owns a 100% limited partnership interest in UDF IV Home Finance, LP (“UDF IV HF”), UDF IV Finance I, LP (“UDF IV FI”), UDF IV Finance II, LP (“UDF IV FII”), UDF IV Acquisitions, LP (“UDF IV AC”), UDF IV Finance III, LP (“UDF IV FIII”), UDF IV Finance IV, L.P. (“UDF IV Fin IV”), UDF IV Finance V, L.P. (“UDF IV Fin V”), UDF IV Finance VI, L.P. (“UDF IV Fin VI”), UDF IV Finance VII, L.P. (“UDF IV Fin VII”) and UDF IV Finance VIII, L.P. (“UDF IV Fin VIII”), all Delaware limited partnerships.

	As of September 30, 2014, the Trust is the sole member of (i) UDF IV HF Manager, LLC (“UDF IV HFM”), a Delaware limited liability company, the general partner of UDF IV HF; (ii) UDF IV Finance I Manager, LLC (“UDF IV FIM”), a Delaware limited liability company, the general partner of UDF IV FI; (iii) UDF IV Finance II Manager, LLC (“UDF IV FIIM”), a Delaware limited liability company, the general partner of UDF IV FII; (iv) UDF IV Acquisitions Manager, LLC (“UDF IV ACM”), a Delaware limited liability company, the general partner of UDF IV AC; (v) UDF IV Finance III Manager, LLC (“UDF IV FIIIM”), a Delaware limited liability company, the general partner of UDF IV FIII; (vi) UDF IV Finance IV Manager, LLC (“UDF IV FIVM”), a Delaware limited liability company, the general partner of UDF IV Fin IV; (vii) UDF IV Finance V Manager, LLC (“UDF IV FVM”), a Delaware limited liability company, the general partner of UDF IV Fin V; (viii) UDF IV Finance VI Manager, LLC (“UDF IV FVIM”), a Delaware limited liability company, the general partner of UDF IV Fin VI; (ix) UDF IV Finance VII Manager, LLC (“UDF IV FVIIM”), a Delaware limited liability company, the general partner of UDF IV Fin VII; and (x) UDF IV Finance VIII Manager, LLC (“UDF IV FVIIIM”), a Delaware limited liability company, the general partner of UDF IV Fin VIII.

	As of September 30, 2014, the Trust owns 100% of the outstanding shares of (i) UDF IV LB I, Inc. (“UDF IV LBI”), a Delaware corporation; (ii) UDF IV LB II, Inc. (“UDF IV LBII”), a Delaware corporation; (iii) UDF IV Woodcreek, Inc. (“UDF IV Woodcreek”), a Delaware corporation; (iv) UDF IV LB III, Inc. (“UDF IV LBIII”), a Delaware corporation; (v) UDF IV LB IV, Inc. (“UDF IV LBIV”), a Delaware corporation; (vi) UDF IV LB V, Inc. (“UDF IV LBV”), a Delaware corporation; and (vii) UDF IV TRS-BR1, Inc. (“UDF IV BR1”), a Delaware corporation.

	As of September 30, 2014 and December 31, 2013, UDF IV HFM, UDF IV FIM, UDF IV FIIM, UDF IV ACM, UDF IV FIIIM, UDF IV FIVM, UDF IV FVM, UDF IV FVIM, UDF IV FVIIM and UDF IV FVIIIM had no assets, liabilities, or equity.

	The Trust primarily originates, purchases, participates in and holds for investment secured loans made directly by the Trust or indirectly through its affiliates to persons and entities for the acquisition and development of parcels of real property as single-family residential lots or mixed-use master planned residential communities, for the construction of single-family homes and for completed model homes. The Trust also makes direct investments in land for development into single-family lots, home construction and portfolios of finished lots and model homes; provides credit enhancements to real estate developers, home builders, land bankers and other real estate investors; and purchases participations in, or finances for other real estate investors the purchase of, securitized real estate loan pools and discounted cash flows secured by state, county, municipal or other similar assessments levied on real property. The Trust also may enter into joint ventures with unaffiliated real estate developers, home builders, land bankers and other real estate investors, or with other United Development Funding-sponsored programs, to originate or acquire, as the case may be, the same kind of secured loans or real estate investments the Trust may originate or acquire directly.

	UMTH General Services, L.P. (“UMTH GS” or “Advisor”), a Delaware limited partnership, is the Trust’s advisor and is responsible for managing the Trust’s affairs on a day-to-day basis. UMTH GS has engaged UMTH LD as the Trust’s asset manager. The asset manager oversees the investing and financing activities of the affiliated programs managed and advised by the Advisor and UMTH LD as well as provides recommendations to the Trust’s board of trustees regarding investments and finance transactions, management, policies and guidelines. The asset manager reviews for each investment the transaction structure and terms, underwriting, collateral, performance and risk management and also manages the Trust’s capital structure at both the entity and asset level.

	On June 4, 2014, we listed our common shares of beneficial interest (the “Listing”) on The NASDAQ Global Select Market (“NASDAQ”) under the symbol “UDF” and concurrently commenced an offer to purchase up to 1,707,317 common shares of beneficial interest at a price of $20.50 per common share of beneficial interest (the “Tender Offer”). See Note C – Shareholders’ Equity for additional discussion of our Tender Offer, which was completed in July 2014.

	On July 25, 2014, at the 2014 Annual Meeting of Shareholders of United Development Funding IV, the shareholders approved an amendment and restatement of our declaration of trust. The amended and restated declaration of trust became effective on July 30, 2014, upon the Trust’s filing of the Third Articles of Amendment and Restatement of Declaration of Trust with the Maryland State Department of Assessments and Taxation. A summary of the changes in the amended and restated declaration of trust is described in the Trust’s definitive proxy statement for the 2014 Annual Meeting of Shareholders filed with the SEC on May 29, 2014.

	In connection with our Listing and the amendment and restatement of the declaration of trust, our board of trustees approved an amendment and restatement of our bylaws, effective on July 30, 2014, in order to ensure that our bylaws are consistent with other REITs that are listed on a national securities exchange.

	The Trust’s sole employee is its Chief Operating Officer, who was appointed on February 17, 2014. The Trust does not maintain any physical properties. The Trust’s operations are conducted at the corporate offices of the Trust’s Advisor at 1301 Municipal Way, Grapevine, Texas 76051.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	B. Summary of Significant Accounting Policies

	A summary of our significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows:

	Basis of Presentation

	The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, with the instructions to Form 10-Q and with Regulation S-X. They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there has been no material change to the information disclosed in our 2013 Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on April 15, 2014 (the “2013 10-K”). The accompanying interim consolidated financial statements should be read in conjunction with the consolidated financial statements filed in our 2013 10-K. In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting solely of normal recurring adjustments, considered necessary to present fairly our financial position, results of operations and cash flows as of and for the interim period. Operating results for the three and nine months ended September 30, 2014 and cash flows for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

	Principles of Consolidation

	The consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

	Loan Participation Interest – Related Parties

	As of September 30, 2014, the notes have terms ranging from 3 to 84 months and bear interest at rates ranging from 11% to 15%.

	Notes Receivable and Notes Receivable – Related Parties

	Notes receivable and notes receivable – related parties are recorded at the lower of cost or net realizable value. Although we may enter into unsecured loans, the notes are typically collateralized by one or more of the following: first or second lien deeds of trust, a pledge of ownership interests in the borrower, assignments of lot sale contracts, or reimbursements of development costs due to the borrower under contracts with districts and cities. None of such notes are insured or guaranteed by a federally owned or guaranteed mortgage agency. The notes may be paid off prior to maturity; however, we intend to hold all notes for the life of the notes. As of September 30, 2014, the participations have terms ranging from 3 to 32 months and bear interest at rates ranging from 12%to 15%.

	Lot Inventory

	Lot inventory is stated at cost, which includes costs associated with the acquisition of the real estate, unless it is determined that the value has been impaired, in which case the lot inventory would be reduced to fair value less estimated costs to sell the lots.

	Lot inventory consists of finished single-family residential lots purchased by UDF IV LBI, UDF IV LBII, UDF IV LBIII, UDF IV LBIV and UDF IV LBV (collectively, the “UDF IV LB Entities”) from third-party builders. The UDF IV LB Entities have entered into lot option agreements with each builder whereby the builder will reacquire the lots in accordance with a takedown schedule for a pre-determined lot price (the “base lot price”) identified in the lot option agreement. In consideration for the right to repurchase the lots from the UDF IV LB Entities, each builder provided the UDF IV LB Entities a non-refundable earnest money deposit, a portion of which will be applied to the purchase price of each lot as it is repurchased. In addition, the builders have agreed to pay the UDF IV LB Entities a monthly option fee equal to one twelfth of 13% of the base lot price of the lots the builder has not yet reacquired from the UDF IV LB Entities. If the builder does not perform in accordance with the terms of the lot option agreement, the builder will forfeit the remaining earnest money deposit and the lots can be sold to another builder. As of September 30, 2014, the lot option agreements have terms ranging from 18 to 30 months.

	Interest Income and Non-Interest Income Recognition

	As of September 30, 2014 and December 31, 2013, we were accruing interest on all loan participation interest – related parties, notes receivable and notes receivable – related parties.

	Commitment fee income and commitment fee income – related parties include non-refundable fees charged to borrowers for entering into an obligation that commits us to make or acquire a loan or to satisfy a financial obligation of the borrower when certain conditions are met within a specified time period. As of September 30, 2014 and December 31, 2013, approximately $1.9 million and $2.5 million, respectively, of unamortized commitment fees are included as an offset of notes receivable. Approximately $153,000 and $164,000 of unamortized commitment fees are included as an offset of notes receivable – related parties as of September 30, 2014 and December 31, 2013, respectively.

	Organizational and Offering Compensation

	Various parties received compensation as a result of our initial public offering from December 2009 through May 2013, including the Advisor, affiliates of the Advisor, the dealer manager and soliciting dealers. The Advisor or an affiliate of the Advisor funded organization and offering costs on the Trust’s behalf and our Advisor has been paid by the Trust for such costs in an amount equal to 3% of the gross offering proceeds raised by the Trust (the “O&O Reimbursement”) less any offering costs paid by the Trust directly (except that no organization and offering expenses were reimbursed with respect to sales under our distribution reinvestment plan). Payments to the dealer manager included selling commissions (6.5% of gross offering proceeds, except that no commissions were paid with respect to sales under our distribution reinvestment plan) and dealer manager fees (up to 3.5% of gross offering proceeds, except that no dealer manager fees were paid with respect to sales under our distribution reinvestment plan). All Offering costs are reflected as a reduction of additional paid-in-capital in the consolidated statement of changes in shareholders’ equity.

	Advisor Fees

	Pre-Listing Advisory Agreement

	In connection with the advisory agreement dated November 12, 2009, between the Trust and its Advisor, as amended by the first amendment dated June 2, 2010 (the “Pre-Listing Advisory Agreement”), the Trust was required to pay certain fees to its Advisor or an affiliate of its Advisor, as described below.

		·	An amount equal to 3% of the net amount available for investment in secured loans and other real estate assets (after payment of selling commissions, dealer manager fees and O&O Reimbursement) (“Acquisition and Origination Fees”); provided, however, that we did not incur Acquisition and Origination Fees with respect to any asset-level indebtedness we incurred. Acquisition and Origination Fees were payable to UMTH LD, our asset manager. Acquisition and Origination Fees were expensed as incurred as we entered into new loan commitments and were paid to UMTH LD as we raised capital through our initial public offering and our distribution reinvestment plan, both of which are discussed further in Note C below. Acquisition and Origination Fees incurred are included in general and administrative – related parties expense on the accompanying consolidated statements of operations. Acquisition and Origination Fees payable to UMTH LD are included in accrued liabilities – related parties on the accompanying consolidated balance sheets.

		·	An amount equal to 2% per annum of the average of invested assets, including secured loan assets (“Advisory Fees”); provided, however, that no Advisory Fees were paid with respect to any asset-level indebtedness the Trust incurred. Advisory Fees were payable monthly to our Advisor in an amount equal to one-twelfth of 2% of the Trust’s average invested assets, including secured loan assets, as of the last day of the immediately preceding month. Advisory Fees associated with the Pre-Listing Advisory Agreement were expensed as incurred and are included in management fees – related party expense on the accompanying consolidated statements of operations.

		·	An amount equal to 1% of the amount made available to the Trust pursuant to the origination of any line of credit or other debt financing, provided that the Advisor provided a substantial amount of services as determined by the Trust’s independent trustees and, on each anniversary date of the origination of any such line of credit or other debt financing, an additional fee of 0.25% of the primary loan amount (collectively, “Debt Financing Fees”) was paid if such line of credit or other debt financing continued to be outstanding on such date, or a prorated portion of such additional fee was paid for the portion of such year that the financing was outstanding. Debt Financing Fees associated with the Pre-Listing Advisory Agreement were amortized into expense over the life of the related line of credit. Such expense is included in general and administrative – related parties expense on the accompanying consolidated statements of operations.

	In addition to the fees described above, the Pre-Listing Advisory Agreement would have required the Trust to pay the following fees and expenses to its Advisor under certain circumstances, although due to the entry of a new advisory agreement, as described below, the Trust did not incur any costs or make any payments to its Advisor in connection with these fees during the term of the Pre-Listing Advisory Agreement:

		·	The Trust would have been required to reimburse expenses incurred by the Advisor in connection with its provision of services to the Trust, including the Trust’s allocable share of the Advisor’s overhead, such as rent, personnel costs, utilities and IT costs, although the Trust was not required to reimburse the Advisor for personnel costs in connection with services for which the Advisor or its affiliates received other fees.

		·	Upon termination of the Pre-Listing Advisory Agreement, the Trust would have been required to make an annual payment equal to 15% of the amount by which the Trust’s net income for the immediately preceding year exceeded a 10% annual cumulative, non-compounded return on aggregate capital contributions, as adjusted to reflect prior cash distributions to shareholders which constituted a return of capital.

		·	Upon successful sales by the Trust of securitized loan pool interests, the Trust would have been required to pay an amount equal to 2% of the net proceeds realized by the Trust, provided the Advisor or an affiliate of the Advisor provided a substantial amount of services as determined by the Trust’s independent trustees.

		·	For substantial assistance in connection with the sale of properties, the Trust would have been required to pay an amount equal to the lesser of one-half of the reasonable and customary real estate or brokerage commission or 2% of the contract sales price of each property sold; provided, however, in no event would the disposition fees paid to the Advisor, its affiliates and unaffiliated third parties exceed 6% of the contracted sales price.

		·	Upon listing the Trust’s common shares of beneficial interest on a national securities exchange, the Advisor would have been entitled to a fee equal to 15% of the amount, if any, by which (1) the market value of the Trust’s outstanding shares plus distributions paid by the Trust prior to listing, exceeded (2) the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate a 10% annual cumulative, non-compounded return to investors.

	Advisory Agreement

	On May 29, 2014, the Trust and the Advisor entered into a new advisory agreement, effective upon the completion of the Listing (the “Advisory Agreement”). The Pre-Listing Advisory Agreement automatically terminated upon completion of the Listing.

The Advisory Agreement changed the compensation arrangement with the Advisor. Pursuant to the Advisory Agreement, the Trust is required to pay the following fees to its Advisor or an affiliate of its Advisor:

	·	An amount equal to one-twelfth of 1.5% of the equity of the Trust (the “Base Management Fee”). The Base Management Fee is payable monthly in arrears and is expensed as incurred. The expense associated with the Base Management Fee is included in management fees – related party expense on the accompanying consolidated statements of operations.

	·	An amount equal to 20% of the amount by which the Trust’s core earnings (as defined in the Advisory Agreement) for the preceding 12 months exceeds the product of 8% and the weighted average shares outstanding for the preceding 12 months multiplied by the weighted average share price for the preceding 12 months (as defined in the Advisory Agreement) (the “Incentive Management Fee”), provided that no Incentive Management Fee is payable with respect to any quarter unless the amount of the Trust’s core earnings for the 12 preceding quarters is greater than zero. Prior to the completion of a 12 month period during the term of the Advisory Agreement, core earnings will be calculated on the basis of the number of days the Advisory Agreement has been in effect on an annualized basis. The Incentive Management Fee is payable in arrears in quarterly installments. The expense associated with the Incentive Management Fee is included in management fees – related party expense on the accompanying consolidated statements of operations.

	·	Debt Financing Fees equal to 0.5% of the amount made available to the Trust pursuant to the origination of any line of credit or other debt financing, provided that the Advisor provided a substantial amount of services as determined by a majority of the Trust’s independent trustees. This amount was reduced from 1.0%, per the terms of the Pre-Listing Advisory Agreement. On each anniversary date of the origination of any such line of credit or other debt financing, the Trust will continue to pay an additional fee of 0.25% of the primary loan amount if such line of credit or other debt financing continues to be outstanding on such date, or a prorated portion of such additional fee was paid for the portion of such year that the financing was outstanding. Debt Financing Fees are amortized into expense over the life of the related line of credit. Such expense is included in general and administrative – related parties expense on the accompanying consolidated statements of operations.

	·	An amount equal to 1% of the par amount of the securities sold by the Trust in connection with the securitization and placement of any secured loans (as defined in the Advisory Agreement) (“Securitized Loan Pool Placement Fees”), if the Advisor or an affiliate of the Advisor provided a substantial amount of services as determined by the Trust’s independent trustees. No Securitized Loan Pool Placement Fees are included on the accompanying consolidated financial statements.

	·	An amount equal to 15% of the amount by which (i) the market value of the Trust’s outstanding common shares of beneficial interest (measured by taking the average closing price for a single common share of beneficial interest over a period of thirty consecutive trading days commencing 180 days after Listing and multiplying that number by the total outstanding common shares of beneficial interest upon Listing) plus distributions paid by the Trust prior to listing exceeds (ii) the sum of (A) the total amount of capital raised from investors (after reduction of distributions attributable to net sales proceeds and amounts paid by the Trust to repurchase shares) and (B) the amount equal to a 10% annual cumulative, non-compounded return to investors from inception through Listing (the “Listing Fee”). The Listing Fee will be paid as follows: 50% will be payable in cash and 50% will be payable in the form of a three-year promissory note bearing interest at the applicable federal rate established by the Internal Revenue Service on the date of issuance, payable quarterly in arrears. If the promissory note has not been paid in full within three years from the date of issuance, then the Advisor, or its successors or assigns, may elect to convert the unpaid balance, including accrued but unpaid interest, into common shares of the Trust at a price per share equal to the average closing price of the shares over the ten trading days immediately preceding the date of such election. No Listing Fees are included on the accompanying consolidated financial statements.

In addition to the fees described above, pursuant to the terms of the Advisory Agreement, the Trust will reimburse the Advisor and its affiliates for expenses they incur on behalf of the Trust, including expenses incurred by the Advisor in employing the Trust’s Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Operating Officer and General Counsel (the “Advisor Expense Reimbursement”). The Trust will pay the Advisor Expense Reimbursement on a monthly basis, and costs incurred by the Trust in connection with the Advisor Expense Reimbursement will be expensed by the Trust as incurred.

Listing

The Trust incurred certain costs in connection with its Listing and Tender Offer. These listing costs consisted primarily of legal, investment banking, NASDAQ fees, share-based compensation, consulting and other third-party service provider costs incurred by us in connection with our Listing and Tender Offer. We expensed Listing costs totaling approximately $77,000 and $5.1 million during the three and nine months ended September 30, 2014, respectively. We did not expense Listing costs during the three and nine months ended September 30, 2013. Of the $5.1 million of listing expenses incurred through September 30, 2014, approximately $300,000 was attributable to share-based compensation, as discussed further in Note C.

Income Taxes

We file income tax returns in the United States federal jurisdiction. As of September 30, 2014, tax returns related to fiscal years ended December 31, 2010 through December 31, 2013 remain open to possible examination by the tax authorities. No tax returns are currently under examination by any tax authorities. We did not incur any penalties or interest during the nine months ended September 30, 2014 or 2013.

Impact of Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under existing GAAP.

The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.

In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The update requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition and, as a result, should not be included in the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements.

Guarantees

From time to time, we enter into guarantees of debtor’s or affiliates’ borrowings and provide credit enhancements for the benefit of senior lenders in connection with our debtors and investments in partnerships (collectively referred to as “guarantees”), and account for such guarantees in accordance with FASB Accounting Standards Codification (“ASC”) 460-10 Guarantees.

Share-Based Compensation

We value all share-based payments at the estimated fair value on the date of grant and we expense these payments over the applicable vesting period in accordance with GAAP.

Reclassifications

We have renamed our real estate owned balance to lot inventory to more appropriately describe the nature of this asset. In addition, certain reclassifications have been made to prior period amounts in order to conform with the current year presentation.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2014
Stockholders Equity Note [Abstract]	'
Shareholders Equity Note Disclosure [Text Block]	'
	C. Shareholders’ Equity

	Offering

	On November 12, 2009, the Trust’s Registration Statement on Form S-11, covering an initial public offering (the “Offering”) of up to 25,000,000 common shares of beneficial interest to be offered in the primary offering at a price of $20 per share (the “Primary Offering”), was declared effective under the Securities Act of 1933, as amended. On December 18, 2009, the Trust’s initial public subscribers were accepted as shareholders pursuant to the Offering, and the subscription proceeds from such initial public subscribers were released to the Trust from escrow.

	The Offering also initially covered up to 10,000,000 common shares of beneficial interest to be issued pursuant to our distribution reinvestment plan (the “DRIP”) for $20 per share (the “Primary DRIP Offering”). We had the right to reallocate the common shares of beneficial interest registered in the Offering between the Primary Offering and the Primary DRIP Offering, and pursuant to Supplement No. 6 to our prospectus regarding the Offering, which was filed with the SEC on May 3, 2013, we reallocated the shares being offered to be 34,000,000 shares offered pursuant to the Primary Offering and 1,000,000 shares offered pursuant to the Primary DRIP Offering. The shares were offered to investors on a reasonable best efforts basis, which means the dealer manager used its reasonable best efforts to sell the shares offered, but was not required to sell any specific number or dollar amount of shares and did not have a firm commitment or obligation to purchase any of the offered shares. The Offering terminated on May 13, 2013.

	On April 19, 2013, we registered 7,500,000 additional common shares of beneficial interest to be offered pursuant to the DRIP in a Registration Statement on Form S-3 (File No. 333-188045) for $20 per share (the “Secondary DRIP Offering”). We ceased offering common shares of beneficial interest under the Primary DRIP Offering upon the termination of the Offering on May 13, 2013, and concurrently began offering our common shares of beneficial interest to our shareholders pursuant to the Secondary DRIP Offering. Effective May 24, 2014, in contemplation of the Listing, we terminated our DRIP and ceased offering common shares of beneficial interest pursuant to the Secondary DRIP Offering.

	On August 4, 2014, we filed a Registration Statement on Form S-3 with the SEC that allows us to publicly offer and sell common shares of beneficial interest, preferred shares of beneficial interest and debt securities, from time to time, in one or more future offerings, up to a maximum aggregate offering price of $750 million (the “Shelf Registration”). The Shelf Registration was declared effective by the SEC on August 27, 2014. As of September 30, 2014, no offerings have been commenced pursuant to the Shelf Registration.

	On August 4, 2014, we filed Post-Effective Amendment No. 1 (the “Amended Secondary DRIP Offering”) to our Registration Statement on Form S-3 filed on April 19, 2013, in which we originally registered 7,500,000 common shares of beneficial interest to be offered pursuant to our DRIP. Pursuant to our Amended Secondary DRIP Offering, we began offering common shares of beneficial interest pursuant to our new distribution reinvestment plan (the “New DRIP”) in August 2014. The purchase price for shares under the New DRIP will be equal to the current market value of our shares, calculated based upon the average of the open and close prices per share on the distribution payment date, as reported by NASDAQ.

	As of September 30, 2014, the Trust had issued an aggregate of 32,550,482 common shares of beneficial interest pursuant to the Primary Offering, Primary DRIP Offering, Secondary DRIP Offering and Amended Secondary DRIP Offering, consisting of 30,735,813 common shares of beneficial interest pursuant to the Primary Offering in exchange for gross proceeds of approximately $614.7 million (approximately $535.0 million, net of costs associated with the Primary Offering), 723,617 common shares of beneficial interest in accordance with our Primary DRIP Offering in exchange for gross proceeds of approximately $14.5 million, 1,087,543 common shares of beneficial interest in accordance with our Secondary DRIP Offering in exchange for gross proceeds of approximately $21.7 million and 3,509 common shares of beneficial interest in accordance with our Amended Secondary DRIP Offering in exchange for gross proceeds of approximately $0.1 million. As of September 30, 2014, the Trust had redeemed an aggregate of 2,030,453 common shares of beneficial interest at a cost of approximately $41.4 million, including shares repurchased pursuant to our Tender Offer, as discussed further below.

	Distributions

	We must distribute to our shareholders at least 90% of our taxable income each year in order to meet the requirements for being treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). In accordance with this requirement, we pay monthly distributions to our shareholders. In addition to the monthly distributions, in an effort to ensure we distribute at least 90% of our taxable income, our board of trustees has periodically authorized additional, special distributions. Our distribution rate and any special distributions are approved by our board of trustees and are dependent on a number of factors, including funds available for payment of distributions, our financial condition, loan funding commitments and annual distribution requirements needed to maintain our status as a REIT under the Internal Revenue Code.

	On May 30, 2014, in contemplation of the Listing, we announced the termination of our DRIP, effective ten days from the notice of such termination, pursuant to the terms of the DRIP. Upon termination of the DRIP, we ceased offering common shares of beneficial interest pursuant to the Secondary DRIP Offering. On August 4, 2014, we created our New DRIP and began offering common shares of beneficial interest pursuant to our Amended Secondary DRIP Offering.

	Our board of trustees authorized distributions payable to our shareholders on a monthly basis commencing on December 18, 2009. For distributions declared for each record date in the July 2011 through May 2014 periods, our daily distribution rate was $0.0044932 per common share of beneficial interest, which is equal to an annualized distribution rate of $1.64 per share. These daily distributions were aggregated and paid monthly in arrears on or about the 25th day of each month. Distributions for shareholders participating in our distribution reinvestment plan were reinvested into our shares on the payment date of each distribution prior to the termination of our DRIP.

	From June 2014 through September 2014, our board of trustees authorized distributions of $0.1367 per common share of beneficial interest to be paid on or about the 25th day of each month to shareholders of record on or about the 15th day of each month, which is equal to an annual distribution rate of $1.64 per share. On October 2, 2014, our board of trustees authorized monthly distributions of $0.1367 per common share of beneficial interest (which is equal to an annual distribution rate of $1.64 per share) for the period from October 2014 through December 2014. See Note K – Subsequent Events for further discussion. All distributions are paid in cash and New DRIP shares as of September 30, 2014.

	Our board of trustees did not authorize any special distributions to be paid during the nine months ended September 30, 2014. In addition to the monthly distributions discussed above, the following table represents all special distributions authorized by our board of trustees that were paid during the nine months ended September 30, 2013:

	Authorization Date (1)		Record Date (2)		Rate Per Share (3)			Payment Date (4)
	10-Oct-12		14-Dec-12		$	0.05		15-Feb-13
	6-Mar-13		15-Apr-13		$	0.05		17-May-13

		-1	Represents the date the distribution was authorized by our board of trustees.

		-2	All outstanding common shares of beneficial interest as of the record date received the distribution.

		-3	Represents the distribution rate per common share of beneficial interest on the record date.

		-4	Represents the date the special distribution was paid in cash and Secondary DRIP Offering shares.

	The distributions paid for the nine months ended September 30, 2014 and 2013, along with the amount of distributions reinvested pursuant to our Primary DRIP Offering and Secondary DRIP Offering and the sources of our distributions are reflected in the table below.

			Nine Months Ended September 30,
			2014					2013
	Distributions paid in cash		$	29,968,000				$	19,893,000
	Distributions reinvested			8,704,000					11,740,000
	Total distributions		$	38,672,000				$	31,633,000
	Source of distributions:
	Cash from operations		$	29,107,000		75	%	$	13,448,000	43	%
	Borrowings under credit facilities			9,565,000		25	%		-	-
	Proceeds from Offering			-		-			18,185,000	57	%
	Total sources		$	38,672,000		100	%	$	31,633,000	100	%

	For the nine months ended September 30, 2014 and 2013, we paid distributions of approximately $38.7 million ($30.0 million in cash and $8.7 million in our common shares of beneficial interest pursuant to our Secondary DRIP Offering and our Amended Secondary DRIP Offering) and $31.6 million ($19.9 million in cash and $11.7 million in our common shares of beneficial interest pursuant to our Primary DRIP Offering and Secondary DRIP Offering), respectively. For the nine months ended September 30, 2014 and 2013, respectively, we issued 435,250 and 587,020 common shares of beneficial interest pursuant to distributions that were reinvested.

	We utilize cash to fund operating expenses, make investments, service debt obligations and pay distributions. We receive cash from operations (which includes interest payments), as well as cash from investing activities (which includes repayment of principal on loans we have made) and financing activities (which includes borrowing proceeds and additional capital from the sale of our shares). We have secured various lines of credit to manage the timing of our cash receipts and funding requirements. Over the long term, we expect that substantially all of our distributions will be funded from operating cash flow.

	The following tables reconcile the total distributions paid to our calculation of distributions per weighted average share outstanding for the periods indicated:

				Three Months Ended					Nine Months Ended
			September 30,						September 30,
				2014			2013		2014		2013

Distributions paid (1)		$	12,554,000		$	12,914,000		$	38,672,000	$	31,633,000
Add: current period distribution accrual (2)			-			2,562,000			-		2,562,000
Less: previous period accrual reversal (2)			-2,209,000			-2,513,000			-2,653,000		-1,956,000
Distributions		$	10,345,000		$	12,963,000		$	36,019,000	$	32,239,000

Weighted average shares outstanding			30,632,925			31,526,561			31,616,870		25,672,294

Distributions paid per weighted average share outstanding		$	0.41		$	0.41		$	1.22	$	1.23

Distributions per weighted average share outstanding		$	0.34		$	0.41		$	1.14	$	1.26

(1) Represents total cash and DRIP distributions paid during the period indicated.
(2) Represents impact of accruals/accrual reversals during the period indicated for distributions declared, but not paid.

Share Redemption Program

Prior to its suspension and ultimate termination, our share redemption program enabled our shareholders to sell their shares back to us in limited circumstances. On May 30, 2014, we announced the termination of our share redemption program, effective upon Listing. For the nine months ended September 30, 2014, we received valid redemption requests relating to 183,166 shares of beneficial interest and 106,018 shares were redeemed for an aggregate purchase price of $2.0 million (an average redemption price of $18.60 per share). For the nine months ended September 30, 2013, we received valid redemption requests relating to 74,556 shares of beneficial interest, all of which were redeemed for an aggregate purchase price of approximately $1.4 million (an average redemption price of $19.41 per share). Shares redeemed are included in treasury stock in the consolidated balance sheet.

Tender Offer

Pursuant to our Tender Offer, on July 9, 2014, we purchased 1,707,317 common shares of beneficial interest at a purchase price of $20.50 per share, for an aggregate cost of $35.0 million, excluding fees and expenses related to the Tender Offer. In addition, on July 9, 2014, in connection with our Tender Offer, we eliminated 4,211 fractional common shares of beneficial interest (the “Fractional Shares”) for an aggregate cost of approximately $86,000 by paying each holder of a Fractional Share an amount in cash equal to the fraction of a share being repurchased multiplied by $20.50 per share. Shares purchased pursuant to our Tender Offer and Fractional Shares purchased in connection with our Tender Offer are included in treasury stock in the consolidated balance sheet.

Adoption of Equity Incentive Plans

In connection with the Listing, on May 29, 2014, the Board, including a majority of the independent trustees, approved the adoption of equity incentive plans for its Advisor (the “Advisor Equity Plan”), its trustees, officers, advisors and consultants (the “Equity Plan”) and its non-executive trustees (the “Non-Executive Trustee Stock Plan”). These equity incentive plans (collectively, the “Equity Incentive Plans”) will be overseen by the Board’s compensation committee, which consists solely of non-executive trustees. Shares issued pursuant to the Equity Incentive Plans are subject to an aggregate limitation of 2,423,284 shares of beneficial interest (7.5% of the number of shares that are issued and outstanding immediately following the approval for listing and trading of the shares on NASDAQ).

The Advisor Equity Plan provides for the grant of stock options, restricted common shares, restricted stock units, stock appreciation rights and other equity-based awards to the Advisor. The Advisor may in turn issue such awards to its officers, employees or other consultants in order to promote the success of the Trust.

The Equity Plan provides for the grant of stock options, restricted common shares, restricted stock units, dividend equivalent rights and other equity-based awards to the trustees, officers and other employees and independent contractors, including employees or trustees of the Advisor and its affiliates who are providing services to the Trust.

The Non-Executive Trustee Stock Plan provides for the issuance of restricted common shares, restricted stock units, or other equity-based awards to the Trust’s non-executive trustees in order to provide incentives to such trustees to promote the success of the Trust.

Share Based Compensation

On February 3, 2014, our board of trustees appointed Stacey H. Dwyer as our Chief Operating Officer, effective February 17, 2014. In connection with this appointment, we entered into an employment agreement with Ms. Dwyer effective as of February 17, 2014.

Pursuant to her employment agreement, Ms. Dwyer’s compensation includes (a) an initial equity award of 82,410 common shares, one-quarter of which will vest annually over four years, subject to Ms. Dwyer’s continued employment with us through such date and (b) an annual equity grant of 12,500 common shares on each anniversary date of the effective date of the employment agreement, with each annual equity grant vesting five years after the applicable grant date, subject to Ms. Dwyer’s continued employment with us through such date. From the date of grant until such time as they become vested and payable (the “Restricted Period”), the shares granted to Ms. Dwyer pursuant to her employment agreement (the “Restricted Shares”) may not be sold, assigned, transferred or otherwise disposed of. Compensation expense will be recognized on a straight-line basis over the vesting period of each grant. In connection with Restricted Shares granted to Ms. Dwyer, approximately $103,000 and $258,000, respectively, in share-based compensation is included in general and administrative expense in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014.

The following table reflects Restricted Shares that have been granted to Ms. Dwyer and shares that have vested or have been forfeited by Ms. Dwyer for the nine months ended September 30, 2014.

					Grant Date
	Restricted				Fair Value
	Shares				Per Share			Total
Outstanding as of January 1, 2014			-		$	-		$	-
Granted			82,410			20			1,648,200
Vested			-			-			-
Forfeited			-			-			-

Outstanding as of September 30, 2014			82,410		$	20		$	1,648,200

As a result of the Listing on June 4, 2014, a total of 15,000 common shares, with a grant date fair value of $20.00 per share, were awarded to members of our board of trustees and a consultant providing services to us pursuant to our Equity Incentive Plans. These shares vested immediately upon issuance. In connection with these shares, $300,000 of share-based compensation is included in listing expense in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014.

Loans_and_Allowance_for_Credit

Loans and Allowance for Credit Losses	9 Months Ended
Loans and Allowance for Credit Losses	Sep. 30, 2014
Receivables [Abstract]	'
Financing Receivables [Text Block]	'
	D. Loans and Allowance for Credit Losses

	Our aggregate loan portfolio is comprised of loan participation interest – related parties, notes receivable, net and notes receivable – related parties, net and is recorded at the lower of cost or estimated net realizable value.

			September 30, 2014			December 31, 2013
	Loan participation interest – related parties		$	40,200,000		$	32,910,000
	Notes receivable, net			506,159,000			444,720,000
	Notes receivable – related parties, net			47,036,000			30,854,000
	Total		$	593,395,000		$	508,484,000

	Our loans are classified as follows:

			September 30, 2014			December 31, 2013
	Real Estate:
	Construction, acquisition and land development		$	601,469,000		$	514,993,000
	Provision for loan losses			-6,043,000			-3,828,000
	Unamortized commitment fees			-2,031,000			-2,681,000
	Total		$	593,395,000		$	508,484,000

	As of September 30, 2014, we had originated or purchased 164 loans, including 33 loans that have been repaid in full by the respective borrower or have matured and have not been renewed. As of December 31, 2013, we had originated or purchased 139 loans, including 25 loans that have either been repaid in full by the respective borrower or have matured and have not been renewed.

	The following table represents the scheduled maturity dates of the 131 loans outstanding as of September 30, 2014:

			Related Party							Non-related party					Total
	Maturity							% of					% of					% of
	Date		Amount				Loans	Total		Amount		Loans	Total		Amount		Loans	Total
	Matured		$	564,000			1	1	%	$	-	-	-		$	564,000	1		*
	2014			16,922,000			6	19	%		105,245,000	15	21	%		122,167,000	21		20	%
	2015			40,060,000			8	46	%		217,988,000	37	42	%		258,048,000	45		43	%
	2016			9,176,000			3	10	%		119,818,000	36	23	%		128,994,000	39		21	%
	2017			4,201,000			1	5	%		71,030,000	22	14	%		75,231,000	23		13	%
	2018			4,965,000			1	6	%		-	-	-			4,965,000	1		1	%
	2019			-			-	-			-	-	-			-	-		-
	2020			-			-	-			-	-	-			-	-		-
	2021			11,500,000			1	13	%		-	-	-			11,500,000	1		2	%
	Total		$	87,388,000			21	100	%	$	514,081,000	110	100	%	$	601,469,000	131		100	%

	* Less than 1%

	The following table represents the scheduled maturity dates of the 114 loans outstanding as of December 31, 2013:

			Related Party							Non-related party					Total
	Maturity							% of					% of					% of
	Date		Amount				Loans	Total		Amount		Loans	Total		Amount		Loans	Total
	Matured		$	-			-	-		$	-	-	-		$	-	-		-
	2014			34,129,000			12	53	%		255,599,000	35	57	%		289,728,000	47		56	%
	2015			16,987,000			3	27	%		73,007,000	21	16	%		89,994,000	24		17	%
	2016			12,812,000			3	20	%		98,824,000	32	22	%		111,636,000	35		22	%
	2017			-			-	-			23,635,000	8	5	%		23,635,000	8		5	%
	Total		$	63,928,000			18	100	%	$	451,065,000	96	100	%	$	514,993,000	114		100	%

	A loan is placed on non-accrual status and income recognition is suspended at the date at which, in the opinion of management, a full recovery of income and principal becomes more likely than not, but is no longer probable, based upon our review of economic conditions, the estimated value of the underlying collateral, the guarantor, adverse situations that may affect the borrower’s ability to pay or the value of the collateral and other relevant factors. Income recognition is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Any payments received on loans classified as non-accrual status are typically applied first to outstanding loan amounts and then to the recovery of lost interest. As of September 30, 2014 and December 31, 2013, we had not placed any loans on non-accrual status.

	We evaluate our portfolio of notes receivable, notes receivable – related parties, and loan participation interest – related parties on a loan-by-loan basis quarterly or as circumstances or events arise that warrant more frequent review. In conjunction with this evaluation, we apply the guidance in FASB ASC 310-10-35, Receivables – Overall – Subsequent Measurement (“ASC 310-10-35”) in determining whether it is probable that we will be unable to collect all of the contractual principal and interest payments as scheduled in our loan agreements (i.e., whether the loan is impaired). In assessing the collectability of each portfolio loan, we conduct our detailed review on three levels: an economic fundamentals review, a submarket analysis, and active portfolio monitoring. Loans are considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the loan agreement, including scheduled principal and interest payments. If an individual loan is considered impaired, a specific valuation allowance may be allocated, if necessary, so that the individual loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from collateral. Loans that are not individually considered impaired are collectively and qualitatively measured as a portfolio for general valuation allowance. In reviewing our portfolio for this valuation analysis, we use cash flow estimates from the disposition of finished lots, paper lots (residential lots shown on a plat that has been accepted by the city or county, but which is currently undeveloped or under development) and undeveloped land as well as cash flow received from the issuance of bonds from municipal reimbursement districts. These estimates are based on current market metrics, including, without limitation, the supply of finished lots, paper lots and undeveloped land; the supply of homes and the rate and price at which land and homes are sold; historic levels and trends; executed contracts, appraisals and discussions with third-party market analysts and participants, including homebuilders. We base our valuations on current and historic market trends and on our analysis of market events and conditions, including activity within our portfolio, and on the analysis of third-party services such as Metrostudy and Residential Strategies, Inc. Cash flow forecasts also are based on executed purchase contracts which provide base prices, escalation rates, and absorption rates on an individual project basis. For projects deemed to have an extended time horizon for disposition, we consider third-party appraisals to provide a valuation in accordance with guidelines set forth in the Uniform Standards of Professional Appraisal Practice. In addition to cash flows from the disposition of property, cost analysis is performed based on estimates of development and senior financing expenditures provided by developers and independent professionals on a project-by-project basis. These amounts are reconciled with our best estimates to establish the net realizable value of the portfolio.

	Interest is recognized on an accrual basis for impaired loans in which the collectability of the unpaid principal amount is deemed probable. Any payments received on such loans are first applied to outstanding accrued interest receivable and then to outstanding unpaid principal balance. Unpaid principal balance is materially the same as recorded investments. Any payments received on impaired loans in which the collectability of the unpaid principal amount is less than probable are typically applied to outstanding unpaid principal and then to the recovery of lost interest on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible.

	As of September 30, 2014, we had one matured loan with an unpaid principal balance of approximately $564,000. This loan was not considered impaired as the loan matured in September 2014 and payment in full on the unpaid principal balance was received in October 2014. As of December 31, 2013, we had no matured loans. For the three and nine months ended September 30, 2014 and 2013, we did not recognize any interest income associated with impaired loans.

	As part of the ongoing monitoring of the credit quality of the loan portfolio, we periodically, but no less than quarterly, perform a detailed review of our portfolio of mortgage notes and other loans. The following is a general description of the credit levels used:

	Level 1 – Full collectability of loans in this category is considered probable.

Level 2 – Full collectability of loans in this category is deemed more likely than not, but not probable, based upon our review of economic conditions, the estimated value of the underlying collateral, the guarantor, adverse situations that may affect the borrower’s ability to pay or the value of the collateral and other relevant factors. Interest income is suspended on Level 2 loans.

Level 3 – For loans in this category, it is probable that we will be unable to collect all amounts due.

As of the dates indicated, our loans were classified as follows:

		September 30, 2014			December 31, 2013
Level 1		$	601,469,000		$	514,993,000
Level 2			-			-
Level 3			-			-
Total		$	601,469,000		$	514,993,000

The allowance for loan losses is our estimate of incurred losses in our portfolio of notes receivable, notes receivable – related parties and loan participation interest – related parties. We periodically perform a detailed review of our portfolio of notes and other loans to determine if impairment has occurred and to assess the adequacy of the allowance for loan losses. We charge additions to the allowance for loan losses to current period earnings through a provision for loan losses. Amounts determined to be uncollectible are charged directly against (and decrease) the allowance for loan losses (“charged off”), while amounts recovered on previously charged off amounts increase the allowance for loan losses. The following table summarizes the change in the reserve for loan losses during the nine months ended September 30, 2014 and the year ended December 31, 2013, which is offset against notes receivable:

		For the Nine Months			For the Year Ended
		Ended September 30, 2014			December 31, 2013
Balance, beginning of year		$	3,828,000		$	1,766,000
Provision for loan losses			2,215,000			2,062,000
Charge-offs			-			-
Balance, end of period		$	6,043,000		$	3,828,000

We have adopted the provisions of ASU No. 2011-02, A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. In accordance with ASU 2011-02, the restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. As of September 30, 2014 and December 31, 2013, we have no loan modifications that are classified as troubled debt restructurings.

Lot_Inventory

Lot Inventory	9 Months Ended
Lot Inventory	Sep. 30, 2014
Real Estate Assets Held for Development and Sale [Abstract]	'
Lot Inventory [Text Block]	'
	E. Lot Inventory

	Lot inventory consists of finished single-family residential lots purchased by the UDF IV LB Entities from third-party builders. The following table summarizes the purchase and sale activity associated with these lots for the nine months ended September 30, 2014 and the year ended December 31, 2013.

		September 30, 2014		December 31, 2013
	Lot inventory, beginning of period	$	8,237,000	$	-
	Purchases of lots		12,217,000		9,017,000
	Sales of lots		-6,864,000		-780,000
	Lot inventory, end of period	$	13,590,000	$	8,237,000

Notes_Payable_and_Lines_of_Cre

Notes Payable and Lines of Credit	9 Months Ended
Notes Payable and Lines of Credit	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	F. Notes Payable and Lines of Credit

	In connection with the credit facilities described below, we have agreed to pay Debt Financing Fees to the Advisor. See Note I – Related Party Transactions, for further discussion of fees paid to related parties.

	Notes Payable

	Credit Facility

	On February 5, 2010, we obtained a revolving credit facility in the maximum principal amount, as subsequently amended, of $20.0 million (the “Credit Facility”) from Raley Holdings, LLC, an unaffiliated company (“Raley Holdings”). The Credit Facility was paid in full and terminated in June 2013.

	Waterfall 4 Loan

	On July 2, 2014, we entered into a loan agreement (the “Waterfall 4 Loan”) with Waterfall Finance 4, LLC (“Waterfall 4”) for a $35 million term loan to fund our Tender Offer. The loan bears interest at a rate of LIBOR plus 9.00%, with a LIBOR floor of 1% (10.0% as of September 30, 2014). All accrued and unpaid interest is payable on the fifth day of each calendar month during the term of the loan. Principal is due at maturity. The Waterfall 4 Loan matures on July 2, 2015. However, if the Trust is in compliance with all financial covenants, the Trust may choose to extend the Waterfall 4 Loan to December 31, 2015, with monthly principal payments payable by the Trust during the extension period. The Waterfall 4 Loan is secured by a first priority lien on the mortgage loans and other assets of the Trust.

	The Waterfall 4 Loan is subject to customary events of default provisions, including failure to pay indebtedness, breaches of covenants and bankruptcy or other insolvency events. The Waterfall 4 Loan is also subject to compliance with certain financial covenants, including a maximum ratio of consolidated total debt to total equity and a minimum tangible net worth. If any event of default exists, interest will accrue at a rate of LIBOR (with a LIBOR floor of 1%) plus 11.5%. Upon the occurrence of an event of default, as set forth in the Waterfall 4 Loan, and at any time during the continuance thereafter, Waterfall 4 has the right to accelerate the payment of the loan and declare the loan to be immediately due and payable.

	Lines of Credit

	UDF IV HF CTB Revolver

	On May 19, 2010, UDF IV HF obtained a revolving credit facility in the maximum principal amount, as of December 31, 2013, of $10.0 million (the “UDF IV HF CTB Revolver”) with Community Trust Bank of Texas (“CTB”). The UDF IV HF CTB Revolver is guaranteed by us and by United Development Funding III, L.P. (“UDF III”), an affiliated and publicly registered Delaware limited partnership. UMTH LD, our asset manager, is the general partner for UDF III. Effective June 3, 2014, the UDF IV HF CTB Revolver was amended resulting in an increase in the maximum principal amount to $30.0 million.

	In consideration for its guarantee of the UDF IV HF CTB Revolver, UDF IV HF agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance of the UDF IV HF CTB Revolver at the end of each month. See Note I – Related Party Transactions, for further discussion of fees paid to related parties.

	As of September 30, 2014, the UDF IV HF CTB Revolver bears interest at a rate of 4.25% and is scheduled to mature on July 30, 2015.

	CTB Revolver

	Effective August 19, 2010, UDF IV AC obtained a revolving credit facility in the maximum principal amount, as of December 31, 2013, of $15.0 million (the “CTB Revolver”) from CTB pursuant to a Revolving Loan Agreement (the “Revolver Loan Agreement”). The CTB Revolver is guaranteed by us and by UDF III. Effective April 11, 2014, the CTB Revolver was amended resulting in an increase in the maximum principal amount to $25.0 million.

	In consideration for UDF III guaranteeing the CTB Revolver, UDF IV AC agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance of the CTB Revolver at the end of each month. See Note I – Related Party Transactions, for further discussion of fees paid to related parties.

	As of September 30, 2014, the CTB Revolver bears interest at a rate of 4.25% and is scheduled to mature on July 30, 2015.

	UTB Revolver

	Effective September 29, 2010, UDF IV FI obtained a revolving credit facility in the maximum principal amount, as subsequently amended, of $4.0 million (the “UTB Revolver”) with United Texas Bank (“UTB”). The UTB Revolver matured on September 30, 2013 and the balance of this loan and all accrued interest were paid in full on November 7, 2013, at which point this loan was terminated.

	Prosperity Revolver

	On December 14, 2010, UDF IV FII obtained a revolving credit facility in the maximum principal amount, as of September 30, 2014, of $15.0 million (the “Prosperity Revolver”) from F&M Bank and Trust Company (“F&M”). F&M was subsequently acquired by Prosperity Bancshares, Inc. (“Prosperity”). The Prosperity Revolver is guaranteed by us and by UDF III.

	In consideration for UDF III guaranteeing the Prosperity Revolver, UDF IV FII agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance of the Prosperity Revolver at the end of each month. See Note I – Related Party Transactions, for further discussion of fees paid to related parties.

	As of September 30, 2014, the Prosperity Revolver bears interest at a rate of 5.0% and is scheduled to mature on December 14, 2014.

	Legacy Revolver

	Effective November 1, 2011, UDF IV FIII obtained a revolving credit facility in the maximum principal amount, as of September 30, 2014, of $5.0 million (the “Legacy Revolver”) from LegacyTexas Bank (“Legacy”) pursuant to a loan agreement.

	As of September 30, 2014, the Legacy Revolver bears interest at a rate of 5.5% and is scheduled to mature on January 12, 2015.

	Veritex Revolver

	On July 31, 2012, UDF IV Fin IV obtained a revolving credit facility from Veritex Community Bank, National Association (“Veritex”) in the maximum principal amount, as of December 31, 2013, of $5.3 million pursuant to a loan agreement (the “Veritex Revolver”). Effective June 30, 2014, the Veritex Revolver was amended resulting in an increase in the maximum principal amount to $14.5 million.

	As of September 30, 2014, the Veritex Revolver bears interest at a rate of 4.5% and is scheduled to mature on July 31, 2017.

	Affiliated Bank Revolver

	On July 23, 2013, UDF IV Fin V obtained a revolving credit facility from Affiliated Bank (“Affiliated Bank”) in the maximum principal amount, as of December 31, 2013, of $5.5 million pursuant to a loan agreement (the “Affiliated Bank Revolver”). Effective June 5, 2014, the Affiliated Bank Revolver was amended resulting in an increase in the maximum principal amount to $7.5 million.

	As of September 30, 2014, the Affiliated Bank Revolver bears interest at a rate of 5.0% and is scheduled to mature on July 23, 2016.

UDF IV Fin VII Legacy Revolver

On August 5, 2013, UDF IV Fin VII obtained a revolving credit facility from Legacy in the maximum principal amount, as of September 30, 2014, of $10.0 million pursuant to a loan agreement (the “UDF IV Fin VII Legacy Revolver”).

As of September 30, 2014, the UDF IV Fin VII Legacy Revolver bears interest at a rate of 5.0% and is scheduled to mature on August 5, 2015.

UDF IV Fin VI CTB Revolver

On August 19, 2013, UDF IV Fin VI obtained a revolving credit facility from CTB in the maximum principal amount, as of December 31, 2013, of $25.0 million pursuant to a loan agreement (the “UDF IV Fin VI CTB Revolver”). The UDF IV Fin VI CTB Revolver is guaranteed by us and by UDF III. Effective April 11, 2014, the UDF IV Fin VI CTB Revolver was amended resulting in a reduction in the maximum principal amount to $15.0 million.

In consideration for UDF III guaranteeing the UDF IV Fin VI CTB Revolver, UDF IV Fin VI agreed to pay UDF III a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance of the UDF IV Fin VI CTB Revolver at the end of each month. See Note I – Related Party Transactions, for further discussion of fees paid to related parties.

As of September 30, 2014, the UDF IV Fin VI CTB Revolver is scheduled to mature on August 19, 2015, bears interest at a rate of 4.25% and is subject to an unused line fee of 0.25% per annum on the average daily unused portion of the loan commitment.

Independent Bank Revolver

On December 6, 2013, UDF IV Fin VIII obtained a revolving credit facility from Independent Bank (“Independent Bank”) in the maximum principal amount, as of September 30, 2014, of $15.0 million pursuant to a loan agreement (the “Independent Bank Revolver”).

As of September 30, 2014, the Independent Bank Revolver is scheduled to mature on December 6, 2015, bears interest at a rate of 4.125% and is subject to an unused line fee of 0.5% per annum on the average daily unused portion of the loan commitment.

Summary Information

The chart below summarizes the approximate outstanding balance of each of our lines of credit and our note payable as of the date indicated:

Facility		September 30, 2014		December 31, 2013
UDF IV HF CTB Revolver		$	17,510,000	$	10,000,000
CTB Revolver			23,614,000		14,556,000
Prosperity Revolver			15,000,000		-
Legacy Revolver			4,679,000		-
Veritex Revolver			10,006,000		-
Affiliated Bank Revolver			5,404,000		-
UDF IV Fin VII Legacy Revolver			7,515,000		-
UDF IV Fin VI CTB Revolver			13,620,000		5,963,000
Independent Bank Revolver			10,000,000		-
Waterfall 4 Loan			35,000,000		-
Total		$	142,348,000	$	30,519,000

The following table represents the approximate interest expense incurred associated with each of our lines of credit and notes payable for the period indicated:

		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
Facility		2014		2013		2014		2013
Credit Facility		$	-	$	-	$	-	$	165,000
UDF IV HF CTB Revolver			180,000		-		406,000		147,000
CTB Revolver			179,000		-		484,000		190,000
UTB Revolver			-		52,000		-		155,000
Prosperity Revolver			157,000		11,000		233,000		153,000
Legacy Revolver			66,000		1,000		139,000		4,000
Veritex Revolver			99,000		31,000		130,000		138,000
Affiliated Bank Revolver			70,000		-		139,000		-
UDF IV Fin VII Legacy Revolver			82,000		-		87,000		-
UDF IV Fin VI CTB Revolver			96,000		-		196,000		-
Independent Bank Revolver			105,000		-		197,000		-
Waterfall 4 Loan			875,000		-		875,000		-
Total interest expense		$	1,909,000	$	95,000	$	2,886,000	$	952,000

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments Contingencies and Guarantees [Text Block]	'
	G. Commitments and Contingencies

	Litigation

	In the ordinary course of business, the Trust may become subject to litigation or claims. There are no material pending or threatened legal proceedings known to be contemplated against the Trust.

	Off-Balance Sheet Arrangements

	From time to time, we enter into guarantees of debtor’s borrowings and provide credit enhancements for the benefit of senior lenders in connection with our debtors and investments in partnerships (collectively referred to as “guarantees”), and account for such guarantees in accordance with FASB ASC 460-10 Guarantees. Guarantees generally have fixed expiration dates or other termination clauses and may require payment of a fee by the debtor. A guarantee involves, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. Our exposure to credit loss in the event of non-performance by the other party to the instrument is represented by the contractual notional amount of the guarantee.

	Related Party Guarantees

	In connection with the funding of some of our organization costs, on June 26, 2009, UMTH LD entered into a $6.3 million line of credit (as amended, the “UMTH LD CTB LOC”) with CTB. Effective February 26, 2012, UMTH LD entered into a second loan modification agreement with CTB, which resulted in an extension of the maturity date on the UMTH LD CTB LOC to December 26, 2014. UMTH LD has a receivable from our Advisor for organization costs funded by UMTH LD on behalf of the Trust. UMTH LD has assigned this receivable to the bank as security for the UMTH LD CTB LOC. In addition, the UMTH LD CTB LOC is secured by a collateral assignment of a first priority note and deed of trust held by a subsidiary of UMTH LD against a residential real estate project. As a condition to the modification entered into effective as of February 26, 2012, the Trust agreed to guaranty all obligations under the UMTH LD CTB LOC. As of September 30, 2014 and December 31, 2013, the outstanding balance on the line of credit was $4.3 million and $5.1 million, respectively.

	Effective December 30, 2011, we entered into a Guaranty of Payment and Guaranty of Completion (collectively, the “Stoneleigh Guaranty”) for the benefit of Babson Mezzanine Realty Investors II, L.P. (“Babson”) as agent for a group of lenders pursuant to which we guaranteed all amounts due associated with a $25.0 million construction loan agreement (the “Stoneleigh Construction Loan”) entered into between Maple Wolf Stoneleigh, LLC, an affiliated Delaware limited liability company (“Stoneleigh”), and Babson. Pursuant to the Stoneleigh Construction Loan, Babson agreed to provide Stoneleigh with up to approximately $25.0 million to finance the construction associated with a condominium project located in Dallas, Texas. United Development Funding Land Opportunity Fund, L.P., an affiliated Delaware limited partnership (“UDF LOF”), owns a 75% interest in Stoneleigh. Our asset manager, UMTH LD, also serves as the asset manager of UDF LOF. The general partner of our Advisor also serves as the general partner of UMTH LD. UMTH LD controls 100% of the partnership interests of the general partner of UDF LOF. The Stoneleigh Construction Loan would have matured on December 31, 2014, but was paid in full on October 1, 2014. In consideration of us entering into the Stoneleigh Guaranty, we entered into a letter agreement with Stoneleigh which provides for Stoneleigh to pay us a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance on the Stoneleigh Construction Loan at the end of each month. As of September 30, 2014 and December 31, 2013, approximately $4.0 million and $7.6 million, respectively, was outstanding under the Stoneleigh Construction Loan. For the three months ended September 30, 2014 and 2013, approximately $10,000 and $15,000, respectively, is included in commitment fee income – related parties in connection with the credit enhancement fee associated with the Stoneleigh Construction Loan. For the nine months ended September 30, 2014 and 2013, approximately $36,000 and $68,000, respectively, is included in commitment fee income – related parties in connection with the credit enhancement fee associated with the Stoneleigh Construction Loan. As of September 30, 2014 and December 31, 2013, approximately $13,000 and $15,000, respectively, is included in accrued receivable – related parties in connection with the credit enhancement fee associated with the Stoneleigh Guaranty.

	Effective July 22, 2013, we entered into a guaranty agreement (the “URHF Guaranty”) pursuant to which we guaranteed all amounts due associated with a $15.0 million revolving credit facility (the “URHF Southwest Loan”) entered into between United Residential Home Finance, L.P. (“URHF”), an affiliated Delaware limited partnership, and Southwest Bank (“Southwest”). Our Advisor also serves as the advisor for United Mortgage Trust (“UMT”), a Maryland real estate investment trust, which owns 100% of the interests in URHF. The URHF Southwest Loan matures on July 22, 2016. The URHF Southwest Loan is secured by a first priority collateral assignment and lien on certain mortgage notes and loans held by URHF. In consideration of us entering into the URHF Guaranty, we entered into a letter agreement with URHF which provides for URHF to pay us a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance on the URHF Southwest Loan at the end of each month. As of September 30, 2014 and December 31, 2013, approximately $4.9 million and $1.2 million, respectively, was outstanding under the URHF Southwest Loan. For the three and nine months ended September 30, 2013, we did not recognize any commitment fee income – related parties in connection with the credit enhancement fee associated with the URHF Southwest Loan. For the three and nine months ended September 30, 2014, approximately $12,000 and $24,000, respectively, is included in commitment fee income – related parties in connection with the credit enhancement fee associated with the URHF Southwest Loan. As of September 30, 2014, approximately $4,000 is included in accrued receivable – related parties in connection with the credit enhancement fee associated with the URHF Guaranty.

	Effective July 18, 2014, we entered into a guaranty agreement (the “Rowe Lane Guaranty”) pursuant to which we guaranteed all amounts due associated with a $6.0 million revolving credit facility (the “RL Commerce Bank Loan”) entered into between Rowe Lane 285, L.P., an affiliated Texas limited partnership (“Rowe Lane”), and Commerce National Bank (“Commerce Bank”). Rowe Lane is a wholly owned subsidiary of UDF I. The general partner of our Advisor is the general partner of UMTH LD, our asset manager, and UMTH LD also serves as the asset manager of UDF I. The RL Commerce Bank Loan is secured by a first lien deed of trust on a 71.388 acre project. The RL Commerce Bank Loan matures on July 18, 2018. In consideration of us entering into the Rowe Lane Guaranty, we entered into a letter agreement with Rowe Lane which provides for Rowe Lane to pay us a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance on the RL Commerce Bank Loan at the end of each month. As of September 30, 2014, approximately $3.2 million was outstanding under the RL Commerce Bank Loan. For both the three and nine months ended September 30, 2014, approximately $8,000 is included in commitment fee income – related parties in connection with the credit enhancement fee associated with the Rowe Lane Guaranty. As of September 30, 2014, approximately $8,000 is included in accrued receivable – related parties in connection with the credit enhancement fee associated with the Rowe Lane Guaranty.

	Effective August 29, 2014, we entered into a credit enhancement in the form of a guarantee (the “BRHG Guaranty”) pursuant to which we guaranteed all amounts due associated with a $25.0 million loan (the “BRHG Sovereign Loan”) entered into between BRHG TX-I, LLC, an affiliated Delaware limited liability company (“BRHG”), and Sovereign Bank (“Sovereign”) in connection with BRHG’s acquisition of Scott Felder Homes. BRHG is a wholly owned subsidiary of BR Homebuilding Group, L.P., a Delaware limited partnership (“BR Homebuilding”). John R. (“Bobby”) Ray, a trustee of UDF IV, Hollis Greenlaw, our Chief Executive Officer and a trustee of UDF IV, and Todd Etter, Chairman and partner of UMT Holdings, L.P. (“UMTH”), each own approximately 25% of the common equity of BR Homebuilding and direct the management of BR Homebuilding. UMTH owns all of the limited partnership interests of UMTH LD, our asset manager. The Sovereign Guarantee was approved by a majority of our independent trustees on August 26, 2014. The BRHG Sovereign Loan matures on August 29, 2015, but may be extended under certain circumstances to August 27, 2020. The BRHG Sovereign Loan is secured by a pledge of all of BR Homebuilding’s interests in BRHG. In consideration of us entering into the BRHG Guaranty, we entered into a letter agreement with BRHG which provides for BRHG to pay us a monthly credit enhancement fee equal to 1/12th of 1% of the outstanding principal balance on the BRHG Sovereign Loan at the end of each month. As of September 30, 2014, $25.0 million was outstanding under the BRHG Sovereign Loan. For both the three and nine months ended September 30, 2014, approximately $21,000 is included in commitment fee income – related parties in connection with the credit enhancement fee associated with the BRHG Guaranty. As of September 30, 2014, approximately $21,000 is included in accrued receivable – related parties in connection with the credit enhancement fee associated with the BRHG Guaranty.

	Summary

	As of September 30, 2014, including the related party guarantees described above, we had 11 outstanding repayment guarantees and letters of credit with total credit risk to us of approximately $86.8 million, of which approximately $47.0 million had been borrowed against by the debtor. As of December 31, 2013, including the related party guarantees described above, we had 9 outstanding repayment guarantees with total credit risk to us of approximately $65.7 million, of which approximately $19.9 million had been borrowed against by the debtor.

Economic_Dependency

Economic Dependency	9 Months Ended
Economic Dependency	Sep. 30, 2014
Economic Dependency [Abstract]	'
Economic Dependency Disclosure [Text Block]	'
	H. Economic Dependency

	Under various agreements, the Trust has engaged or will engage the Advisor and its affiliates to provide certain services that are essential to the Trust, including asset management services, asset acquisition and disposition decisions, the sale of the Trust’s common shares of beneficial interest available for issue, as well as other administrative responsibilities for the Trust. As a result of these relationships, the Trust is dependent upon the Advisor and its affiliates. In the event that these entities were unable to provide the Trust with the respective services, the Trust would be required to find alternative providers of these services.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	I. Related Party Transactions

	Guarantees

	From time to time, we enter into guarantees of our affiliates’ borrowings. For further discussion of related party guarantees, see Note G above.

	O&O Reimbursement

	We paid our Advisor an O&O Reimbursement equal to 3% of the gross offering proceeds raised by the Trust in the Offering (as discussed in Note B) for reimbursement of organization and offering expenses funded by our Advisor or its affiliates. The Offering terminated on May 13, 2013. For the year ended December 31, 2013, we reimbursed our Advisor approximately $8.2 million in accordance with the O&O Reimbursement.

	Management Fees

	Prior to the Listing, we incurred monthly Advisory Fees payable to our Advisor. Subsequent to the Listing, we incur monthly Base Management Fees and potentially Incentive Management Fees payable to our Advisor. The Advisory Fees, Base Management Fees and Incentive Management Fees (collectively, “Management Fees”) are discussed further in Note B above. For the three months ended September 30, 2014 and 2013, approximately $2.3 million and $2.2 million, respectively, is included in management fees – related party expense for Management Fees payable to our Advisor. For the nine months ended September 30, 2014 and 2013, approximately $7.6 million and $5.7 million, respectively, is included in management fees – related party expense for Management Fees payable to our Advisor. As of September 30, 2014 and December 31, 2013, approximately $1.0 million and $842,000, respectively, is included in accrued liabilities – related parties associated with Management Fees payable to our Advisor.

	Acquisition and Origination Fees

	Prior to the Listing, we incurred Acquisition and Origination Fees equal to 3% of the net amount available for investment in secured loans and other real estate assets (after payment of selling commissions, dealer manager fees and O&O Reimbursement) (as discussed in Note B); provided, however, that no such fees were paid with respect to any asset-level indebtedness we incurred. The fees were further reduced by the amount of any acquisition and origination expenses paid by borrowers or investment entities to our Advisor or affiliates of our Advisor with respect to our investment. These fees, including estimated fees on the entire registered amount of our Secondary DRIP Offering when it was established, were accrued and expensed as we entered into new loan commitments. Acquisition and Origination Fees were paid to UMTH LD, our asset manager, as we raised capital through our Primary Offering, Primary DRIP Offering and Secondary DRIP Offering. The general partner of our Advisor is also the general partner of UMTH LD.

	In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering and concurrently reversed approximately $3.2 million in unpaid Acquisition and Origination Fees that remained in accrued liabilities – related parties. Since we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering, the Acquisition and Origination Fees which had previously been accrued and expensed related to estimated Secondary DRIP Offering proceeds will not be paid.

	For the three months ended September 30, 2014 we do not have any general and administrative – related parties expense associated with Acquisition and Origination Fees payable to UMTH LD. For the three months ended September 30, 2013, approximately $2.7 million is included in general and administrative – related parties expense associated with Acquisition and Origination Fees payable to UMTH LD. For the nine months ended September 30, 2014 and 2013, approximately $(2.2) million and $5.9 million, respectively, is included in general and administrative – related parties expense associated with Acquisition and Origination Fees payable to UMTH LD. As of December 31, 2013, approximately $2.4 million is included in accrued liabilities – related parties associated with Acquisition and Origination Fees payable to UMTH LD. In accordance with the terms of the Advisory Agreement entered into on May 29, 2014, we do not pay Acquisition and Origination Fees to our Advisor. Therefore, as of September 30, 2014, there were no Acquisition and Origination Fees payable to UMTH LD.

	Debt Financing Fees

	Pursuant to the origination of any line of credit or other debt financing, we pay Debt Financing Fees to our Advisor, as described in Note B. These Debt Financing Fees are expensed on a straight line basis over the life of the financing arrangement.

	The following table represents the approximate amount included in general and administrative – related parties expense for the period indicated associated with Debt Financing Fees paid to our Advisor in connection with our credit facility and lines of credit:

			For the Three Months Ended								For the Nine Months Ended
			September 30,								September 30,
	Facility		2014				2013				2014			2013
	Credit Facility		$	-			$	7,000			$	-		$	13,000
	UDF IV HF CTB Revolver			56,000				17,000				93,000			35,000
	CTB Revolver			15,000				25,000				24,000			106,000
	UTB Revolver			-				3,000				-			8,000
	Prosperity Revolver			16,000				5,000				49,000			16,000
	Legacy Revolver			-				-				-			4,000
	Veritex Revolver			13,000				6,000				26,000			15,000
	Affiliated Bank Revolver			10,000				5,000				25,000			5,000
	UDF IV Fin VII Legacy Revolver			17,000				8,000				42,000			8,000
	UDF IV Fin VI CTB Revolver			38,000				21,000				100,000			21,000
	Independent Bank Revolver			19,000				-				56,000			-
	Waterfall 4 Loan			44,000				-				44,000			-
	Total		$	228,000			$	97,000			$	459,000		$	231,000

	As of both September 30, 2014 and December 31, 2013, no amount is included in accrued liabilities – related parties associated with Debt Financing Fees payable to our Advisor.

	Credit Enhancement Fees

	We and our wholly-owned subsidiaries will occasionally enter into financing arrangements that require guarantees from entities affiliated with us. These guarantees require us to pay fees (“Credit Enhancement Fees”) to our affiliated entities as consideration for their guarantees. These Credit Enhancement Fees are either expensed as incurred or recorded as a prepaid asset and amortized, based on the terms of the guarantee agreements.

	The following table represents the approximate amount included in general and administrative – related parties expense for the periods indicated associated with Credit Enhancement Fees paid to UDF III for its guarantees of our lines of credit, as discussed in Note F. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. UDF III has received an opinion from Jackson Claborn, Inc., an independent appraiser, that these credit enhancements are fair and at least as reasonable as credit enhancements with unaffiliated entities in similar circumstances.


			For the Three Months Ended								For the Nine Months Ended
			September 30,								September 30,
	Facility		2014				2013				2014			2013
	UDF IV HF CTB Revolver		$	42,000			$	16,000			$	97,000		$	48,000
	CTB Revolver			47,000				-				119,000			33,000
	Prosperity Revolver			34,000				-				53,000			28,000
	UDF IV Fin VI CTB Revolver			26,000				-				48,000			-
	Total		$	149,000			$	16,000			$	317,000		$	109,000

As of September 30, 2014 and December 31, 2013, approximately $111,000 and $17,000, respectively, is included in accrued liabilities – related parties associated with Credit Enhancement Fees payable to our Advisor or its affiliates.

Advisor Expense Reimbursement

For the three and nine months ended September 30, 2014, approximately $6,000 and $8,000, respectively, is included in general and administrative – related parties expense in connection with the Advisor Expense Reimbursement discussed further in Note B above, $4,000 of which is included in accrued liabilities – related parties as of September 30, 2014.

Summary of Payments to Related Parties

The table below summarizes the approximate payments to related parties for the nine months ended September 30, 2014 and the year ended December 31, 2013:

Payee		Purpose		For the Nine Months								For the Year Ended
				Ended								31-Dec-13
				30-Sep-14
UMTH GS
		O&O Reimbursement		$	-				-			$	8,167,000			33	%
		Management Fees			7,422,000				88	%			7,819,000			32	%
		Debt Financing Fees			601,000				7	%			361,000			1	%
		Advisor Expense Reimbursement			4,000				*				-			-

UMTH LD
		Acquisition and Origination Fees			259,000				3	%			7,953,000			33	%

UDF III
		Credit Enhancement Fees			193,000				2	%			132,000			1	%

Total Payments				$	8,479,000				100	%		$	24,432,000			100	%

* Less than 1%

The table below summarizes the approximate expenses associated with related parties for the three months ended September 30, 2014 and 2013:


		For the Three Months Ended September 30,
Purpose		2014								2013

Management Fees		$	2,325,000				100	%		$	2,177,000			100	%

Total Management Fees – related party		$	2,325,000				100	%		$	2,177,000			100	%

Amortization of Debt Financing Fees		$	227,000				60	%		$	97,000			3	%

Acquisition and Origination Fees			-				-				2,707,000			96	%

Credit Enhancement Fees			149,000				39	%			16,000			1	%

Advisor Expense Reimbursement			6,000				1	%			-			-

Total General and administrative – related parties		$	382,000				100	%		$	2,820,000			100	%

The table below summarizes the approximate expenses associated with related parties for the nine months ended September 30, 2014 and 2013:

		For the Nine Months Ended September 30,
Purpose		2014								2013

Management Fees		$	7,629,000				100	%		$	5,654,000			100	%

Total Management fees – related party		$	7,629,000				100	%		$	5,654,000			100	%

Amortization of Debt Financing Fees		$	459,000				(33	)%		$	231,000			4	%

Acquisition and Origination Fees (1)			(2,160,000	)			157	%			5,933,000			95	%

Credit Enhancement Fees			317,000				(23	)%			109,000			1	%

Advisor Expense Reimbursement			8,000				(1	)%			-			-

Total General and administrative – related parties		$	(1,376,000	)			100	%		$	6,273,000			100	%

(1) Includes approximately $3.2 million in Acquisition and Origination Fees that were reversed in June 2014 associated with estimated Secondary DRIP Offering proceeds. In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering.

Loan Participation Interest – Related Parties

A majority of our trustees (including a majority of our independent trustees) who are not otherwise interested in the transactions listed below have approved the following loan participation interest – related parties agreements as being fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties.

Buffington Participation Agreement

On December 18, 2009, we entered into a participation agreement (the “Buffington Participation Agreement”) with UMT Home Finance, LP (“UMTHF”), an affiliated Delaware limited partnership, pursuant to which we purchased a participation interest in UMTHF’s construction loan to Buffington Texas Classic Homes, LLC (“Buffington Classic”), an affiliated Texas limited liability company. Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in UMTHF. UMTH LD has a minority limited partnership interest in Buffington Homebuilding Group, Ltd., which is the parent of Buffington Classic. The Buffington Participation Agreement matured and was not renewed on October 28, 2014, at which point there was no outstanding balance.

Buffington Classic Participation Agreement

On March 24, 2010, we entered into a participation agreement (the “Buffington Classic Participation Agreement”) with UDF III pursuant to which we purchased a 100% participation interest in UDF III’s lot inventory line of credit loan facility with Buffington Classic (the “Buffington Classic Line”). The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III, and UMTH LD has a minority limited partnership interest in Buffington Homebuilding Group, Ltd., which is the parent of Buffington Classic. We received payment in full for the Buffington Classic Participation Agreement on August 8, 2014.

TR Finished Lot Participation

On June 30, 2010, we purchased a participation interest (the “TR Finished Lot Participation”) in a finished lot loan (the “Travis Ranch II Finished Lot Loan”) made by UDF III to CTMGT Travis Ranch II, LLC, an unaffiliated Texas limited liability company. Our asset manager, UMTH LD, is also the general partner of UDF III. The TR Finished Lot Participation is due and payable in full on January 28, 2015.


TR Paper Lot Participation

On June 30, 2010, we purchased a participation interest (the “TR Paper Lot Participation”) in a paper lot loan (the “Travis Ranch Paper Lot Loan”) from UDF III to CTMGT Travis Ranch, LLC, an unaffiliated Texas limited liability company. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. The TR Paper Lot Participation is due and payable in full on January 28, 2015.

Carrollton Participation Agreement

On June 10, 2011, we entered into a participation agreement (the “Carrollton Participation Agreement”) with UMT Home Finance III, LP (“UMTHFIII”), an affiliated Delaware limited partnership, pursuant to which we purchased a participation interest in UMTHFIII’s finished lot loan (the “Carrollton Lot Loan”) to Carrollton TH, LP (“Carrollton TH”), an unaffiliated Texas limited partnership. Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in UMTHFIII. We received payment in full for the Carrollton Participation Agreement on May 31, 2013.

165 Howe Participation Agreement

On October 4, 2011, we entered into a participation agreement (the “165 Howe Participation Agreement”) with UMT Home Finance III, LP (“UMTHFIII”), an affiliated Delaware limited partnership, pursuant to which we purchased a participation interest in UMTHFIII’s finished lot loan (the “165 Howe Lot Loan”) to 165 Howe, L.P., an unaffiliated Texas limited partnership, and Allen Partners, L.P., an unaffiliated Texas limited partnership (collectively, “165 Howe”). Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in UMTHFIII. We received payment in full for the 165 Howe Participation Agreement on November 6, 2013.

Pine Trace Participation Agreement

On May 31, 2012, we entered into a participation agreement (the “Pine Trace Participation Agreement”) with UMTHFIII pursuant to which we purchased a participation interest in UMTHFIII’s loan (the “Pine Trace Loan”) to Pine Trace Village, LLC an unaffiliated Texas limited liability company (“Pine Trace”). Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in UMTHFIII. The Pine Trace Participation Agreement is due and payable in full on March 29, 2015.

Northpointe Participation Agreement

On June 11, 2012, we entered into a participation agreement (the “Northpointe Participation Agreement”) with UDF III pursuant to which we purchased a participation interest in UDF III’s loan (the “Northpointe Loan”) to UDF Northpointe, LLC, an unaffiliated Texas limited liability company (“Northpointe”). The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. The Northpointe Participation Agreement is due and payable in full on June 4, 2015.

Northpointe II Participation Agreement

On May 2, 2013, we entered into a participation agreement (the “Northpointe II Participation Agreement”) with UDF III pursuant to which we purchased a participation interest in UDF III’s loan (the “Northpointe II Loan”) to UDF Northpointe II, LLC (“Northpointe II”). The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. The Northpointe II Participation Agreement is due and payable in full on December 28, 2014.

UMTHF Megatel Participation

On October 3, 2013, we entered into a participation agreement (the “UMTHF Megatel Participation”) with UMTHF pursuant to which we purchased a participation interest in UMTHF’s construction loan (the “UMTHF Megatel Loan”) to Megatel Homes II, LLC (“Megatel”). Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in UMTHF. The UMTHF Megatel Participation is due and payable in full on December 23, 2014.

URHF Buckingham Participation

On December 16, 2013, we entered into a participation agreement (the “URHF Buckingham Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $4.9 million loan (the “URHF Buckingham Loan”) to CTMGT Buckingham, LLC (“Buckingham”), a Texas limited liability company. Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in URHF. The URHF Buckingham Participation is due and payable in full on June 28, 2016.

URHF Bratton Hill Participation

On December 16, 2013, we entered into a participation agreement (the “URHF Bratton Hill Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $3.0 million loan (the “URHF Bratton Hill Loan”) to BLD Bratton Hill, LLC (“Bratton Hill”), a Texas limited liability company. Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in URHF. The URHF Bratton Hill Participation is due and payable in full on July 31, 2016.

URHF Glenmore Participation

On May 6, 2014, we entered into a participation agreement (the “URHF Glenmore Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $4.2 million loan (the “URHF Glenmore Loan”) to CADG Glenmore, LLC (“Glenmore”), a Texas limited liability company. Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in URHF. The URHF Glenmore Loan provides financing to Glenmore to acquire and develop 61 paper lots located in Texas. The URHF Glenmore Loan is evidenced by a secured promissory note and secured by a first lien deed of trust on the lots and is guaranteed by principals of the borrower.

The URHF Glenmore Participation gives us the right to receive payment from URHF of principal and accrued interest relating to amounts funded by us under the URHF Glenmore Participation. The interest rate under the URHF Glenmore Loan is the lower of 13% or the highest rate allowed by law. Our interest will be repaid as Glenmore repays the URHF Glenmore Loan. Glenmore is required to make loan payments upon the sale of lots covered by the deed of trust. The URHF Glenmore Loan and our participation in this loan are due and payable in full on January 10, 2015.

URHF Gateway Participation

On May 6, 2014, we entered into a participation agreement (the “URHF Gateway Participation”) with URHF pursuant to which we purchased a participation interest in URHF’s $7.6 million loan (the “URHF Gateway Loan”) to CADG Gateway, LLC (“Gateway”), a Texas limited liability company. Our Advisor also serves as the advisor for UMT, which owns 100% of the interests in URHF. The URHF Gateway Loan provides financing to Gateway to acquire and develop 39 paper lots located in Texas. The URHF Gateway Loan is evidenced by a secured promissory note and secured by a first lien deed of trust on the lots and is guaranteed by principals of the borrower.

The URHF Gateway Participation gives us the right to receive payment from URHF of principal and accrued interest relating to amounts funded by us under the URHF Gateway Participation. The interest rate under the URHF Gateway Loan is the lower of 13% or the highest rate allowed by law. Our interest will be repaid as Gateway repays the URHF Gateway Loan. Gateway is required to make loan payments upon the sale of lots covered by the deed of trust. The URHF Gateway Loan and our participation in this loan are due and payable in full on January 15, 2017.

Summary Information

The table below summarizes the approximate outstanding balance of each of our loans included in loan participation interest – related parties as of the date indicated:

Loan Name		September 30, 2014			December 31, 2013
Buffington Participation Agreement		$	-		$	2,826,000
Buffington Classic Participation Agreement			-			279,000
TR Finished Lot Participation			671,000			3,346,000
TR Paper Lot Participation			14,821,000			12,617,000
Pine Trace Participation Agreement			3,864,000			6,646,000
Northpointe Participation Agreement			1,145,000			1,585,000
Northpointe II Participation Agreement			7,039,000			3,000,000
UMTHF Megatel Participation			4,515,000			-
URHF Buckingham Participation			105,000			1,425,000
URHF Bratton Hill Participation			-			1,186,000
URHF Glenmore Participation			3,839,000			-
URHF Gateway Participation			4,201,000			-
Total		$	40,200,000		$	32,910,000

The table below summarizes the approximate accrued interest included in accrued receivable – related parties associated with each of our loans included in loan participation interest – related parties as of the date indicated:

Loan Name		September 30, 2014			December 31, 2013
Buffington Participation Agreement		$	-		$	47,000
Buffington Classic Participation Agreement			-			16,000
TR Finished Lot Participation			-			66,000
TR Paper Lot Participation			42,000			197,000
Pine Trace Participation Agreement			76,000			562,000
Northpointe Participation Agreement			47,000			-
Northpointe II Participation Agreement			31,000			-
UMTHF Megatel Participation			34,000			-
URHF Buckingham Participation			1,000			91,000
URHF Bratton Hill Participation			-			64,000
URHF Glenmore Participation			128,000			-
URHF Gateway Participation			51,000			-
Total		$	410,000		$	1,043,000

The following table summarizes the approximate income included in interest income – related parties associated with each of our loans included in loan participation interest – related parties for the periods indicated:

		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
Loan Name		2014			2013			2014			2013
Buffington Participation Agreement		$	-		$	33,000		$	122,000		$	341,000
Buffington Classic Participation Agreement			1,000			12,000			20,000			45,000
TR Finished Lot Participation			41,000			136,000			225,000			403,000
TR Paper Lot Participation			502,000			418,000			1,451,000			1,218,000
Carrollton Participation Agreement			-			-			-			28,000
165 Howe Participation Agreement			-			12,000			-			80,000
Pine Trace Participation Agreement			165,000			177,000			607,000			520,000
Northpointe Participation Agreement			35,000			49,000			124,000			93,000
Northpointe II Participation Agreement			198,000			107,000			414,000			151,000
UMTHF Megatel Participation			188,000			-			408,000			-
URHF Buckingham Participation			2,000			-			55,000			-
URHF Bratton Hill Participation			-			-			40,000			-
URHF Glenmore Participation			126,000			-			203,000			-
URHF Gateway Participation			136,000			-			221,000			-
Total		$	1,394,000		$	944,000		$	3,890,000		$	2,879,000

Notes Receivable – Related Parties

A majority of our trustees (including a majority of our independent trustees) who are not otherwise interested in these transactions have approved the following notes receivable – related parties agreements as being fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties.

HLL Indian Springs Loan

On January 18, 2010, we made a finished lot loan (the “HLL Indian Springs Loan”) of approximately $1.8 million to HLL Land Acquisitions of Texas, L.P., an affiliated Texas limited partnership (“HLL”). HLL is a wholly owned subsidiary of United Development Funding, L.P. (“UDF I”), an affiliated Delaware limited partnership. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The HLL Indian Springs Loan was paid in full in May 2013.

Buffington Classic CL

On April 30, 2010, we entered into a construction loan agreement with Buffington Classic (the “Buffington Classic CL”) through which we agreed to provide an interim construction loan facility to Buffington Classic. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD owns an investment in Buffington Homebuilding Group, Ltd., which is the parent of Buffington Classic. Our obligation to originate loans to Buffington Classic under the Buffington Classic CL terminated and was not renewed on October 28, 2014, at which point there was no outstanding balance.

HLL II Highland Farms Loan

Effective December 22, 2010, we made a finished lot loan (the “HLL II Highland Farms Loan”) of approximately $1.9 million to HLL II Land Acquisitions of Texas, L.P., an affiliated Texas limited partnership (“HLL II”). HLL II is a wholly owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The HLL II Highland Farms Loan is due and payable in full on March 22, 2015.

In connection with the HLL II Highland Farms Loan, HLL II agreed to pay us an origination fee of approximately $19,000, which was funded at the closing of the loan. Revenue associated with this origination fee is included in commitment fee income – related parties and is recognized over the life of the loan.

HLL Hidden Meadows Loan

Effective February 17, 2011, we entered into a Loan Agreement providing for a $9.9 million loan (the “HLL Hidden Meadows Loan”) to be made to HLL. HLL is a wholly owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The HLL Hidden Meadows Loan is due and payable in full on January 21, 2015.

In connection with the HLL Hidden Meadows Loan, HLL agreed to pay a $99,000 origination fee to us, which was funded at the closing of the HLL Hidden Meadows Loan. Revenue associated with this origination fee is included in commitment fee income – related parties and is recognized over the life of the loan.

Ash Creek Loan

Effective April 20, 2011, we entered into a $3.0 million loan agreement (the “Ash Creek Loan”) with UDF Ash Creek, LP (“UDF Ash Creek”), an affiliated Delaware limited partnership. UDF Ash Creek is a wholly owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The Ash Creek Loan is due and payable in full on October 20, 2015.

UDF TX Two Loan

On September 20, 2012, we entered into a loan purchase agreement with a third party to acquire a loan obligation (the “UDF TX Two Loan”) owing from UDF TX Two, L.P., an affiliated Texas limited partnership (“UDF TX Two”), for approximately $2.9 million. UDF I has a 50% partnership interest in UDF TX Two. Our asset manager, UMTH LD, also serves as the asset manager of UDF I. The general partner of our Advisor is also the general partner of UMTH LD. The UDF TX Two Loan was due and payable in full on September 20, 2014. The UDF TX Two Loan was paid in full on October 9, 2014.

UDF PM Loan

Effective October 17, 2012, we entered into a $5.1 million loan agreement (the “UDF PM Loan”) with UDF PM, LLC (“UDF PM”), an affiliated Texas limited liability company. UDF PM is a wholly owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The UDF PM Loan is due and payable in full on October 17, 2015.

HLL IS Loan

Effective November 29, 2012, we entered into a $6.4 million loan agreement (the “HLL IS Loan”) with HLL. HLL is a wholly owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The HLL IS Loan is due and payable in full on November 29, 2015.

In connection with the HLL IS Loan, HLL agreed to pay a $64,000 origination fee to us, which was funded at the closing of the HLL IS Loan. Revenue associated with this origination fee is included in commitment fee income – related parties and is recognized over the life of the loan.

One KR Loan

Effective December 14, 2012, we entered into a $15.3 million loan agreement (the “One KR Loan”) with One KR Venture, L.P., an affiliated Texas limited partnership (“One KR”). One KR is a wholly owned subsidiary of UDF I. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD also serves as the asset manager of UDF I. The One KR Loan is due and payable in full on June 14, 2016.


In connection with the One KR Loan, One KR agreed to pay a $153,000 origination fee to us, which was funded at the closing of the One KR Loan. Revenue associated with this origination fee is included in commitment fee income – related parties and is recognized over the life of the loan.

Rowe Lane Loan

Effective February 18, 2014, we entered into a $7.5 million loan agreement (the “Rowe Lane Loan”) with Rowe Lane. Rowe Lane is a wholly owned subsidiary of UDF I. The general partner of our Advisor is the general partner of UMTH LD, our asset manager, and UMTH LD also serves as the asset manager of UDF I. The Rowe Lane Loan provides Rowe Lane with funding to acquire and develop 71.388 acres of land into approximately 285 single-family lots. The Rowe Lane Loan was initially evidenced and secured by a first lien deed of trust recorded against approximately 28 acres, as well as a second lien deed of trust recorded against approximately 43 acres, and other loan documents. The interest rate under the Rowe Lane Loan is the lower of 13% per annum, or the highest rate allowed by law. The Rowe Lane Loan matures and becomes due and payable in full on February 18, 2018. The Rowe Lane Loan provides Rowe Lane with an interest reserve of approximately $2.5 million, pursuant to which we will fund Rowe Lane’s monthly interest payments and add the payments to the outstanding principal balance of the Rowe Lane Loan.

In connection with the Rowe Lane Loan, Rowe Lane agreed to pay an origination fee of approximately $75,000 to us, which was funded at the closing of the Rowe Lane Loan. Revenue associated with this origination fee is included in commitment fee income – related parties and is recognized over the life of the loan.

BRHG Loan

On August 29, 2014, we entered into an $11.5 million loan (the “BRHG Loan”) with BRHG. BRHG is a wholly owned subsidiary of BR Homebuilding. John R. (“Bobby”) Ray, a trustee of UDF IV, Hollis Greenlaw, our Chief Executive Officer and a trustee of UDF IV, and Todd Etter, Chairman and partner of UMTH, each own approximately 25% of the common equity of BR Homebuilding and direct the management of BR Homebuilding. UMTH owns all of the limited partnership interests of UMTH LD, our asset manager. The BRHG Loan was approved by a majority of our independent trustees on August 26, 2014. The BRHG Loan provides BRHG with a portion of the acquisition financing required to support its acquisition of Scott Felder Homes, a homebuilder with operations in Austin and San Antonio, Texas. The BRHG Loan bears interest at 13% and is unsecured. As partial consideration for making the BRHG Loan, BR Homebuilding has delivered to us a warrant to purchase up to 25 Series A-1 Tracking Units in BR Homebuilding for $11.5 million (the “Warrant”). UDF IV has contributed the Warrant to a taxable REIT subsidiary that is wholly-owned by UDF IV. As principal is repaid on the BRHG Loan, the equity interest that can be acquired under the Warrant will be proportionately reduced. The BRHG Loan matures and becomes due and payable in full on August 29, 2021.

Summary Information

The table below summarizes the approximate outstanding balance of each of our loans included in notes receivable – related parties as of the date indicated:

Loan Name		September 30, 2014			December 31, 2013
Buffington Classic CL		$	-		$	-
HLL II Highland Farms Loan			1,596,000			1,572,000
HLL Hidden Meadows Loan			11,193,000			10,643,000
Ash Creek Loan			1,530,000			1,756,000
UDF TX Two Loan			564,000			502,000
UDF PM Loan			4,369,000			3,822,000
HLL IS Loan			2,401,000			2,522,000
One KR Loan			9,071,000			10,201,000
Rowe Lane Loan			4,965,000			-
BRHG Loan			11,500,000			-
Total		$	47,189,000		$	31,018,000

The table below summarizes the approximate accrued interest included in accrued receivable – related parties associated with each of our loans included in notes receivable – related parties as of the date indicated:

Loan Name		September 30, 2014			December 31, 2013
Buffington Classic CL		$	-		$	-
HLL II Highland Farms Loan			110,000			-
HLL Hidden Meadows Loan			271,000			1,028,000
Ash Creek Loan			57,000			22,000
UDF TX Two Loan			2,000			16,000
UDF PM Loan			484,000			83,000
HLL IS Loan			2,000			12,000
One KR Loan			151,000			-
Rowe Lane Loan			81,000			-
BRHG Loan			119,000			-
Total		$	1,277,000		$	1,161,000

The following table summarizes the approximate income included in interest income – related parties associated with each of our loans included in notes receivable – related parties for the period indicated:

		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
Loan Name		2014			2013			2014			2013
HLL Indian Springs Loan		$	-		$	-		$	-		$	8,000
Buffington Classic CL			-			-			-			5,000
HLL II Highland Farms Loan			51,000			46,000			148,000			136,000
HLL Hidden Meadows Loan			368,000			330,000			1,079,000			956,000
Ash Creek Loan			50,000			68,000			158,000			223,000
UDF TX Two Loan			16,000			18,000			49,000			189,000
UDF PM Loan			142,000			105,000			404,000			205,000
HLL IS Loan			88,000			130,000			252,000			350,000
One KR Loan			296,000			258,000			903,000			703,000
Rowe Lane Loan			148,000			-			289,000			-
BRHG Loan			119,000			-			119,000			-
Total		$	1,278,000		$	955,000		$	3,401,000		$	2,775,000

Commitment Fee Income

We and our wholly-owned subsidiaries will occasionally enter into loan agreements with affiliated entities that require origination fees to be funded to us at the closing of the loan. These origination fees are recognized as revenue over the life of the resulting loan and this revenue is included in commitment fee income – related parties.

The following table represents the approximate origination fees included in commitment fee income – related parties associated with each loan for the periods indicated:

		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
Loan Name		2014			2013			2014			2013
HLL II Highland Farms Loan		$	-		$	-		$	-		$	2,000
HLL Hidden Meadows Loan			6,000			6,000			19,000			19,000
HLL IS Loan			5,000			5,000			16,000			16,000
One KR Loan			13,000			13,000			38,000			38,000
Rowe Lane Loan			5,000			-			12,000			-
Total		$	29,000		$	24,000		$	85,000		$	75,000

Concentration_of_Credit_Risk

Concentration of Credit Risk	9 Months Ended
Concentration of Credit Risk	Sep. 30, 2014
Risks and Uncertainties [Abstract]	'
Concentration Risk Disclosure [Text Block]	'
	J. Concentration of Credit Risk

	Financial instruments that potentially expose us to concentrations of credit risk are primarily cash and cash equivalents, accrued interest receivable, loan participation interest – related parties, notes receivable and notes receivable – related parties. We maintain deposits in financial institutions that may at times exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). We have not experienced any losses related to amounts in excess of FDIC limits.

	As of September 30, 2014, over 98% of our real property loans and investments are secured by properties located in Texas and approximately 1% of our real property loans and investments are secured by properties located in Florida. In addition, we have one real property loan secured by property in South Carolina which represents less than 1% of our real property loans and investments.

	We may invest in multiple secured loans that share a common borrower. The bankruptcy, insolvency or other inability of any borrower that is the subject of multiple loans to pay interest or repay principal on its loans would have adverse consequences on our income and reduce the amount of funds available for distribution to investors. The more concentrated our portfolio is with one or a few borrowers, the greater credit risk we face. The loss of any one of these borrowers would have a material adverse effect on our financial condition and results of operations.

	We did not have any individual loans to borrowers that accounted for over 10% of the outstanding balance of our portfolio as of September 30, 2014. Our largest individual borrower and its affiliates comprised approximately 63% of the outstanding balance of our portfolio.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	K. Subsequent Events

	On October 2, 2014, our board of trustees authorized monthly distributions of $0.1367 per share for the fourth quarter of 2014 payable on October 27, November 25 and December 26, 2014 to shareholders of record at the close of business on October 17, November 14 and December 16, 2014, respectively.

	On October 14, 2014, we entered into a loan agreement (the “Waterfall 3 Loan”) with Waterfall Finance 3, LLC (“Waterfall 3”) for a $15 million term loan. The loan bears interest at a rate of LIBOR plus 9.00%, with a LIBOR floor of 1%. All accrued and unpaid interest is payable on the fifth day of each calendar month during the term of the loan. Principal is due at maturity. The Waterfall 3 Loan matures on October 14, 2015. However, if the Trust is in compliance with all financial covenants, it may choose to extend the Waterfall 3 Loan to March 31, 2016, with monthly principal payments payable by the Trust during the extension period. The Waterfall 3 Loan is secured by a first priority lien on the mortgage loans and other assets of the Trust.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation

	The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, with the instructions to Form 10-Q and with Regulation S-X. They do not include all information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, there has been no material change to the information disclosed in our 2013 Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on April 15, 2014 (the “2013 10-K”). The accompanying interim consolidated financial statements should be read in conjunction with the consolidated financial statements filed in our 2013 10-K. In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting solely of normal recurring adjustments, considered necessary to present fairly our financial position, results of operations and cash flows as of and for the interim period. Operating results for the three and nine months ended September 30, 2014 and cash flows for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

Consolidation, Policy [Policy Text Block]	'
	Principles of Consolidation

	The consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Loan Participation Interest Related Parties [Policy Text Block]	'
	Loan Participation Interest – Related Parties

	As of September 30, 2014, the notes have terms ranging from 3 to 84 months and bear interest at rates ranging from 11% to 15%.

	Notes Receivable and Notes Receivable – Related Parties

	Notes receivable and notes receivable – related parties are recorded at the lower of cost or net realizable value. Although we may enter into unsecured loans, the notes are typically collateralized by one or more of the following: first or second lien deeds of trust, a pledge of ownership interests in the borrower, assignments of lot sale contracts, or reimbursements of development costs due to the borrower under contracts with districts and cities. None of such notes are insured or guaranteed by a federally owned or guaranteed mortgage agency. The notes may be paid off prior to maturity; however, we intend to hold all notes for the life of the notes. As of September 30, 2014, the participations have terms ranging from 3 to 32 months and bear interest at rates ranging from 12%to 15%.

Notes Receivable [Policy Text Block]	'
	Notes Receivable and Notes Receivable – Related Parties

	As of September 30, 2014, the notes have terms ranging from 3 to 84 months and bear interest at rates ranging from 11% to 15%.

Real Estate Held for Development and Sale, Policy [Policy Text Block]	'
	Lot Inventory

	Lot inventory is stated at cost, which includes costs associated with the acquisition of the real estate, unless it is determined that the value has been impaired, in which case the lot inventory would be reduced to fair value less estimated costs to sell the lots.

	Lot inventory consists of finished single-family residential lots purchased by UDF IV LBI, UDF IV LBII, UDF IV LBIII, UDF IV LBIV and UDF IV LBV (collectively, the “UDF IV LB Entities”) from third-party builders. The UDF IV LB Entities have entered into lot option agreements with each builder whereby the builder will reacquire the lots in accordance with a takedown schedule for a pre-determined lot price (the “base lot price”) identified in the lot option agreement. In consideration for the right to repurchase the lots from the UDF IV LB Entities, each builder provided the UDF IV LB Entities a non-refundable earnest money deposit, a portion of which will be applied to the purchase price of each lot as it is repurchased. In addition, the builders have agreed to pay the UDF IV LB Entities a monthly option fee equal to one twelfth of 13% of the base lot price of the lots the builder has not yet reacquired from the UDF IV LB Entities. If the builder does not perform in accordance with the terms of the lot option agreement, the builder will forfeit the remaining earnest money deposit and the lots can be sold to another builder. As of September 30, 2014, the lot option agreements have terms ranging from 18 to 30 months.

Revenue Recognition, Policy [Policy Text Block]	'
	Interest Income and Non-Interest Income Recognition

	As of September 30, 2014 and December 31, 2013, we were accruing interest on all loan participation interest – related parties, notes receivable and notes receivable – related parties.

	Commitment fee income and commitment fee income – related parties include non-refundable fees charged to borrowers for entering into an obligation that commits us to make or acquire a loan or to satisfy a financial obligation of the borrower when certain conditions are met within a specified time period. As of September 30, 2014 and December 31, 2013, approximately $1.9 million and $2.5 million, respectively, of unamortized commitment fees are included as an offset of notes receivable. Approximately $153,000 and $164,000 of unamortized commitment fees are included as an offset of notes receivable – related parties as of September 30, 2014 and December 31, 2013, respectively.

Organization And Offering Expenses Policy [Policy Text Block]	'
	Organizational and Offering Compensation

	Various parties received compensation as a result of our initial public offering from December 2009 through May 2013, including the Advisor, affiliates of the Advisor, the dealer manager and soliciting dealers. The Advisor or an affiliate of the Advisor funded organization and offering costs on the Trust’s behalf and our Advisor has been paid by the Trust for such costs in an amount equal to 3% of the gross offering proceeds raised by the Trust (the “O&O Reimbursement”) less any offering costs paid by the Trust directly (except that no organization and offering expenses were reimbursed with respect to sales under our distribution reinvestment plan). Payments to the dealer manager included selling commissions (6.5% of gross offering proceeds, except that no commissions were paid with respect to sales under our distribution reinvestment plan) and dealer manager fees (up to 3.5% of gross offering proceeds, except that no dealer manager fees were paid with respect to sales under our distribution reinvestment plan). All Offering costs are reflected as a reduction of additional paid-in-capital in the consolidated statement of changes in shareholders’ equity.

Management and Investment Advisory Fees, Policy [Policy Text Block]	'
	Advisor Fees

	Pre-Listing Advisory Agreement

	In connection with the advisory agreement dated November 12, 2009, between the Trust and its Advisor, as amended by the first amendment dated June 2, 2010 (the “Pre-Listing Advisory Agreement”), the Trust was required to pay certain fees to its Advisor or an affiliate of its Advisor, as described below.

		·	An amount equal to 3% of the net amount available for investment in secured loans and other real estate assets (after payment of selling commissions, dealer manager fees and O&O Reimbursement) (“Acquisition and Origination Fees”); provided, however, that we did not incur Acquisition and Origination Fees with respect to any asset-level indebtedness we incurred. Acquisition and Origination Fees were payable to UMTH LD, our asset manager. Acquisition and Origination Fees were expensed as incurred as we entered into new loan commitments and were paid to UMTH LD as we raised capital through our initial public offering and our distribution reinvestment plan, both of which are discussed further in Note C below. Acquisition and Origination Fees incurred are included in general and administrative – related parties expense on the accompanying consolidated statements of operations. Acquisition and Origination Fees payable to UMTH LD are included in accrued liabilities – related parties on the accompanying consolidated balance sheets.

		·	An amount equal to 2% per annum of the average of invested assets, including secured loan assets (“Advisory Fees”); provided, however, that no Advisory Fees were paid with respect to any asset-level indebtedness the Trust incurred. Advisory Fees were payable monthly to our Advisor in an amount equal to one-twelfth of 2% of the Trust’s average invested assets, including secured loan assets, as of the last day of the immediately preceding month. Advisory Fees associated with the Pre-Listing Advisory Agreement were expensed as incurred and are included in management fees – related party expense on the accompanying consolidated statements of operations.

		·	An amount equal to 1% of the amount made available to the Trust pursuant to the origination of any line of credit or other debt financing, provided that the Advisor provided a substantial amount of services as determined by the Trust’s independent trustees and, on each anniversary date of the origination of any such line of credit or other debt financing, an additional fee of 0.25% of the primary loan amount (collectively, “Debt Financing Fees”) was paid if such line of credit or other debt financing continued to be outstanding on such date, or a prorated portion of such additional fee was paid for the portion of such year that the financing was outstanding. Debt Financing Fees associated with the Pre-Listing Advisory Agreement were amortized into expense over the life of the related line of credit. Such expense is included in general and administrative – related parties expense on the accompanying consolidated statements of operations.

	In addition to the fees described above, the Pre-Listing Advisory Agreement would have required the Trust to pay the following fees and expenses to its Advisor under certain circumstances, although due to the entry of a new advisory agreement, as described below, the Trust did not incur any costs or make any payments to its Advisor in connection with these fees during the term of the Pre-Listing Advisory Agreement:

		·	The Trust would have been required to reimburse expenses incurred by the Advisor in connection with its provision of services to the Trust, including the Trust’s allocable share of the Advisor’s overhead, such as rent, personnel costs, utilities and IT costs, although the Trust was not required to reimburse the Advisor for personnel costs in connection with services for which the Advisor or its affiliates received other fees.

		·	Upon termination of the Pre-Listing Advisory Agreement, the Trust would have been required to make an annual payment equal to 15% of the amount by which the Trust’s net income for the immediately preceding year exceeded a 10% annual cumulative, non-compounded return on aggregate capital contributions, as adjusted to reflect prior cash distributions to shareholders which constituted a return of capital.

		·	Upon successful sales by the Trust of securitized loan pool interests, the Trust would have been required to pay an amount equal to 2% of the net proceeds realized by the Trust, provided the Advisor or an affiliate of the Advisor provided a substantial amount of services as determined by the Trust’s independent trustees.

		·	For substantial assistance in connection with the sale of properties, the Trust would have been required to pay an amount equal to the lesser of one-half of the reasonable and customary real estate or brokerage commission or 2% of the contract sales price of each property sold; provided, however, in no event would the disposition fees paid to the Advisor, its affiliates and unaffiliated third parties exceed 6% of the contracted sales price.

		·	Upon listing the Trust’s common shares of beneficial interest on a national securities exchange, the Advisor would have been entitled to a fee equal to 15% of the amount, if any, by which (1) the market value of the Trust’s outstanding shares plus distributions paid by the Trust prior to listing, exceeded (2) the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate a 10% annual cumulative, non-compounded return to investors.

	Advisory Agreement

	On May 29, 2014, the Trust and the Advisor entered into a new advisory agreement, effective upon the completion of the Listing (the “Advisory Agreement”). The Pre-Listing Advisory Agreement automatically terminated upon completion of the Listing.

	The Advisory Agreement changed the compensation arrangement with the Advisor. Pursuant to the Advisory Agreement, the Trust is required to pay the following fees to its Advisor or an affiliate of its Advisor:

		·	An amount equal to one-twelfth of 1.5% of the equity of the Trust (the “Base Management Fee”). The Base Management Fee is payable monthly in arrears and is expensed as incurred. The expense associated with the Base Management Fee is included in management fees – related party expense on the accompanying consolidated statements of operations.

		·	An amount equal to 20% of the amount by which the Trust’s core earnings (as defined in the Advisory Agreement) for the preceding 12 months exceeds the product of 8% and the weighted average shares outstanding for the preceding 12 months multiplied by the weighted average share price for the preceding 12 months (as defined in the Advisory Agreement) (the “Incentive Management Fee”), provided that no Incentive Management Fee is payable with respect to any quarter unless the amount of the Trust’s core earnings for the 12 preceding quarters is greater than zero. Prior to the completion of a 12 month period during the term of the Advisory Agreement, core earnings will be calculated on the basis of the number of days the Advisory Agreement has been in effect on an annualized basis. The Incentive Management Fee is payable in arrears in quarterly installments. The expense associated with the Incentive Management Fee is included in management fees – related party expense on the accompanying consolidated statements of operations.

		·	Debt Financing Fees equal to 0.5% of the amount made available to the Trust pursuant to the origination of any line of credit or other debt financing, provided that the Advisor provided a substantial amount of services as determined by a majority of the Trust’s independent trustees. This amount was reduced from 1.0%, per the terms of the Pre-Listing Advisory Agreement. On each anniversary date of the origination of any such line of credit or other debt financing, the Trust will continue to pay an additional fee of 0.25% of the primary loan amount if such line of credit or other debt financing continues to be outstanding on such date, or a prorated portion of such additional fee was paid for the portion of such year that the financing was outstanding. Debt Financing Fees are amortized into expense over the life of the related line of credit. Such expense is included in general and administrative – related parties expense on the accompanying consolidated statements of operations.

		·	An amount equal to 1% of the par amount of the securities sold by the Trust in connection with the securitization and placement of any secured loans (as defined in the Advisory Agreement) (“Securitized Loan Pool Placement Fees”), if the Advisor or an affiliate of the Advisor provided a substantial amount of services as determined by the Trust’s independent trustees. No Securitized Loan Pool Placement Fees are included on the accompanying consolidated financial statements.

		·	An amount equal to 15% of the amount by which (i) the market value of the Trust’s outstanding common shares of beneficial interest (measured by taking the average closing price for a single common share of beneficial interest over a period of thirty consecutive trading days commencing 180 days after Listing and multiplying that number by the total outstanding common shares of beneficial interest upon Listing) plus distributions paid by the Trust prior to listing exceeds (ii) the sum of (A) the total amount of capital raised from investors (after reduction of distributions attributable to net sales proceeds and amounts paid by the Trust to repurchase shares) and (B) the amount equal to a 10% annual cumulative, non-compounded return to investors from inception through Listing (the “Listing Fee”). The Listing Fee will be paid as follows: 50% will be payable in cash and 50% will be payable in the form of a three-year promissory note bearing interest at the applicable federal rate established by the Internal Revenue Service on the date of issuance, payable quarterly in arrears. If the promissory note has not been paid in full within three years from the date of issuance, then the Advisor, or its successors or assigns, may elect to convert the unpaid balance, including accrued but unpaid interest, into common shares of the Trust at a price per share equal to the average closing price of the shares over the ten trading days immediately preceding the date of such election. No Listing Fees are included on the accompanying consolidated financial statements.

	In addition to the fees described above, pursuant to the terms of the Advisory Agreement, the Trust will reimburse the Advisor and its affiliates for expenses they incur on behalf of the Trust, including expenses incurred by the Advisor in employing the Trust’s Chief Financial Officer, Treasurer, Chief Compliance Officer, Chief Operating Officer and General Counsel (the “Advisor Expense Reimbursement”). The Trust will pay the Advisor Expense Reimbursement on a monthly basis, and costs incurred by the Trust in connection with the Advisor Expense Reimbursement will be expensed by the Trust as incurred.

Listing Policy [Policy Text Block]	'
	Listing

	The Trust incurred certain costs in connection with its Listing and Tender Offer. These listing costs consisted primarily of legal, investment banking, NASDAQ fees, share-based compensation, consulting and other third-party service provider costs incurred by us in connection with our Listing and Tender Offer. We expensed Listing costs totaling approximately $77,000 and $5.1 million during the three and nine months ended September 30, 2014, respectively. We did not expense Listing costs during the three and nine months ended September 30, 2013. Of the $5.1 million of listing expenses incurred through September 30, 2014, approximately $300,000 was attributable to share-based compensation, as discussed further in Note C.

Income Tax, Policy [Policy Text Block]	'
	Income Taxes

	We file income tax returns in the United States federal jurisdiction. As of September 30, 2014, tax returns related to fiscal years ended December 31, 2010 through December 31, 2013 remain open to possible examination by the tax authorities. No tax returns are currently under examination by any tax authorities. We did not incur any penalties or interest during the nine months ended September 30, 2014 or 2013.

New Accounting Pronouncements, Policy [Policy Text Block]	'
	Impact of Recently Issued Accounting Standards

	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle, which may require more judgment and estimates within the revenue recognition process than are required under existing GAAP.

	The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard.

	In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The update requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition and, as a result, should not be included in the grant-date fair value of the award. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-12 to have a material impact on its consolidated financial statements.

Guarantees, Indemnifications and Warranties Policies [Policy Text Block]	'
	Guarantees

	From time to time, we enter into guarantees of debtor’s or affiliates’ borrowings and provide credit enhancements for the benefit of senior lenders in connection with our debtors and investments in partnerships (collectively referred to as “guarantees”), and account for such guarantees in accordance with FASB Accounting Standards Codification (“ASC”) 460-10 Guarantees.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	'
	Share-Based Compensation

	We value all share-based payments at the estimated fair value on the date of grant and we expense these payments over the applicable vesting period in accordance with GAAP.

Reclassification, Policy [Policy Text Block]	'
	Reclassifications

	We have renamed our real estate owned balance to lot inventory to more appropriately describe the nature of this asset. In addition, certain reclassifications have been made to prior period amounts in order to conform with the current year presentation.

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	9 Months Ended
Shareholders' Equity (Tables)	Sep. 30, 2014
Stockholders Equity Note [Abstract]	'
Schedule Of Special Distributions Made [Table Text Block]	'
	In addition to the monthly distributions discussed above, the following table represents all special distributions authorized by our board of trustees that were paid during the nine months ended September 30, 2013:

	Authorization Date (1)		Record Date (2)		Rate Per Share (3)			Payment Date (4)
	10-Oct-12		14-Dec-12		$	0.05		15-Feb-13
	6-Mar-13		15-Apr-13		$	0.05		17-May-13

		-1	Represents the date the distribution was authorized by our board of trustees.

		-2	All outstanding common shares of beneficial interest as of the record date received the distribution.

		-3	Represents the distribution rate per common share of beneficial interest on the record date.

		-4	Represents the date the special distribution was paid in cash and Secondary DRIP Offering shares.

Schedule Of Sources Of Distributions to Equity Holders [Table Text Block]	'
	The distributions paid for the nine months ended September 30, 2014 and 2013, along with the amount of distributions reinvested pursuant to our Primary DRIP Offering and Secondary DRIP Offering and the sources of our distributions are reflected in the table below.

			Nine Months Ended September 30,
			2014					2013
	Distributions paid in cash		$	29,968,000				$	19,893,000
	Distributions reinvested			8,704,000					11,740,000
	Total distributions		$	38,672,000				$	31,633,000
	Source of distributions:
	Cash from operations		$	29,107,000		75	%	$	13,448,000		43	%
	Borrowings under credit facilities			9,565,000		25	%		-		-
	Proceeds from Offering			-		-			18,185,000		57	%
	Total sources		$	38,672,000		100	%	$	31,633,000		100	%

Schedule Reconciles Distributions Declared Per Share to Distributions Paid [Table Text Block]	'
	The following tables reconcile the total distributions paid to our calculation of distributions per weighted average share outstanding for the periods indicated:

				Three Months Ended					Nine Months Ended
			September 30,						September 30,
				2014			2013		2014			2013

	Distributions paid (1)		$	12,554,000		$	12,914,000		$	38,672,000		$	31,633,000
	Add: current period distribution accrual (2)			-			2,562,000			-			2,562,000
	Less: previous period accrual reversal (2)			-2,209,000			-2,513,000			-2,653,000			-1,956,000
	Distributions		$	10,345,000		$	12,963,000		$	36,019,000		$	32,239,000

	Weighted average shares outstanding			30,632,925			31,526,561			31,616,870			25,672,294

	Distributions paid per weighted average share outstanding		$	0.41		$	0.41		$	1.22		$	1.23

	Distributions per weighted average share outstanding		$	0.34		$	0.41		$	1.14		$	1.26

	(1) Represents total cash and DRIP distributions paid during the period indicated.
	(2) Represents impact of accruals/accrual reversals during the period indicated for distributions declared, but not paid.

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	'
	The following table reflects Restricted Shares that have been granted to Ms. Dwyer and shares that have vested or have been forfeited by Ms. Dwyer for the nine months ended September 30, 2014.

						Grant Date
		Restricted				Fair Value
		Shares				Per Share			Total
	Outstanding as of January 1, 2014			-		$	-		$	-
	Granted			82,410			20			1,648,200
	Vested			-			-			-
	Forfeited			-			-			-

	Outstanding as of September 30, 2014			82,410		$	20		$	1,648,200

Loans_and_Allowance_for_Credit1

Loans and Allowance for Credit Losses (Tables)	9 Months Ended
Loans and Allowance for Credit Losses (Tables)	Sep. 30, 2014
Receivables [Abstract]	'
Schedule Of Notes and Loans Receivable [Table Text Block]	'
	Our aggregate loan portfolio is comprised of loan participation interest – related parties, notes receivable, net and notes receivable – related parties, net and is recorded at the lower of cost or estimated net realizable value.

		September 30, 2014		December 31, 2013
	Loan participation interest – related parties	$	40,200,000	$	32,910,000
	Notes receivable, net		506,159,000		444,720,000
	Notes receivable – related parties, net		47,036,000		30,854,000
	Total	$	593,395,000	$	508,484,000

Schedule Of Classification Of Loan Receivable [Table Text Block]	'
	Our loans are classified as follows:

		September 30, 2014		December 31, 2013
	Real Estate:
	Construction, acquisition and land development	$	601,469,000	$	514,993,000
	Provision for loan losses		-6,043,000		-3,828,000
	Unamortized commitment fees		-2,031,000		-2,681,000
	Total	$	593,395,000	$	508,484,000

Schedule Of Maturity Date Of Outstanding Loan Receivable [Table Text Block]	'
	The following table represents the scheduled maturity dates of the 131 loans outstanding as of September 30, 2014:

		Related Party						Non-related party					Total
	Maturity					% of					% of					% of
	Date	Amount			Loans	Total		Amount		Loans	Total		Amount		Loans	Total
	Matured	$	564,000		1	1	%	$	-	-	-		$	564,000	1		*
	2014		16,922,000		6	19	%		105,245,000	15	21	%		122,167,000	21		20	%
	2015		40,060,000		8	46	%		217,988,000	37	42	%		258,048,000	45		43	%
	2016		9,176,000		3	10	%		119,818,000	36	23	%		128,994,000	39		21	%
	2017		4,201,000		1	5	%		71,030,000	22	14	%		75,231,000	23		13	%
	2018		4,965,000		1	6	%		-	-	-			4,965,000	1		1	%
	2019		-		-	-			-	-	-			-	-		-
	2020		-		-	-			-	-	-			-	-		-
	2021		11,500,000		1	13	%		-	-	-			11,500,000	1		2	%
	Total	$	87,388,000		21	100	%	$	514,081,000	110	100	%	$	601,469,000	131		100	%

	* Less than 1%

	The following table represents the scheduled maturity dates of the 114 loans outstanding as of December 31, 2013:

		Related Party						Non-related party					Total
	Maturity					% of					% of					% of
	Date	Amount			Loans	Total		Amount		Loans	Total		Amount		Loans	Total
	Matured	$	-		-	-		$	-	-	-		$	-	-		-
	2014		34,129,000		12	53	%		255,599,000	35	57	%		289,728,000	47		56	%
	2015		16,987,000		3	27	%		73,007,000	21	16	%		89,994,000	24		17	%
	2016		12,812,000		3	20	%		98,824,000	32	22	%		111,636,000	35		22	%
	2017		-		-	-			23,635,000	8	5	%		23,635,000	8		5	%
	Total	$	63,928,000		18	100	%	$	451,065,000	96	100	%	$	514,993,000	114		100	%

Schedule Of Credit Quality Of Assets [Table Text Block]	'
	As of the dates indicated, our loans were classified as follows:

		September 30, 2014		December 31, 2013
	Level 1	$	601,469,000	$	514,993,000
	Level 2		-		-
	Level 3		-		-
	Total	$	601,469,000	$	514,993,000

Schedule Of Allowance For Loan Receivable [Table Text Block]	'
	The following table summarizes the change in the reserve for loan losses during the nine months ended September 30, 2014 and the year ended December 31, 2013, which is offset against notes receivable:

		For the Nine Months		For the Year Ended
		Ended September 30, 2014		December 31, 2013
	Balance, beginning of year	$	3,828,000	$	1,766,000
	Provision for loan losses		2,215,000		2,062,000
	Charge-offs		-		-
	Balance, end of period	$	6,043,000	$	3,828,000

Lot_Inventory_Tables

Lot Inventory (Tables)	9 Months Ended
Lot Inventory (Tables)	Sep. 30, 2014
Banking and Thrift [Abstract]	'
Other Real Estate, Roll Forward [Table Text Block]	'
	The following table summarizes the purchase and sale activity associated with these lots for the nine months ended September 30, 2014 and the year ended December 31, 2013.

		September 30, 2014		December 31, 2013
	Lot inventory, beginning of period	$	8,237,000	$	-
	Purchases of lots		12,217,000		9,017,000
	Sales of lots		-6,864,000		-780,000
	Lot inventory, end of period	$	13,590,000	$	8,237,000

Notes_Payable_and_Lines_of_Cre1

Notes Payable and Lines of Credit (Tables)	9 Months Ended
Notes Payable and Lines of Credit (Tables)	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule Of Notes Payable Balances [Table Text Block]	'
	The chart below summarizes the approximate outstanding balance of each of our lines of credit and our note payable as of the date indicated:

	Facility	September 30, 2014		December 31, 2013
	UDF IV HF CTB Revolver	$	17,510,000	$	10,000,000
	CTB Revolver		23,614,000		14,556,000
	Prosperity Revolver		15,000,000		-
	Legacy Revolver		4,679,000		-
	Veritex Revolver		10,006,000		-
	Affiliated Bank Revolver		5,404,000		-
	UDF IV Fin VII Legacy Revolver		7,515,000		-
	UDF IV Fin VI CTB Revolver		13,620,000		5,963,000
	Independent Bank Revolver		10,000,000		-
	Waterfall 4 Loan		35,000,000		-
	Total	$	142,348,000	$	30,519,000

Schedule Of Interest Expense [Table Text Block]	'
	The following table represents the approximate interest expense incurred associated with each of our lines of credit and notes payable for the period indicated:

		For the Three Months Ended				For the Nine Months Ended
		September 30,				September 30,
	Facility	2014		2013		2014		2013
	Credit Facility	$	-	$	-	$	-	$	165,000
	UDF IV HF CTB Revolver		180,000		-		406,000		147,000
	CTB Revolver		179,000		-		484,000		190,000
	UTB Revolver		-		52,000		-		155,000
	Prosperity Revolver		157,000		11,000		233,000		153,000
	Legacy Revolver		66,000		1,000		139,000		4,000
	Veritex Revolver		99,000		31,000		130,000		138,000
	Affiliated Bank Revolver		70,000		-		139,000		-
	UDF IV Fin VII Legacy Revolver		82,000		-		87,000		-
	UDF IV Fin VI CTB Revolver		96,000		-		196,000		-
	Independent Bank Revolver		105,000		-		197,000		-
	Waterfall 4 Loan		875,000		-		875,000		-
	Total interest expense	$	1,909,000	$	95,000	$	2,886,000	$	952,000

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Schedule Of Amortization Of Financing Costs [Table Text Block]	'
	The following table represents the approximate amount included in general and administrative – related parties expense for the period indicated associated with Debt Financing Fees paid to our Advisor in connection with our credit facility and lines of credit:

		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
	Facility	2014				2013				2014				2013
	Credit Facility	$	-			$	7,000			$	-			$	13,000
	UDF IV HF CTB Revolver		56,000				17,000				93,000				35,000
	CTB Revolver		15,000				25,000				24,000				106,000
	UTB Revolver		-				3,000				-				8,000
	Prosperity Revolver		16,000				5,000				49,000				16,000
	Legacy Revolver		-				-				-				4,000
	Veritex Revolver		13,000				6,000				26,000				15,000
	Affiliated Bank Revolver		10,000				5,000				25,000				5,000
	UDF IV Fin VII Legacy Revolver		17,000				8,000				42,000				8,000
	UDF IV Fin VI CTB Revolver		38,000				21,000				100,000				21,000
	Independent Bank Revolver		19,000				-				56,000				-
	Waterfall 4 Loan		44,000				-				44,000				-
	Total	$	228,000			$	97,000			$	459,000			$	231,000

Schedule Of Related Party General and Administrative Expenses [Table Text Block]	'
	The following table represents the approximate amount included in general and administrative – related parties expense for the periods indicated associated with Credit Enhancement Fees paid to UDF III for its guarantees of our lines of credit, as discussed in Note F. The general partner of our Advisor is also the general partner of UMTH LD, our asset manager. UMTH LD is the general partner of UDF III. UDF III has received an opinion from Jackson Claborn, Inc., an independent appraiser, that these credit enhancements are fair and at least as reasonable as credit enhancements with unaffiliated entities in similar circumstances.


		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
	Facility	2014				2013				2014				2013
	UDF IV HF CTB Revolver	$	42,000			$	16,000			$	97,000			$	48,000
	CTB Revolver		47,000				-				119,000				33,000
	Prosperity Revolver		34,000				-				53,000				28,000
	UDF IV Fin VI CTB Revolver		26,000				-				48,000				-
	Total	$	149,000			$	16,000			$	317,000			$	109,000

Schedule Of Related Party Payments [Table Text Block]	'
	The table below summarizes the approximate payments to related parties for the nine months ended September 30, 2014 and the year ended December 31, 2013:

	Payee	Purpose		For the Nine Months								For the Year Ended
				Ended								31-Dec-13
				30-Sep-14
	UMTH GS
		O&O Reimbursement		$	-				-			$	8,167,000				33	%
		Management Fees			7,422,000				88	%			7,819,000				32	%
		Debt Financing Fees			601,000				7	%			361,000				1	%
		Advisor Expense Reimbursement			4,000				*				-				-

	UMTH LD
		Acquisition and Origination Fees			259,000				3	%			7,953,000				33	%

	UDF III
		Credit Enhancement Fees			193,000				2	%			132,000				1	%

	Total Payments			$	8,479,000				100	%		$	24,432,000				100	%

	* Less than 1%

Schedule Of Related Party Expenses [Table Text Block]	'
	The table below summarizes the approximate expenses associated with related parties for the three months ended September 30, 2014 and 2013:


		For the Three Months Ended September 30,
	Purpose	2014								2013

	Management Fees	$	2,325,000				100	%		$	2,177,000				100	%

	Total Management Fees – related party	$	2,325,000				100	%		$	2,177,000				100	%

	Amortization of Debt Financing Fees	$	227,000				60	%		$	97,000				3	%

	Acquisition and Origination Fees		-				-				2,707,000				96	%

	Credit Enhancement Fees		149,000				39	%			16,000				1	%

	Advisor Expense Reimbursement		6,000				1	%			-				-

	Total General and administrative – related parties	$	382,000				100	%		$	2,820,000				100	%

	The table below summarizes the approximate expenses associated with related parties for the nine months ended September 30, 2014 and 2013:

		For the Nine Months Ended September 30,
	Purpose	2014								2013

	Management Fees	$	7,629,000				100	%		$	5,654,000				100	%

	Total Management fees – related party	$	7,629,000				100	%		$	5,654,000				100	%

	Amortization of Debt Financing Fees	$	459,000				(33	)%		$	231,000				4	%

	Acquisition and Origination Fees (1)		(2,160,000	)			157	%			5,933,000				95	%

	Credit Enhancement Fees		317,000				(23	)%			109,000				1	%

	Advisor Expense Reimbursement		8,000				(1	)%			-				-

	Total General and administrative – related parties	$	(1,376,000	)			100	%		$	6,273,000				100	%

	(1) Includes approximately $3.2 million in Acquisition and Origination Fees that were reversed in June 2014 associated with estimated Secondary DRIP Offering proceeds. In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering.

Schedule Of Related Party Interest On Participation [Table Text Block]	'
	The table below summarizes the approximate outstanding balance of each of our loans included in loan participation interest – related parties as of the date indicated:

	Loan Name	September 30, 2014			December 31, 2013
	Buffington Participation Agreement	$	-		$	2,826,000
	Buffington Classic Participation Agreement		-			279,000
	TR Finished Lot Participation		671,000			3,346,000
	TR Paper Lot Participation		14,821,000			12,617,000
	Pine Trace Participation Agreement		3,864,000			6,646,000
	Northpointe Participation Agreement		1,145,000			1,585,000
	Northpointe II Participation Agreement		7,039,000			3,000,000
	UMTHF Megatel Participation		4,515,000			-
	URHF Buckingham Participation		105,000			1,425,000
	URHF Bratton Hill Participation		-			1,186,000
	URHF Glenmore Participation		3,839,000			-
	URHF Gateway Participation		4,201,000			-
	Total	$	40,200,000		$	32,910,000

Schedule Of Accounts Receivable, Loan Participation Interest Related Parties [Table Text Block]	'
	The table below summarizes the approximate accrued interest included in accrued receivable – related parties associated with each of our loans included in loan participation interest – related parties as of the date indicated:

	Loan Name	September 30, 2014			December 31, 2013
	Buffington Participation Agreement	$	-		$	47,000
	Buffington Classic Participation Agreement		-			16,000
	TR Finished Lot Participation		-			66,000
	TR Paper Lot Participation		42,000			197,000
	Pine Trace Participation Agreement		76,000			562,000
	Northpointe Participation Agreement		47,000			-
	Northpointe II Participation Agreement		31,000			-
	UMTHF Megatel Participation		34,000			-
	URHF Buckingham Participation		1,000			91,000
	URHF Bratton Hill Participation		-			64,000
	URHF Glenmore Participation		128,000			-
	URHF Gateway Participation		51,000			-
	Total	$	410,000		$	1,043,000

Schedule Of Interest Income, Loan Participation Interest Related Parties [Table Text Block]	'
	The following table summarizes the approximate income included in interest income – related parties associated with each of our loans included in loan participation interest – related parties for the periods indicated:

		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
	Loan Name	2014			2013			2014			2013
	Buffington Participation Agreement	$	-		$	33,000		$	122,000		$	341,000
	Buffington Classic Participation Agreement		1,000			12,000			20,000			45,000
	TR Finished Lot Participation		41,000			136,000			225,000			403,000
	TR Paper Lot Participation		502,000			418,000			1,451,000			1,218,000
	Carrollton Participation Agreement		-			-			-			28,000
	165 Howe Participation Agreement		-			12,000			-			80,000
	Pine Trace Participation Agreement		165,000			177,000			607,000			520,000
	Northpointe Participation Agreement		35,000			49,000			124,000			93,000
	Northpointe II Participation Agreement		198,000			107,000			414,000			151,000
	UMTHF Megatel Participation		188,000			-			408,000			-
	URHF Buckingham Participation		2,000			-			55,000			-
	URHF Bratton Hill Participation		-			-			40,000			-
	URHF Glenmore Participation		126,000			-			203,000			-
	URHF Gateway Participation		136,000			-			221,000			-
	Total	$	1,394,000		$	944,000		$	3,890,000		$	2,879,000

Schedule Of Related Party Notes Receivable [Table Text Block]	'
	The table below summarizes the approximate outstanding balance of each of our loans included in notes receivable – related parties as of the date indicated:

	Loan Name	September 30, 2014			December 31, 2013
	Buffington Classic CL	$	-		$	-
	HLL II Highland Farms Loan		1,596,000			1,572,000
	HLL Hidden Meadows Loan		11,193,000			10,643,000
	Ash Creek Loan		1,530,000			1,756,000
	UDF TX Two Loan		564,000			502,000
	UDF PM Loan		4,369,000			3,822,000
	HLL IS Loan		2,401,000			2,522,000
	One KR Loan		9,071,000			10,201,000
	Rowe Lane Loan		4,965,000			-
	BRHG Loan		11,500,000			-
	Total	$	47,189,000		$	31,018,000

Schedule Of Accounts Receivable, Notes Receivable - Related Parties [Table Text Block]	'
	The table below summarizes the approximate accrued interest included in accrued receivable – related parties associated with each of our loans included in notes receivable – related parties as of the date indicated:

	Loan Name	September 30, 2014			December 31, 2013
	Buffington Classic CL	$	-		$	-
	HLL II Highland Farms Loan		110,000			-
	HLL Hidden Meadows Loan		271,000			1,028,000
	Ash Creek Loan		57,000			22,000
	UDF TX Two Loan		2,000			16,000
	UDF PM Loan		484,000			83,000
	HLL IS Loan		2,000			12,000
	One KR Loan		151,000			-
	Rowe Lane Loan		81,000			-
	BRHG Loan		119,000			-
	Total	$	1,277,000		$	1,161,000

Schedule Of Interest Income, Notes Receivable - Related Parties [Table Text Block]	'
	The following table summarizes the approximate income included in interest income – related parties associated with each of our loans included in notes receivable – related parties for the period indicated:

		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
	Loan Name	2014			2013			2014			2013
	HLL Indian Springs Loan	$	-		$	-		$	-		$	8,000
	Buffington Classic CL		-			-			-			5,000
	HLL II Highland Farms Loan		51,000			46,000			148,000			136,000
	HLL Hidden Meadows Loan		368,000			330,000			1,079,000			956,000
	Ash Creek Loan		50,000			68,000			158,000			223,000
	UDF TX Two Loan		16,000			18,000			49,000			189,000
	UDF PM Loan		142,000			105,000			404,000			205,000
	HLL IS Loan		88,000			130,000			252,000			350,000
	One KR Loan		296,000			258,000			903,000			703,000
	Rowe Lane Loan		148,000			-			289,000			-
	BRHG Loan		119,000			-			119,000			-
	Total	$	1,278,000		$	955,000		$	3,401,000		$	2,775,000

Schedule Of Related Party Commitment Fee Income [Table Text Block]	'
	The following table represents the approximate origination fees included in commitment fee income – related parties associated with each loan for the periods indicated:

		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
	Loan Name	2014			2013			2014			2013
	HLL II Highland Farms Loan	$	-		$	-		$	-		$	2,000
	HLL Hidden Meadows Loan		6,000			6,000			19,000			19,000
	HLL IS Loan		5,000			5,000			16,000			16,000
	One KR Loan		13,000			13,000			38,000			38,000
	Rowe Lane Loan		5,000			-			12,000			-
	Total	$	29,000		$	24,000		$	85,000		$	75,000

Nature_of_Business_Details_Tex

Nature of Business (Details Textual) (USD $)	9 Months Ended
Nature of Business (Details Textual) (USD $)	Sep. 30, 2014
Nature of Business [Line Items]	'
Shares authorized for repurchasing in relation to tender offer	1,707,317
Purchase price of shares authorized for repurchasing in relation to tender offer	$20.50
UDF IV OP [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UMTH LD [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	0.00%
UDF IV FI [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV FII [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV AC [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV FIII [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV Fin IV [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV Fin V [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV Fin VI [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV Fin VII [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV Fin VIII [Member]	'
Nature of Business [Line Items]	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	100.00%
UDF IV LB I [Member]	'
Nature of Business [Line Items]	'
Equity Method Investment, Ownership Percentage	100.00%
UDF IV Woodcreek [Member]	'
Nature of Business [Line Items]	'
Equity Method Investment, Ownership Percentage	100.00%
UDF IV LBIII [Member]	'
Nature of Business [Line Items]	'
Equity Method Investment, Ownership Percentage	100.00%
UDF IV LB IV [Member]	'
Nature of Business [Line Items]	'
Equity Method Investment, Ownership Percentage	100.00%
UDF IV LB V [Member]	'
Nature of Business [Line Items]	'
Equity Method Investment, Ownership Percentage	100.00%
UDF IV TRS-BR1 [Member]	'
Nature of Business [Line Items]	'
Equity Method Investment, Ownership Percentage	100.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]	'	'	'
Loan Participation Interests, Terms and Manner of Settlement	'	'the participations have terms ranging from 3 to 32 months and bear interest at rates ranging from 12% to 15%.	'
Notes Receivable (Including Related Party), Terms and Manner of Settlement	'	'the notes have terms ranging from 3 to 84 months and bear interest at rates ranging from 11% to 15%.	'
Unamortized Commitment Fees Included In Notes Receivable	$1,900,000	$1,900,000	$2,500,000
Unamortized Commitment Fees Included In Notes Receivable Related Party	153,000	153,000	164,000
Option Fee Percentage	'	13.00%	'
Offering Compensation, Percentage	'	3.00%	'
Selling Commissions, Percentage	'	6.50%	'
Dealer Manager Fees, Percentage	'	3.50%	'
Percentage of Average of Invested Assets	'	2.00%	'
Monthly Advisory Fees Payable Condition	'	'one-twelfth of 2%	'
Line Of Credit Facility Annual Renewal Of Debt Financing Fee Percentage	'	0.25%	'
Line Of Credit Facility Debt Financing Fee Percentage	'	1.00%	'
Proceeds from Offering, percentage	77,000	5,100,000	'
Monthly Base Management Fee Condition	'	'one-twelfth of 1.5%	'
Percentage of Trust Core Earnings	'	20.00%	'
Percentage of Weighted Average Shares Outstanding	'	8.00%	'
Line of Credit Facility, Origination Fee Percentage	'	0.50%	'
Percentage of Par Amount of Securities Sold by Trust	'	1.00%	'
Percentage of Market Value of Trusts Outstanding Common Shares	'	15.00%	'
Percentage of Annual Cumulative Non Compounded Return to Investors	'	10.00%	'
Percentage of Listing Fee Payable in Cash	'	50.00%	'
Percentage of Listing Fee Payable in Form of Promissory Note	'	50.00%	'
Additional Fee of Primary Loan Amount Percentage	'	0.25%	'
Percentage of Trust Net Income	'	15.00%	'
Percentage of Capital Contribution	'	10.00%	'
Percentage Of Securitized Loan Pool Interests Payment	'	2.00%	'
Advisory Agreement Fee Payment Term	'	'For substantial assistance in connection with the sale of properties, the Trust would have been required to pay an amount equal to the lesser of one-half of the reasonable and customary real estate or brokerage commission or 2% of the contract sales price of each property sold; provided, however, in no event would the disposition fees paid to the Advisor, its affiliates and unaffiliated third parties exceed 6% of the contracted sales price.Upon listing the Trust’s common shares of beneficial interest on a national securities exchange, the Advisor would have been entitled to a fee equal to 15% of the amount, if any, by which (1) the market value of the Trust’s outstanding shares plus distributions paid by the Trust prior to listing, exceeded (2) the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate a 10% annual cumulative, non-compounded return to investors.	'
Share Based Compensation [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Proceeds from Offering, percentage	'	$300,000	'
Net Amount Available For Investment In Secured Loans and Other Real Estate Assets [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Placement Fees Percentage	'	3.00%	'
Maximum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Option Agreements Term	'	'30 months	'
Minimum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Option Agreements Term	'	'18 months	'

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	9 Months Ended
Shareholders' Equity (Details) (USD $)	Sep. 30, 2014
Special Distribution One [Member]	'
Authorization Date	10-Oct-12	[1]
Record Date	14-Dec-12	[2]
Rate Per Share	$0.05	[3]
Payment Date	15-Feb-13	[4]
Special Distribution Two [Member]	'
Authorization Date	6-Mar-13	[1]
Record Date	15-Apr-13	[2]
Rate Per Share	$0.05	[3]
Payment Date	17-May-13	[4]

[1]	Represents the date the distribution was authorized by our board of trustees.
[2]	All outstanding common shares of beneficial interest as of the record date received the distribution.
[3]	Represents the distribution rate per common share of beneficial interest on the record date.
[4]	Represents the date the special distribution was paid in cash and Secondary DRIP Offering shares.

Shareholders_Equity_Details_1

Shareholders' Equity (Details 1) (USD $)	3 Months Ended				9 Months Ended
Shareholders' Equity (Details 1) (USD $)	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Class of Stock [Line Items]	'		'		'		'
Distributions paid in cash	'		'		$29,968,000		$19,893,000
Distributions reinvested	'		'		8,704,000		11,740,000
Total distributions	12,554,000	[1]	12,914,000	[1]	38,672,000	[2]	31,633,000	[2]
Source of distributions:	'		'		'		'
Cash from operations	'		'		29,107,000		13,448,000
Borrowings under credit facilities	'		'		9,565,000		0
Proceeds from Offering	'		'		0		18,185,000
Total sources	'		'		$38,672,000		$31,633,000
Cash from operations, percentage	'		'		75.00%		43.00%
Borrowings under credit facilities, percentage	'		'		25.00%		0.00%
Proceeds from Offering,percentage	'		'		0.00%		57.00%
Total sources, percentage	'		'		100.00%		100.00%

[1]	Represents total cash and DRIP distributions paid during the period indicated.
[2]	Represents total cash and DRIP distributions, based on month paid.

Shareholders_Equity_Details_2

Shareholders' Equity (Details 2) (USD $)	3 Months Ended				9 Months Ended
Shareholders' Equity (Details 2) (USD $)	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Distributions	$12,554,000	[1]	$12,914,000	[1]	$38,672,000	[2]	$31,633,000	[2]
Add: current period distribution accrual	0	[3]	2,562,000	[3]	0	[3]	2,562,000	[3]
Less: previous period accrual reversal	-2,209,000	[3]	-2,513,000	[3]	-2,653,000	[3]	-1,956,000	[3]
Distributions	$10,345,000		$12,963,000		$36,019,000		$32,239,000
Weighted average shares outstanding	30,632,925		31,526,561		31,616,870		25,672,294
Distributions paid per weighted average share outstanding	$0.41		$0.41		$1.22		$1.23
Distributions per weighted average share outstanding (in dollars per share)	$0.34		$0.41		$1.14		$1.26

[1]	Represents total cash and DRIP distributions paid during the period indicated.
[2]	Represents total cash and DRIP distributions, based on month paid.
[3]	Represents impact of accruals/accrual reversals during the period indicated for distributions declared, but not paid.

Shareholders_Equity_Details_3

Shareholders' Equity (Details 3) (Ms. Dwyer - CEO, USD $)	9 Months Ended
Shareholders' Equity (Details 3) (Ms. Dwyer - CEO, USD $)	Sep. 30, 2014
Ms. Dwyer - CEO	'
Outstanding at January 1, 2014	0
Granted	82,410
Vested	0
Forfeited	0
Outstanding as of September 30, 2014	82,410
Outstanding Grant Date Fair Value Per Share	$0
Granted, Grant Date Fair Value Per Share	$20
Vested, Grant Date Fair Value Per Share	$0
Forfeited, Grant Date Fair Value Per Share	$0
Outstanding, Grant Date Fair Value Per Share	$20
Outstanding, Total	$0
Granted, Total	1,648,200
Vested, Total	0
Forfeited, Total	0
Outstanding, Total	$1,648,200

Shareholders_Equity_Details_Te

Shareholders' Equity (Details Textual) (USD $)

0 Months Ended

3 Months Ended

4 Months Ended

9 Months Ended

35 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Aug. 04, 2014

Jul. 09, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

31-May-14

Dec. 31, 2013

Jul. 09, 2014

Sep. 30, 2014

Jun. 04, 2014

Sep. 30, 2014

Oct. 02, 2014

Dec. 31, 2014

Sep. 30, 2014

3-May-13

Nov. 12, 2009

Sep. 30, 2014

3-May-13

Apr. 19, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Fractional Shares [Member]

Board of Trustees and Consultant [Member]

Ms. Dwyer - CEO

Listing Agreement [Member]

Vesting After Five Years [Member]

Subsequent Event [Member]

Distribution Reinvestment Plan [Member]

Primary Offering [Member]

Secondary Distribution Reinvestment Plan [Member]

Treasury Stock [Member]

Amended Secondary Distribution Reinvestment Plan [Member]

Common Stock [Member]

Class of Stock [Line Items]

Shares Issued Pursuant to Offering

10,000,000

1,000,000

32,550,482

34,000,000

Proceeds From Issuance Of Common Stock Net Of Issuance Costs

$535,000,000

Proceeds from Issuance or Sale of Equity

14,500,000

614,700,000

21,700,000

100,000

Treasury stock, shares

2,030,453

212,907

Treasury Stock, Value, Acquired, Cost Method

41,400,000

Taxable Income, Minimum Percentage To Be Distributed

90.00%

Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit

$0.00

Common Shares Of Beneficial Interest To Be Offered, Price Per Share (in dollars per share)

$20

Distributions

12,554,000

[1]

12,914,000

[1]

38,672,000

[2]

31,633,000

[2]

Distribution Rate

$1.64

$0.14

Distributions paid in cash

29,968,000

19,893,000

Distributions reinvested

8,704,000

11,740,000

Net cash provided by operating activities

30,829,859

13,448,317

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

82,410

15,000

12,500

Allocated Share-based Compensation Expense

103,000

258,000

Shares of beneficial interest, shares issued

32,647,892

32,115,232

4,211

723,617

25,000,000

30,735,813

7,500,000

1,087,543

3,509

Stock Redeemed or Called During Period, Value

1,400,000

-37,058,319

-1,447,045

-37,144,133

-1,491,111

Stock Redeemed or Called During Period, Shares

1,817,546

74,555

Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Granted

300,000

1,648,200

Shares authorized with respect to equity incentive plans

2,423,284

Maximum Aggregate Offering Price

750,000,000

Stock Issued During Period, Shares, Dividend Reinvestment Plan

435,250

587,020

Aggregate Cost of Stock Repurchased Pursuant To Tender Offer

$35,000,000

Stock Repurchased Pursuant To Tender Offer

1,707,317

Average Price of Stock Repurchased Pursuant To Tender Offer

$20.50

[1]

Represents total cash and DRIP distributions paid during the period indicated.

[2]

Represents total cash and DRIP distributions, based on month paid.

Loans_and_Allowance_for_Credit2

Loans and Allowance for Credit Losses (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Loan participation interest - related parties	$40,199,606	$32,909,958
Notes receivable, net	506,159,575	444,720,197
Notes receivable - related parties, net	47,035,731	30,854,000
Total	$593,395,000	$508,484,000

Loans_and_Allowance_for_Credit3

Loans and Allowance for Credit Losses (Details 1) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Real Estate:	'	'
Construction, acquisition and land development	$601,469,000	$514,993,000
Provision for loan losses	-6,043,000	-3,828,000
Unamortized commitment fees	-2,031,000	-2,681,000
Total	$593,395,000	$508,484,000

Loans_and_Allowance_for_Credit4

Loans and Allowance for Credit Losses (Details 2) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	$601,469,000		$514,993,000
Notes and Loan Receivable Outstanding, Number	131		114
Percentage Of Notes and Loan Receivable Outstanding	100.00%		100.00%
Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	87,388,000		63,928,000
Notes and Loan Receivable Outstanding, Number	21		18
Percentage Of Notes and Loan Receivable Outstanding	100.00%		100.00%
Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	514,081,000		451,065,000
Notes and Loan Receivable Outstanding, Number	110		96
Percentage Of Notes and Loan Receivable Outstanding	100.00%		100.00%
Matured [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	564,000		0
Notes and Loan Receivable Outstanding, Number	1		0
Percentage Of Notes and Loan Receivable Outstanding	'	[1]	0.00%
Matured [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	564,000		0
Notes and Loan Receivable Outstanding, Number	1		0
Percentage Of Notes and Loan Receivable Outstanding	1.00%		0.00%
Matured [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		0
Notes and Loan Receivable Outstanding, Number	0		0
Percentage Of Notes and Loan Receivable Outstanding	0.00%		0.00%
Maturity Date 2014 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	122,167,000		289,728,000
Notes and Loan Receivable Outstanding, Number	21		47
Percentage Of Notes and Loan Receivable Outstanding	20.00%		56.00%
Maturity Date 2014 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	16,922,000		34,129,000
Notes and Loan Receivable Outstanding, Number	6		12
Percentage Of Notes and Loan Receivable Outstanding	19.00%		53.00%
Maturity Date 2014 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	105,245,000		255,599,000
Notes and Loan Receivable Outstanding, Number	15		35
Percentage Of Notes and Loan Receivable Outstanding	21.00%		57.00%
Maturity Date 2015 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	258,048,000		89,994,000
Notes and Loan Receivable Outstanding, Number	45		24
Percentage Of Notes and Loan Receivable Outstanding	43.00%		17.00%
Maturity Date 2015 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	40,060,000		16,987,000
Notes and Loan Receivable Outstanding, Number	8		3
Percentage Of Notes and Loan Receivable Outstanding	46.00%		27.00%
Maturity Date 2015 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	217,988,000		73,007,000
Notes and Loan Receivable Outstanding, Number	37		21
Percentage Of Notes and Loan Receivable Outstanding	42.00%		16.00%
Maturity Date 2016 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	128,994,000		111,636,000
Notes and Loan Receivable Outstanding, Number	39		35
Percentage Of Notes and Loan Receivable Outstanding	21.00%		22.00%
Maturity Date 2016 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	9,176,000		12,812,000
Notes and Loan Receivable Outstanding, Number	3		3
Percentage Of Notes and Loan Receivable Outstanding	10.00%		20.00%
Maturity Date 2016 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	119,818,000		98,824,000
Notes and Loan Receivable Outstanding, Number	36		32
Percentage Of Notes and Loan Receivable Outstanding	23.00%		22.00%
Maturity Date 2017 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	75,231,000		23,635,000
Notes and Loan Receivable Outstanding, Number	23		8
Percentage Of Notes and Loan Receivable Outstanding	13.00%		5.00%
Maturity Date 2017 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	4,201,000		0
Notes and Loan Receivable Outstanding, Number	1		0
Percentage Of Notes and Loan Receivable Outstanding	5.00%		0.00%
Maturity Date 2017 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	71,030,000		23,635,000
Notes and Loan Receivable Outstanding, Number	22		8
Percentage Of Notes and Loan Receivable Outstanding	14.00%		5.00%
Maturity Date 2018 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	4,965,000		'
Notes and Loan Receivable Outstanding, Number	1		'
Percentage Of Notes and Loan Receivable Outstanding	1.00%		'
Maturity Date 2018 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	4,965,000		'
Notes and Loan Receivable Outstanding, Number	1		'
Percentage Of Notes and Loan Receivable Outstanding	6.00%		'
Maturity Date 2018 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2019 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2019 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2019 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2020 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2020 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2020 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'
Maturity Date 2021 [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	11,500,000		'
Notes and Loan Receivable Outstanding, Number	1		'
Percentage Of Notes and Loan Receivable Outstanding	2.00%		'
Maturity Date 2021 [Member] \| Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	11,500,000		'
Notes and Loan Receivable Outstanding, Number	1		'
Percentage Of Notes and Loan Receivable Outstanding	13.00%		'
Maturity Date 2021 [Member] \| Non Related Party [Member]	'		'
Financing Receivable, Allowance for Credit Losses [Line Items]	'		'
Construction, acquisition and land development	$0		'
Notes and Loan Receivable Outstanding, Number	0		'
Percentage Of Notes and Loan Receivable Outstanding	0.00%		'

[1]	Less than 1%

Loans_and_Allowance_for_Credit5

Loans and Allowance for Credit Losses (Details 3) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Construction, acquisition and land development	$601,469,000	$514,993,000
Credit Quality Level 1 [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Construction, acquisition and land development	601,469,000	514,993,000
Credit Quality Level 2 [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Construction, acquisition and land development	0	0
Credit Quality Level 3 [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Construction, acquisition and land development	$0	$0

Loans_and_Allowance_for_Credit6

Loans and Allowance for Credit Losses (Details 4) (USD $)	9 Months Ended	12 Months Ended
Loans and Allowance for Credit Losses (Details 4) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Balance, beginning of year	$3,828,000	$1,766,000
Provision for loan losses	2,215,000	2,062,000
Charge-offs	0	0
Balance, end of period	$6,043,000	$3,828,000

Loans_and_Allowance_for_Credit7

Loans and Allowance for Credit Losses (Details Textual) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]	'	'
Loans Originated And Purchased Number	164	139
Loans Repaid Fully By Respective Borrower, Number	33	25
Matured Loan, Unpaid Principal Balance	$564,000	'
Matured Loan Number	1	'

Lot_Inventory_Details

Lot Inventory (Details) (USD $)	9 Months Ended	12 Months Ended
Lot Inventory (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Lot Inventory [Line Items]	'	'
Lot inventory, beginning of period	$8,237,000	$0
Purchases of lots	12,217,000	9,017,000
Sales of lots	-6,864,000	-780,000
Lot inventory, end of period	$13,590,000	$8,237,000

Notes_Payable_and_Lines_of_Cre2

Notes Payable and Lines of Credit (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]	'	'
Notes Payable	$35,000,000	$0
CTB Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	23,614,000	14,556,000
Veritex Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	10,006,000	0
UDF IV HF CTB Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	17,510,000	10,000,000
Prosperity Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	15,000,000	0
Legacy Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	4,679,000	0
Affiliated Bank Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	5,404,000	0
UDF IV Fin VII Legacy Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	7,515,000	0
UDF IV Fin VI CTB Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	13,620,000	5,963,000
Independent Bank Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	10,000,000	0
Waterfall 4 Loan	'	'
Line of Credit Facility [Line Items]	'	'
Notes Payable	$35,000,000	$0

Notes_Payable_and_Lines_of_Cre3

Notes Payable and Lines of Credit (Details 1) (USD $)	3 Months Ended		9 Months Ended
Notes Payable and Lines of Credit (Details 1) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	$1,909,455	$95,251	$2,885,557	$951,928
CTB Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	179,000	0	484,000	190,000
UTB Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	0	52,000	0	155,000
Veritex Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	99,000	31,000	130,000	138,000
Credit Facility [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	0	0	0	165,000
UDF IV HF CTB Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	180,000	0	406,000	147,000
Prosperity Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	157,000	11,000	233,000	153,000
Legacy Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	66,000	1,000	139,000	4,000
Affiliated Bank Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	70,000	0	139,000	0
UDF IV Fin VII Legacy Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	82,000	0	87,000	0
UDF IV Fin VI CTB Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	96,000	0	196,000	0
Independent Bank Revolver [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	105,000	0	197,000	0
Waterfall 4 Loan	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Interest Expense, Total	$875,000	$0	$875,000	$0

Notes_Payable_and_Lines_of_Cre4

Notes Payable and Lines of Credit Credit Facility (Details Textual) (Credit Facility [Member], USD $)	Feb. 05, 2010
In Millions, unless otherwise specified	Feb. 05, 2010
Credit Facility [Member]	'
Line of Credit Facility [Line Items]	'
Line Of Credit Facility Borrowing Capacity	$20

Notes_Payable_and_Lines_of_Cre5

Notes Payable and Lines of Credit Waterfall 4 Loan (Details Textual) (Waterfall 4 Loan, Subsequent Event [Member], USD $)	1 Months Ended
In Millions, unless otherwise specified	Jul. 02, 2014
Waterfall 4 Loan \| Subsequent Event [Member]	'
Line of Credit Facility [Line Items]	'
Line of Credit Facility, Maximum Borrowing Capacity	$35
Line of Credit Facility, Interest Rate Description	'The loan bears interest at a rate of LIBOR plus 9.00%, with a LIBOR floor of 1% (10.0% as of September 30, 2014). All accrued and unpaid interest is payable on the fifth day of each calendar month during the term of the loan. Principal is due at maturity.
Line of Credit Facility, Expiration Date	2-Jul-15

Notes_Payable_and_Lines_of_Cre6

Notes Payable and Lines of Credit UDF IV HF CTB LOC (Details Textual) (UDF IV HF CTB Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Jun. 03, 2014	19-May-10
UDF IV HF CTB Revolver [Member]	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line Of Credit Facility Borrowing Capacity	'	$30	$10
Line of Credit Facility, Interest Rate Description	'the UDF IV HF CTB Revolver bears interest at a rate of 4.25%	'	'
Line of Credit Facility, Expiration Date	30-Jul-15	'	'
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%	'	'

Notes_Payable_and_Lines_of_Cre7

Notes Payable and Lines of Credit CTB Revolver (Details Textual) (CTB Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Apr. 11, 2014	Aug. 19, 2010
CTB Revolver [Member]	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line Of Credit Facility Borrowing Capacity	'	$25	$15
Line of Credit Facility, Interest Rate Description	'the CTB Revolver bears interest at a rate of 4.25%	'	'
Line of Credit Facility, Expiration Date	30-Jul-15	'	'
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%	'	'

Notes_Payable_and_Lines_of_Cre8

Notes Payable and Lines of Credit UTB Revolver (Details Textual) (UTB Revolver [Member], USD $)	0 Months Ended
In Millions, unless otherwise specified	Sep. 29, 2010
UTB Revolver [Member]	'
Line of Credit Facility [Line Items]	'
Line Of Credit Facility Borrowing Capacity	$4
Line of Credit Facility, Expiration Date	30-Sep-13

Notes_Payable_and_Lines_of_Cre9

Notes Payable and Lines of Credit Prosperity Loan (Details Textual) (Prosperity Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 14, 2010
Prosperity Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line Of Credit Facility Borrowing Capacity	'	$15
Line of Credit Facility, Expiration Date	14-Dec-14	'
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%	'
Line Of Credit Facility, Interest Rate Description	'the Prosperity Revolver bears interest at a rate of 5.0%	'

Recovered_Sheet1

Notes Payable and Lines of Credit Legacy Revolver (Details Textual) (Legacy Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Nov. 01, 2011
Legacy Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line Of Credit Facility Borrowing Capacity	'	$5
Line of Credit Facility, Expiration Date	12-Jan-15	'
Line Of Credit Facility, Interest Rate Description	'Legacy Revolver bears interest at a rate of 5.5%	'

Recovered_Sheet2

Notes Payable and Lines of Credit Veritex Revolver (Details Textual) (Veritex Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014	Jul. 31, 2012
Veritex Revolver [Member]	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line Of Credit Facility Borrowing Capacity	'	$14.50	$5.30
Line of Credit Facility, Expiration Date	31-Jul-17	'	'
Line Of Credit Facility, Interest Rate Description	'Veritex Revolver bears interest at a rate of 4.5%	'	'

Recovered_Sheet3

Notes Payable and Lines of Credit Affiliated Bank Loan (Details Textual) (Affiliated Bank Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Jun. 05, 2014	Jul. 23, 2013
Affiliated Bank Revolver [Member]	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	$7.50	$5.50
Line of Credit Facility, Interest Rate Description	'Affiliated Bank Revolver bears interest at a rate of 5.0%	'	'
Line Of Credit Facility, Expiration Date	23-Jul-16	'	'

Recovered_Sheet4

Notes Payable and Lines of Credit UDF IV Fin VII Legacy LOC (Details Textual) (UDF IV Fin VII Legacy Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Aug. 05, 2013
UDF IV Fin VII Legacy Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	$10
Line of Credit Facility, Interest Rate Description	'UDF IV Fin VII Legacy Revolver bears interest at a rate of 5.0%	'
Line Of Credit Facility, Expiration Date	5-Aug-15	'

Recovered_Sheet5

Notes Payable and Lines of Credit UDF IV Fin VI CTB LOC (Details Textual) (UDF IV Fin VI CTB Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Apr. 11, 2014	Aug. 19, 2013
UDF IV Fin VI CTB Revolver [Member]	'	'	'
Line of Credit Facility [Line Items]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	'	$25
Line of Credit Facility, Interest Rate Description	'bears interest at a rate of 4.25%	'	'
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%	'	'
Line Of Credit Facility, Expiration Date	19-Aug-15	'	'
Line Of Credit Facility, Credit Enhancement Fee, Percentage	1.00%	'	'
Line Of Credit Facility Borrowing Capacity After Reduction	'	$15	'

Recovered_Sheet6

Notes Payable and Lines of Credit Independent Bank Loan (Details Textual) (Independent Bank Revolver [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 06, 2013
Independent Bank Revolver [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	$15
Line Of Credit Facility, Interest Rate Description	'bears interest at a rate of 4.125%	'
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%	'
Line Of Credit Facility, Expiration Date	6-Dec-15	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 18, 2014

Dec. 31, 2013

Jun. 26, 2009

Jul. 22, 2013

Dec. 31, 2011

Jul. 22, 2013

Sep. 30, 2014

Dec. 31, 2011

Dec. 31, 2013

Sep. 30, 2014

Aug. 29, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2011

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2011

UMTH LD [Member]

UDF LOF [Member]

Babson Mezzanine Real Estate Partners [Member]

United Residential Home Finance LP [Member]

UMTH [Member]

Stoneleigh Construction Loan Guaranty [Member]

Rowe Lane Guaranty [Member]

Maple Wolf Stoneleigh, Llc [Member]

Community Trust Bank [Member]

Loss Contingencies [Line Items]

Line Of Credit Facility Guaranty Amount

$6,000,000

$6,300,000

$25,000,000

$15,000,000

$25,000,000

Line Of Credit Facility Guaranty Outstanding

4,300,000

5,100,000

4,900,000

1,200,000

25,000,000

4,000,000

7,600,000

3,200,000

25,000,000

Percentage Interest of Related Party Owned By Affiliated Entity

100.00%

75.00%

Percentage Interest of Related Party Owned By Asset Manager

100.00%

Guarantees Outstanding, Number

Guarantee Obligations Credit Risk

86,800,000

65,700,000

Guarantees Outstanding, Borrowed Value

47,000,000

19,900,000

Commitment Fee Income Related Party

8,000

24,000

12,000

21,000

10,000

15,000

Line Of Credit Facility, Credit Enhancement Fee, Percentage

1.00%

Accounts Receivable, Related Parties

2,084,471

2,607,292

13,000

15,000

Accrued Investment Income Receivable

8,000

4,000

21,000

Line of Credit Facility, Commitment Fee Amount

$36,000

$68,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
Related Party Transactions (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	$228,000	$97,000	$955,686	$520,697
Credit Facility [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	0	7,000	0	13,000
UDF IV HF CTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	56,000	17,000	93,000	35,000
CTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	15,000	25,000	24,000	106,000
UTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	0	3,000	0	8,000
Prosperity Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	16,000	5,000	49,000	16,000
Legacy Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	0	0	0	4,000
Veritex Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	13,000	6,000	26,000	15,000
Affiliated Bank Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	10,000	5,000	25,000	5,000
UDF IV Fin VII Legacy Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	17,000	8,000	42,000	8,000
UDF IV Fin VI CTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	38,000	21,000	100,000	21,000
Independent Bank [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	19,000	0	56,000	0
Waterfall Four Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amortization of Other Deferred Charges	$44,000	$0	$44,000	$0

Related_Party_Transactions_Det1

Related Party Transactions (Details 1) (USD $)	3 Months Ended		9 Months Ended
Related Party Transactions (Details 1) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Credit Enhancement Fee Expense Related Party	$149,000	$16,000	$317,000	$109,000
UDF IV HF CTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Credit Enhancement Fee Expense Related Party	42,000	16,000	97,000	48,000
CTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Credit Enhancement Fee Expense Related Party	47,000	0	119,000	33,000
Prosperity Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Credit Enhancement Fee Expense Related Party	34,000	0	53,000	28,000
UDF IV Fin VI CTB Revolver [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Credit Enhancement Fee Expense Related Party	$26,000	$0	$48,000	$0

Related_Party_Transactions_Det2

Related Party Transactions (Details 2) (USD $)	9 Months Ended		12 Months Ended
Related Party Transactions (Details 2) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	$8,479,000		$24,432,000
Related Party Transaction Payment Percentage	100.00%		100.00%
UMTH GS [Member] \| O&O Reimbursement [Member]	'		'
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	0		8,167,000
Related Party Transaction Payment Percentage	0.00%		33.00%
UMTH GS [Member] \| Management Fee [Member]	'		'
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	7,422,000		7,819,000
Related Party Transaction Payment Percentage	88.00%		32.00%
UMTH GS [Member] \| Debt Financing Fees [Member]	'		'
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	601,000		361,000
Related Party Transaction Payment Percentage	7.00%		1.00%
UMTH GS [Member] \| Advisor Expense Reimbursement Member [Member]	'		'
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	4,000		0
Related Party Transaction Payment Percentage	'	[1]	0.00%
UMTH LD [Member] \| Acquisition and Origination Fees [Member]	'		'
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	259,000		7,953,000
Related Party Transaction Payment Percentage	3.00%		33.00%
UDF III [Member] \| Credit Enhancement Fees [Member]	'		'
Related Party Transaction [Line Items]	'		'
Related Party Transaction, Amounts of Transaction	$193,000		$132,000
Related Party Transaction Payment Percentage	2.00%		1.00%

[1]	Less than 1%

Related_Party_Transactions_Det3

Related Party Transactions (Details 3) (USD $)	3 Months Ended		9 Months Ended
Related Party Transactions (Details 3) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'		'
Management Fee Related Party	$2,325,276	$2,177,262	$7,629,346		$5,653,507
Management Fees Percentage	100.00%	100.00%	100.00%		100.00%
Total General and Administrative - related parties	382,431	2,820,065	-1,376,394		6,272,763
Total General and Administrative - related parties, Percentage	100.00%	100.00%	100.00%		100.00%
Management Fees Member [Member]	'	'	'		'
Related Party Transaction [Line Items]	'	'	'		'
Total General and Administrative - related parties	2,325,000	2,177,000	7,629,000		5,654,000
Total General and Administrative - related parties, Percentage	100.00%	100.00%	100.00%		100.00%
Amortization Of Debt Financing Fees [Member]	'	'	'		'
Related Party Transaction [Line Items]	'	'	'		'
Total General and Administrative - related parties	227,000	97,000	459,000		231,000
Total General and Administrative - related parties, Percentage	60.00%	3.00%	-33.00%		4.00%
Acquisition and Origination Fees [Member]	'	'	'		'
Related Party Transaction [Line Items]	'	'	'		'
Total General and Administrative - related parties	0	2,707,000	-2,160,000	[1]	5,933,000	[1]
Total General and Administrative - related parties, Percentage	0.00%	96.00%	157.00%	[1]	95.00%	[1]
Credit Enhancement Fees [Member]	'	'	'		'
Related Party Transaction [Line Items]	'	'	'		'
Total General and Administrative - related parties	149,000	16,000	317,000		109,000
Total General and Administrative - related parties, Percentage	39.00%	1.00%	-23.00%		1.00%
Advisor Expense Reimbursement Member [Member]	'	'	'		'
Related Party Transaction [Line Items]	'	'	'		'
Total General and Administrative - related parties	$6,000	$0	$8,000		$0
Total General and Administrative - related parties, Percentage	1.00%	0.00%	-1.00%		0.00%

[1]	Includes approximately $3.2 million in Acquisition and Origination Fees that were reversed in June 2014 associated with estimated Secondary DRIP Offering proceeds. In connection with our Listing, we ceased offering common shares of beneficial interest pursuant to our Secondary DRIP Offering.

Related_Party_Transactions_Det4

Related Party Transactions (Details 4) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	$40,200,000	$32,910,000
Buffington Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	0	2,826,000
Buffington Classic Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	0	279,000
TR Finished Lot Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	671,000	3,346,000
TR Paper Lot Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	14,821,000	12,617,000
Pine Trace Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	3,864,000	6,646,000
Northpointe Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	1,145,000	1,585,000
Northpointe II Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	7,039,000	3,000,000
UMTHF Megatel Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	4,515,000	0
URHF Buckingham Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	105,000	1,425,000
URHF Bratton Hill Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	0	1,186,000
URHF Glenmore Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	3,839,000	0
URHF Gateway Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Participation Related Party	$4,201,000	$0

Related_Party_Transactions_Det5

Related Party Transactions (Details 5) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	$2,084,471	$2,607,292
Buffington Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	0	47,000
Buffington Classic Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	0	16,000
TR Finished Lot Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	0	66,000
TR Paper Lot Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	42,000	197,000
Pine Trace Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	76,000	562,000
Northpointe Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	47,000	0
Northpointe II Participation Agreement [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	31,000	0
UMTHF Megatel Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	34,000	0
URHF Buckingham Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	1,000	91,000
URHF Bratton Hill Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	0	64,000
URHF Glenmore Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	128,000	0
URHF Gateway Participation [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable,Related Parties	$51,000	$0

Related_Party_Transactions_Det6

Related Party Transactions (Details 6) (USD $)	3 Months Ended		9 Months Ended
Related Party Transactions (Details 6) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	$2,672,045	$1,899,165	$7,290,717	$5,653,989
Buffington Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	0	33,000	122,000	341,000
Buffington Classic Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	1,000	12,000	20,000	45,000
TR Finished Lot Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	41,000	136,000	225,000	403,000
TR Paper Lot Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	502,000	418,000	1,451,000	1,218,000
Carrollton Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	0	0	0	28,000
165 Howe Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	0	12,000	0	80,000
Pine Trace Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	165,000	177,000	607,000	520,000
Northpointe Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	35,000	49,000	124,000	93,000
Northpointe II Participation Agreement [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	198,000	107,000	414,000	151,000
UMTHF Megatel Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	188,000	0	408,000	0
URHF Buckingham Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	2,000	0	55,000	0
URHF Bratton Hill Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	0	0	40,000	0
URHF Glenmore Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	126,000	0	203,000	0
URHF Gateway Participation [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest income - related parties	$136,000	$0	$221,000	$0

Related_Party_Transactions_Det7

Related Party Transactions (Details 7) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	$47,189,000	$31,018,000
Buffington Classic CL [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	0	0
HLL II Highland Farms Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	1,596,000	1,572,000
HLL Hidden Meadows Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	11,193,000	10,643,000
Ash Creek Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	1,530,000	1,756,000
UDF TX Two Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	564,000	502,000
UDF PM Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	4,369,000	3,822,000
HLL IS Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	2,401,000	2,522,000
One KR Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	9,071,000	10,201,000
Rowe Lane Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	4,965,000	0
BRHG Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Balance Of Notes Receivable Related	$11,500,000	$0

Related_Party_Transactions_Det8

Related Party Transactions (Details 8) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	$2,084,471	$2,607,292
Buffington Classic CL [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	0	0
HLL II Highland Farms Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	110,000	0
HLL Hidden Meadows Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	271,000	1,028,000
Ash Creek Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	57,000	22,000
UDF TX Two Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	2,000	16,000
UDF PM Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	484,000	83,000
HLL IS Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	2,000	12,000
One KR Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	151,000	0
Rowe Lane Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	81,000	0
BRHG Loan [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accounts Receivable, Related Parties	$119,000	$0

Related_Party_Transactions_Det9

Related Party Transactions (Details 9) (USD $)	3 Months Ended		9 Months Ended
Related Party Transactions (Details 9) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	$2,672,045	$1,899,165	$7,290,717	$5,653,989
HLL Indian Springs Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	0	0	0	8,000
Buffington Classic CL [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	0	0	0	5,000
HLL II Highland Farms Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	51,000	46,000	148,000	136,000
HLL Hidden Meadows Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	368,000	330,000	1,079,000	956,000
Ash Creek Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	50,000	68,000	158,000	223,000
UDF TX Two Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	16,000	18,000	49,000	189,000
UDF PM Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	142,000	105,000	404,000	205,000
HLL IS Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	88,000	130,000	252,000	350,000
One KR Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	296,000	258,000	903,000	703,000
Rowe Lane Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	148,000	0	289,000	0
BRHG Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Interest Income, Related Party	$119,000	$0	$119,000	$0

Recovered_Sheet7

Related Party Transactions (Details 10) (USD $)	3 Months Ended		9 Months Ended
Related Party Transactions (Details 10) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Commitment Fee Income Related Parties	$79,767	$38,797	$173,451	$143,817
HLL II Highland Farms Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Commitment Fee Income Related Parties	0	0	0	2,000
HLL Hidden Meadows Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Commitment Fee Income Related Parties	6,000	6,000	19,000	19,000
HLL IS Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Commitment Fee Income Related Parties	5,000	5,000	16,000	16,000
One KR Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Commitment Fee Income Related Parties	13,000	13,000	38,000	38,000
Rowe Lane Loan [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Commitment Fee Income Related Parties	$5,000	$0	$12,000	$0

Related_Party_Transactions_O_a

Related Party Transactions O and O Reimbursement (Details Textual) (Organization and Offering Costs [Member], USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Organization and Offering Costs [Member]	'	'
Related Party Transaction [Line Items]	'	'
Noninterest Expense Offering Cost	'	$8.20
Advisory Fee Percentage	3.00%	'

Related_Party_Transactions_Man

Related Party Transactions Management fees (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Management Fees Member [Member]	Management Fees Member [Member]
Related Party Transaction [Line Items]	'	'	'	'	'	'
Accrued Liabilities and Other Liabilities	'	'	'	'	$1,000,000	$842,000
Management Fee Related Party	$2,325,276	$2,177,262	$7,629,346	$5,653,507	'	'

Related_Party_Transactions_Acq

Related Party Transactions Acquisition and Origination Fees (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
General and administrative - related parties	$382,431	$2,820,065	($1,376,394)	$6,272,763	'
Accrued liabilities - related parties	1,165,356	'	1,165,356	'	3,339,143
Acquisition and Origination Fees Percentage	'	'	3.00%	'	'
Acquisition and Origination Fees [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Accrued liabilities - related parties	'	'	'	'	2,400,000
Reversal of Accrued Liabilities, Related parties	3,200,000	'	3,200,000	'	'
Acquisition and Origination Fees [Member] \| UMTH LD [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
General and administrative - related parties	$0	$2,700,000	($2,200,000)	$5,900,000	'

Related_Party_Transactions_Deb

Related Party Transactions Debt Financing Fees (Details Textual) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Accrued liabilities - related parties	$1,165,356	$3,339,143
Debt Financing Fee [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accrued liabilities - related parties	$0	$0

Related_Party_Transactions_Cre

Related Party Transactions Credit Enhancement Fees (Details Textual) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Accrued liabilities - related parties	$1,165,356	$3,339,143
Credit Enhancement Fees [Member]	'	'
Related Party Transaction [Line Items]	'	'
Accrued liabilities - related parties	$111,000	$17,000

Related_Party_Transactions_Loa

Related Party Transactions Loan Participation Interest - Related Parties (Details Textual) (USD $)	12 Months Ended								1 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2009	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2010	31-May-14	31-May-14
	Carrollton Participation Agreement [Member]	165 Howe Participation Agreement [Member]	Buffington Participation Agreement [Member]	Pine Trace Participation Agreement [Member]	UMTHF Megatel Participation [Member]	URHF Buckingham Participation [Member]	URHF Bratton Hill Participation [Member]	Buffington Classic Participation Agreement [Member]	URHF Gateway Participation [Member]	URHF Glenmore Participation [Member]
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'
Percentage Interest of Related Party Owned By Affiliated Entity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Note Receivable Related Party Loan Amount	'	'	'	'	'	$4.90	$3	'	$7.60	$4.20

Related_Party_Transactions_Not

Related Party Transactions Notes Receivable - Related Parties (Details Textual) (USD $)	Jan. 18, 2010	Dec. 22, 2010	Feb. 17, 2011	Apr. 20, 2011	Sep. 20, 2012	Oct. 17, 2012	Nov. 29, 2012	Dec. 14, 2012	Feb. 18, 2014	Aug. 29, 2014
	HLL Indian Springs Loan [Member]	HLL II Highland Farms Loan [Member]	HLL Hidden Meadows Loan [Member]	Ash Creek Loan [Member]	Udf Tx Two Loan [Member]	Udf Pm Loan [Member]	HLL IS Loan [Member]	One Kr Loan [Member]	Rowe Lane Loan [Member]	BRHG Loan [Member]
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'
Percentage Interest of Related Party Owned By Affiliated Entity	'	'	'	'	50.00%	'	'	'	'	'
Note Receivable - Related Party Loan Amount	$1,800,000	$1,900,000	$9,900,000	$3,000,000	$2,900,000	$5,100,000	$6,400,000	$15,300,000	$7,500,000	$11,500,000
Related Party Notes And Loan Receivable Interest Rate Terms Description	'	'	'	'	'	'	'	'	'lower of 13% per annum, or the highest rate allowed by law	'
Loan Origination Fee Receivable	'	19,000	99,000	'	'	'	64,000	153,000	75,000	'
Related Party Loans Interest Reserve	'	'	'	'	'	'	'	'	$2,500,000	'
Loan Agreement Description	'	'	'	'	'	'	'	'	'The Rowe Lane Loan provides Rowe Lane with funding to acquire and develop 71.388 acres of land into approximately 285 single-family lots. The Rowe Lane Loan was initially evidenced and secured by a first lien deed of trust recorded against approximately 28 acres, as well as a second lien deed of trust recorded against approximately 43 acres, and other loan documents.	'

Concentration_of_Credit_Risk_D

Concentration of Credit Risk (Details Textual)	9 Months Ended
Concentration of Credit Risk (Details Textual)	Sep. 30, 2014
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'
Largest Borrower And Affiliate Concentration	63.00%
Credit Risk Concentration Percentage	10.00%
Texas [Member]	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'
Percentage of Real Property Loans and Investments Secured under Location	98.00%
Florida [Member]	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'
Percentage of Real Property Loans and Investments Secured under Location	1.00%
South Carolina [Member]	'
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'
Percentage of Real Property Loans and Investments Secured under Location	1.00%

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (USD $)	4 Months Ended	0 Months Ended	3 Months Ended	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2014	Oct. 02, 2014	Dec. 31, 2014	Oct. 14, 2014
		Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
				Waterfall Loan [Member]
Subsequent Event [Line Items]	'	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	'	'	$15
Line of Credit Facility, Interest Rate Description	'	'	'	'LIBOR plus 9.00%, with a LIBOR floor of 1%
Distribution Rate	$1.64	$0.14	$0.14	'