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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) June 4, 1996
MATZEL & MUMFORD MORTGAGE FUNDING, INC.
(Exact name of registrant as specified in its charter)
New Jersey 33-98178 22-3382016
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 Village Court, Hazlet, New Jersey 07730
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(Address of principal executive offices) (Zip Code)
(908) 888-4801
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(Registrant's telephone number, including area code)
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Item 4. Change in Registrant's Certifying Accountant.
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As reported in a Current Report on Form 8-K filed by Matzel & Mumford
Mortgage Funding, Inc. (the "Funding Company") on June 3, 1996, and amended on
June 14, 1996, the Funding Company advised BDO Seidman, LLP that it would engage
the auditing services of BDO Seidman, LLP for the foreseeable future. On June
25, 1996, the Funding Company entered into a formal engagement letter with BDO
Seidman, LLP as previously approved by the Funding Company's Board of Directors.
Item 5. Other Events.
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On June 4, 1996, the Funding Company made a first mortgage loan to
Matzel & Mumford at Piscataway, LLC ("Maplehurst Farm LLC"), the entity
organized to develop, market and build a 126-lot subdivision known as Maplehurst
Farm. Maplehurst Farm is located on River Road in Piscataway, Middlesex County,
New Jersey. Piscataway is located in the Route 287 corridor near major east-west
thoroughfares, and is less than a one hour drive from New York City. In addition
to its proximity to the employment centers of New York City and northern New
Jersey, Piscataway is itself a substantial base for white- and blue-collar jobs.
Maplehurst Farm will consist of 126 homes on approximately 121 acres of
land, most of which has been farmed. Maplehurst Farm LLC acquired 21 building
lots on June 4, 1996 for $903,000, or $43,000 per building lot. The closing of
title to the property was funded entirely by a loan from the Funding Company. In
addition, the Funding Company has committed to advance up to $247,000 of project
costs for management fees, approval costs and closing costs. The outstanding
balance of these costs is $136,474 as of June 4, 1996. All funding has been
secured with a first mortgage lien. An affiliate of Maplehurst Farm LLC has an
option to acquire the remaining 105 building lots that Maplehurst Farm LLC
intends to develop as part of Maplehurst Farm.
Maplehurst Farm LLC expects to commence site improvements on the first
21 lots of Maplehurst Farm in July 1996 and concurrently erect two model homes
and a sales office near the River Road entrance to the development. The Funding
Company has committed to fund up to $850,000 for sitework and $500,000 for the
two model homes on a first mortgage basis, to be drawn as needed. As of June 4,
none of the sitework or model loan is outstanding.
The audited financial statements of Maplehurst Farm LLC for the period
from inception (May 7, 1996) to June 30, 1996 will be filed as an amendment to
this Form 8-K within sixty days of the filing of this Current Report, as
permitted by Item 7(a)(4) of the requirements for a Current Report. The required
financial statements are not available at this time because Maplehurst Farm LLC
is a new entity which has not previously had occasion to produce financial
statements.
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Item 7. Exhibits
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4(a) Indenture between Matzel & Mumford Mortgage Funding,
Inc.(the "Funding Company") and First Union National
Bank, as Trustee, dated as of January 25, 1996
(incorporated by reference to Exhibit 4(a) of
Registration Statement on Form SB-2 (Reg. No.
33-98178)).
4(b) Resolutions of the Board of Directors of the Funding
Company respecting terms of Intermediate Term Secured
Notes (incorporated by reference to Exhibit 4(b) of
Quarterly Report on Form 10-QSB for the quarter ended
March 31, 1996).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.
MATZEL & MUMFORD MORTGAGE
FUNDING, INC.
Dated: June 25, 1996 By: /S/ ROGER MUMFORD
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Roger Mumford
President
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DOCUMENT PAGE
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4(a) Indenture between Matzel & Mumford Mortgage Funding, *
Inc.(the "Funding Company") and First Union National
Bank, as Trustee, dated as of January 25, 1996
(incorporated by reference to Exhibit 4(a) of
Registration Statement on Form SB-2 (Reg. No. 33-98178)).
4(b) Resolutions of the Board of Directors of the Funding *
Company respecting terms of Intermediate Term Secured
Notes (incorporated by reference to Exhibit 4(b) of
Quarterly Report on Form 10-QSB for the quarter ended
March 31, 1996).
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* Incorporated by reference.
