United Mortgage Trust, Inc.

Proposed Ticker: -		1701 N. Greenville, Suite 403
Exchange: NASDAQ-National Market		Richardson, Texas 85081
Industry: Financial

All share information is proposed
Type of Shares:	Shares of Beneficial Interest	Filing Date:	8/14/96
U.S. Shares Filed:	2,500,000	Filing Price:	$20.00
Non-U.S. Shares Filed:	0	Offering Amount:	$50,000,000
Primary Shares:	2,500,000	Expenses:	-
Secondary Shares:	0	Shs Out After:

Manager	Tier	Phone
First Financial United	Lead Manager

	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
		7/18/96			7/18/96
Revenue:		$0.00		Assets:	$0.19
Net Income:		-$0.01		Liabilities:	$0.00
EPS:		-$0.94		Equity:	$0.19
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company is a Maryland real estate investment trust formed on July 12, 1996. It will invest in first lien mortgage notes financed by the proceeds of this offering. The company seeks to produce net interest income on its mortgage portfolio while maintaining strict cost controls in order to generate net income for monthly distribution to its shareholders. The company intends to operate in a manner that will permit it to qualify as REIT for federal income tax purposes. As a result of REIT status, the company would be permitted to deduct dividend distributions to shareholders, thereby effectively eliminating the "double taxation" that generally results when a corporation earns income and distributes that income to stockholders in the form dividends. The company will be self-administered with the company's President acting as Administrator. The Administrator will manage the day-to-day operations of the company, subject to the supervision of the company's Board of Trustees.

Use of Proceeds

The proceeds from the proposed offering will be invested in accordance with the investment objectives of the trust.

Last updated: 10/28/96