UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2015
| United Development Funding Income Fund V |
| (Exact Name of Registrant as Specified in Its Charter) |
| Maryland | 333-194162 (1933 Act) | 46-3890365 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number)
|
(I.R.S. Employer Identification No.) |
|
1301 Municipal Way, Suite 100, Grapevine, Texas 76051 |
| (Address of principal executive offices) |
| (Zip Code) |
| (214) 370-8960 |
| (Registrant’s telephone number, including area code) |
| None |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| Item 1.01 | Entry into a Material Definitive Agreement. |
As disclosed in a Current Report on Form 8-K filed on November 20, 2014 with the Securities and Exchange Commission, on November 14, 2014, United Development Funding Income Fund V, a Maryland real estate investment trust (“UDF V”), entered into a Loan Agreement for up to $10 million of borrowings pursuant to a revolving line of credit (the “Credit Facility”) from Veritex Community Bank (the “Lender”). Effective as of May 22, 2015, UDF V and the Lender entered into a Loan Modification Agreement which increased the maximum borrowings under the Credit Facility to $12.5 million. In connection with the increase of the Credit Facility, UDF V agreed to pay the Lender a fee of $25,000. No other material terms of the Credit Facility were changed as a result of the Loan Modification Agreement.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| United Development Funding Income Fund V | ||
| Dated: May 28, 2015 | By: | /s/ Hollis M. Greenlaw |
| Hollis M. Greenlaw | ||
| Chief Executive Officer | ||