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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) July 30, 1996
MATZEL & MUMFORD MORTGAGE FUNDING, INC.
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(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 5. Other Events.
On July 30, 1996, the Funding Company made a first mortgage loan to
Matzel & Mumford at South Brunswick, LLC ("South Brunswick LLC"), the entity
organized to develop, market and build a 40-lot subdivision known as Heather
Knolls East located on Perrine Road in South Brunswick, Middlesex County, New
Jersey. South Brunswick is located in the Route 1 corridor near major east-west
thoroughfares, and is approximately a one hour drive from New York City. In
addition to its proximity to the employment centers of New City and northern New
Jersey, South Brunswick is approximately 5 minutes from the Princeton corridor,
which is a substantial base for white- and blue- color jobs.
Heather Knolls East will consist of 40 homes on approximately 43 acres
of land, most of which has been farmed. South Brunswick LLC acquired the 40
building lots, which have preliminary approval, for $1,180,000 or $29,500 per
building lot. The closing of title to the property will be funded by a first
mortgage loan from the Funding Company in the amount of $1,200,000. The land was
appraised as of July 8, 1996 at $1,785,000. South Brunswick LLC expects to
receive final approvals in the third quarter of 1996.
In addition to funding the land acquisition, the Funding Company has
committed to advance up to $700,000 on a first mortgage basis for project costs,
such as management fees, approval costs and closing costs. As of July 30th, no
amount has been advanced in respect of project costs.
South Brunswick LLC expects to commence site improvements to Heather
Knolls East in the third quarter of 1996. The Funding Company has committed to
fund up to $1,600,000 for sitework on a first mortgage basis as needed. As of
July 30th, none of the sitework funding has been advanced.
Item 7(a). Financial Statements.
The audited financial statements of South Brunswick LLC for the period
from inception (May 7, 1996) to July 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 South Brunswick LLC
is a new entity which has not previously had occasion to produce financial
statements.
Item 7(c). Exhibits
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).
27 Financial Data Schedule.
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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.
/s/ ROGER MUMFORD
Dated: August 12, 1996 By:-------------------------
Roger Mumford
President
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DOCUMENT PAGE
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).
27 Financial Data Schedule +
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*Incorporated by reference.
+To be filed by amendment.
