Executive Team Management

United Development Funding Income Fund V’s (“UDF V”) management has extensive experience in homebuilding, land development, asset management, development finance, public accounting and tax law.

Management Team

Hollis M. Greenlaw, Chief Executive Officer and Chairman of the Board of Trustees

Chairman of the Board of Trustees and Chief Executive Officer of UDF V; President and Chief Executive Officer of UDF Services, Chief Executive Officer of UDFH Land Development, Chief Executive Officer, Co-Chairman and Partner of UDF Holdings

Mr. Greenlaw has served as our Chief Executive Officer and Chairman of our board of trustees since our formation in October 2013. Mr. Greenlaw serves as Co-Chairman for, and is a partner of, UDFH, one of our co-sponsors, as well as Director, President and Chief Executive Officer of UDF Services, its general partner, and Chief Executive Officer of UDFH LD, our asset manager. Mr. Greenlaw is also the co-founder and Chief Executive Officer of the asset manager of United Development Funding, L.P., United Development Funding II, L.P., United Development Funding III, L.P. and United Development Funding Land Opportunity Fund, L.P., as well as Chief Executive Officer and Chairman of the board of trustees of United Development Funding IV, all of which are affiliated real estate finance companies that provide custom financing, including transactions involving real estate development and construction loans and credit enhancements, and make opportunistic purchases of land for residential lot development and home construction. As Chief Executive Officer of the asset manager of the United Development Funding family of entities, Mr. Greenlaw has directed the funding of more than $1.5 billion in loans and land banking transactions and over $168 million in equity investments through United Development Funding products, receiving more than $686 million in repayments and over $92 million in equity investment distributions to date, most notably through United Development Funding, L.P., United Development Funding II, L.P., United Development Funding III, L.P., United Development Funding Land Opportunity Fund, L.P. and United Development Funding IV. From March 1997 until June 2003, Mr. Greenlaw served as Chairman, President, and Chief Executive Officer of a multi-family real estate development and management company owned primarily by The Hartnett Group, Ltd., a closely-held private investment company managing more than $40 million in assets. There he developed seven multi-family communities in Arizona, Texas, and Louisiana with a portfolio value exceeding $80 million. Prior to joining The Hartnett Group, Mr. Greenlaw was an attorney with the Washington, D.C. law firm, Williams & Connolly, where he practiced business and tax law. Mr. Greenlaw was a member of Phi Beta Kappa at Bowdoin College and received his Juris Doctorate from the Columbia University School of Law in 1990. Mr. Greenlaw is a member of the Maine, District of Columbia and Texas bars. Our board of trustees selected Mr. Greenlaw to serve as a trustee because he is our Chief Executive Officer and has served in various executive roles with one of our co-sponsors or its affiliates since 2003. He has extensive knowledge of the public homebuilding and real estate industries, and has relationships with chief executives and other senior management at multiple real estate companies. We believe that his demonstrated leadership skills, business expertise and extensive REIT executive experience provide him with the skills and qualifications to serve as a trustee.

Todd Etter, Partner, Co-Chairman

Co-Chairman and Partner of UDF Holdings, Executive Vice President of UDFH Land Development, Director and Chairman of UDF ServicesTodd Etter-199x300

Mr. Etter has served as Co-Chairman for, and has been a partner of, UDFH since its formation in June 2012. He also serves as Chairman and Director of UDF Services, UDFH’s general partner, and Executive Vice President of UDFH LD, our asset manager. Mr. Etter has served as the Executive Vice President of UMTH LD since March 2003. Since 2000, Mr. Etter has been the Chairman of UMT Advisors, Inc., which served as the advisor to United Mortgage Trust from 2000 through July 2006, and since 1996, he has been Chairman of Mortgage Trust Advisors, Inc., which served as the advisor to United Mortgage Trust from 1996 to 2000. Mr. Etter has overseen the growth of United Mortgage Trust from its inception in 1997 to over $150 million in capital. Since 1998, Mr. Etter has been a 50% owner of and has served as a director of Capital Reserve Corp. Since 2002, he has served as an owner and director of Ready America Funding Corp. Both Capital Reserve Corp. and Ready America Funding Corp. are Texas corporations that originate, sell and service mortgage loans for the purchase, renovation and construction of single-family homes. In 1992, Mr. Etter formed, and since that date has served as President of, South Central Mortgage, Inc., a Dallas, Texas-based mortgage banking firm. In July 2003, Mr. Etter consolidated his business interests in Capital Reserve Corp., Ready America Funding Corp. and SCMI into UMT Holdings. From 1980 through 1987, Mr. Etter served as a Principal of South Central Securities, a member firm at the predecessor of FINRA. In 1985, he formed South Central Financial Group, Inc., a Dallas, Texas-based investment banking firm, and he continues to serve as its President. From 1974 through 1981, he was Vice President of Crawford, Etter and Associates, a residential development, marketing, finance and construction company. Mr. Etter received a Bachelor of Arts degree from Michigan State University in 1972.

Michael K. Wilson, Partner, President

President and Partner of UDF Holdings

Mr. Wilson has served as President for, and has been a partner of, UDFH since its formation in June 2012.  Mr. Wilson has served as President of UMT Holdings since June 2009 and has been a partner of UMT Holdings since January 2007. Mr. Wilson is currently responsible for Sales, Marketing and Investor Relations for UMT Holdings, and from August 2005 through June 2013 directed the capital raise of over approximately $1 billion in United Development Funding securities. From January 2004 through July 2005, Mr. Wilson served as Senior Vice President of Marketing for UMT Holdings. From January 2003 through January 2004, Mr. Wilson served as Senior Vice President of Operations of Interelate, Inc., a marketing services business process outsourcing firm. From September 2001 to December 2002, Mr. Wilson was the sole principal of Applied Focus, LLC, an independent management consulting company that provided management consulting services to executives of private technology companies. Mr. Wilson continues to serve as a consultant for Applied Focus, LLC. From April 1998 to September 2001, Mr. Wilson served as Senior Director and Vice President of Matchlogic, the online database marketing division of Excite@Home, where he directed outsourced advertising management and database marketing services for Global 500 clients including General Motors and Procter & Gamble. From July 1985 to April 1998, Mr. Wilson was employed with Electronic Data Systems in Detroit, Michigan where he led several multi-million dollar information technology services engagements in the automotive industry, including GM OnStar. Mr. Wilson graduated from Oakland University in 1985 with a Bachelor of Science degree in Management Information Systems and earned a Master of Business Administration degree from Wayne State University in 1992.

Dave A. Hanson, Chief Operating Officer and Chief Accounting Officer

Chief Operating Officer and Chief Accounting Officer for UDFVDave-Hanson-199x300

Mr. Hanson has served as our Chief Operating Officer and Chief Accounting Officer since our formation in October 2013. Mr. Hanson also serves as President of UDFH GS, our sub-advisor, and as Chief Financial Officer of UDF Services. Since May 2008, Mr. Hanson also has served as Chief Accounting Officer of United Development Funding IV, which provides custom financing, including transactions involving real estate development and construction loans and credit enhancements. He also served as Chief Operating Officer of United Development Funding IV from May 2008 until February 2014. He has also served as President of UMTH General Services, L.P. (UMTH GS), Chief Financial Officer of UMT Holdings, L.P. (UMT Holdings), and Chief Financial Officer of UMT Services, Inc. (UMT Services) since June 2007. Mr. Hanson has over 25 years of experience as a financial executive in the residential housing industry and as an accountant with an international public accounting firm. From 2006 to 2007, he was a Director of Land Finance for the Central/Eastern Region at Meritage Homes Corporation (Meritage), the twelfth largest publicly traded homebuilder. While at Meritage, Mr. Hanson handled all aspects of establishing, financing, administering and monitoring off-balance sheet FIN 46-compliant entities for the Central/Eastern Region. From 2001 to 2006, he was employed with Lennar Corporation, a national homebuilding company, as the Regional Finance Manager and served as acting homebuilding Division President, Regional Controller, and Controller for both homebuilding and land divisions. From 1999 to 2001, Mr. Hanson was the Director, Finance and Administration for One, Inc., a technology consulting firm. From 1996 to 1999, Mr. Hanson was the Vice President, Finance and Accounting for MedicalControl, Inc., a publicly traded managed healthcare company. Prior to 1996, he was employed with Arthur Andersen LLP, an international accounting and consulting firm, for approximately nine years. He graduated from the University of Northern Iowa in 1984 with a Bachelor of Arts degree in Financial Management/Economics and in 1985 with a Bachelor of Arts degree in Accounting. He is a Certified Public Accountant and Certified Management Accountant.

Cara D. Obert, Chief Financial Officer and Treasurer

Chief Financial Officer and Treasurer of UDF V, Chief Financial Officer and Partner of UDF Holdings, Chief Financial Officer of UDFH Land Development

Ms. Obert has served as our Chief Financial Officer and Treasurer since our formation in October 2013. Ms. Obert also serves as the Chief Financial Officer for, and is a partner of, UDFH. Since August 2006, she also has served as the Chief Financial Officer of UDFH Land Development, L.P., and since May 2008, she has served as the Chief Financial Officer of United Development Funding IV, which provides custom financing, including transactions involving real estate development and construction loans and credit enhancements. Ms. Obert served as the Chief Financial Officer for UMT Holdings from March 2004 until August 2006 and served as Controller for UMT Holdings from October 2003 through March 2004. She has served as the Chief Financial Officer of UMTH Land Development, L.P. (UMTH LD) since August 2006. From 1996 to 2003, she was a self-employed consultant, assisting clients, including Fortune 500 companies, in creating and maintaining financial accounting systems. From May 1995 until June 1996, she served as Controller for Value-Added Communications, Inc., a NASDAQ-listed telecommunications company that provided communications systems for the hotel and prison industries. From 1990 to 1993, she was employed with Arthur Andersen LLP, an international accounting and consulting firm. She graduated from Texas Tech University in 1990 with a Bachelor of Arts degree in Accounting. She is a Certified Public Accountant.

Ben L. Wissink, Partner

President of UDFH Land Development and Partner of UDF Holdings, Chief Operating Officer of UDF Services

Mr. Wissink has been a partner of UDFH since its formation in June 2012 and has served as President of UDFH LD, our asset manager, since its inception. Mr. Wissink joined UMTH Land Development, L.P. as asset manager in September 2005, subsequently served as its Chief Operating Officer from March 2007 through July 2011 and has been a partner of UMT Holdings since September 2008. Mr. Wissink is also the Chief Operating Officer of UMT Services. Mr. Wissink directs the management of over $126 million in loans and investments for United Development Funding, L.P. and United Development Funding II, L.P., and over $105 million in loans for United Development Funding III, L.P. From June 2003 through August 2005, Mr. Wissink served as the Controller for the Dallas/Fort Worth land division for the national homebuilding company, Lennar Corporation. During that time, Mr. Wissink also served as an analyst for the Texas region. While at Lennar, Mr. Wissink assisted in the underwriting, execution and management of off-balance sheet transactions, including two acquisition and development funds between Lennar Corporation and United Development Funding, L.P. Mr. Wissink graduated from the University of Iowa in 2003 with a Bachelor of Business Administration degree in Finance.

Melissa Youngblood, Partner

Chief Operating Officer and Vice President of UDFH Land Development and Partner of UDF Holdings, Executive Vice President of UDF Services

Mrs. Youngblood has been a partner of UDFH since its formation in June 2012 and has served as Chief Operating Officer of UDFH LD, our asset manager, since its inception. Mrs. Youngblood has served as the Chief Operating Officer of UMTH LD since July 2011. Mrs. Youngblood has also served as a partner of UMT Holdings and as Executive Vice President of UMT Services since July 2011. Mrs. Youngblood has 18 years of experience as a practicing attorney. From 1998 until she joined UMTH LD, Mrs. Youngblood was with the law firm of Hallett & Perrin, P.C. in the firm’s corporate and securities section, with a concentration in real estate and lending transactions, having been named a partner at Hallett & Perrin, P.C. in 2005. Mrs. Youngblood has represented both publicly and privately owned business entities, including in public and private finance, mergers and acquisitions, general contracting and commercial real estate transactions. Mrs. Youngblood’s legal career has focused on representation of borrowers and lenders in private and commercial lending transactions, and real estate syndicators and financiers in connection with real estate-based lending, documentation of loans, and real estate financing. She has also represented businesses in various aspects of securities laws, with an emphasis on federal securities reporting and compliance. Her experience includes corporate reorganizations, mergers, asset acquisitions and sales, shareholder, partnership and joint venture agreements, sales of equity and debt interests, and representation of issuers in connection with private placements of equity and secondary public offerings of debt and equity. Mrs. Youngblood received her J.D. from the University of Texas at Austin law school in 1992, and became a member of the State Bar of Texas upon taking the bar exam in 1993. She graduated with honors from the University of Texas at Arlington in 1990 with a Bachelors of Business Administration degree.