Exhibit 21.1

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LIST OF ENTITIES AND SUBSIDIARIES
Investors Mortgage Holdings, Inc., an Arizona corporation, wholly-owned subsidiary of IMH Financial Corporation, and parent of:
1	Investors Mortgage Holdings California, Inc., a California corporation (100% shareholder)
IMH Holdings, LLC, an Arizona limited liability company, wholly-owned subsidiary of IMH Financial Corporation, and sole member of:
1	SWI Management, LLC, an Arizona limited liability company
2	IMH Management Services, LLC, an Arizona limited liability company
IMH Financial Corporation, a Delaware corporation, and sole member of the following special asset entities:
	SUBSIDIARIES	OWNED BY	% OF OWNERSHIP	OWNED BY	% OF OWNERSHIP
1	IMH Special Asset NT 232, LLC	IMH Financial Corporation	100
2	IMH Special Asset NT 233, LLC	IMH Financial Corporation	100
3	IMH Special Asset NT 247, LLC	IMH Financial Corporation	100
4	IMH Special Asset NT 155, LLC	IMH Financial Corporation	100
5	Samol, LLC	IMH Financial Corporation	100
6	IMH Special Asset NT 203, LLC	IMH Financial Corporation	100
7	IMH Special Asset NT 132, LLC	IMH Financial Corporation	100
8	IMH Special Asset NT 162, LLC	IMH Financial Corporation	100
9	IMH Special Asset NT 164, LLC	IMH Financial Corporation	100
10	IMH Special Asset NT 172, LLC	IMH Financial Corporation	100
11	AZ-Waters Edge, LLC	IMH Financial Corporation	100
12	IMH Special Asset NT 184, LLC	IMH Financial Corporation	100
13	May, LLC	IMH Financial Corporation	100
14	Heber, LLC	IMH Financial Corporation	100
15	IMH Special Asset NT 222, LLC	IMH Financial Corporation	100
16	AZ-Havasu, LLC	IMH Financial Corporation	100
17	IMH Special Asset NT 76, LLC	IMH Financial Corporation	100
18	IMH Special Asset NT 101, LLC	IMH Financial Corporation	100
19	IMH Special Asset NT 102, LLC	IMH Financial Corporation	100
20	IMH Special Asset NT 107, LLC	IMH Financial Corporation	100
21	IMH Special Asset NT 228, LLC	IMH Financial Corporation	100
22	Buena Yuma, LLC	IMH Financial Corporation	100
23	IMH Special Asset NT 118, LLC	IMH Financial Corporation	100
24	Porterville 179, LLC	IMH Financial Corporation	100
25	IMH Special Asset NT 139, LLC	IMH Financial Corporation	100
26	IMH Special Asset NT 140, LLC	IMH Financial Corporation	100
27	IMH Special Asset NT 100, LLC	IMH Financial Corporation	100
28	Tulare 207, LLC	IMH Financial Corporation	100
29	NM-Emerald, LLC	IMH Financial Corporation	100
30	FR 160, LLC	IMH Financial Corporation	100
31	IMH Special Asset NT 161, LLC	IMH Financial Corporation	100
32	IMH Special Asset NT 163, LLC	IMH Financial Corporation	100
33	IMH Special Asset NT 168, LLC	IMH Financial Corporation	100
34	IMH Special Asset NT 175-IGH, LLC	IMH Financial Corporation	100
35	IMH Special Asset NT 175-AVN, LLC	IMH Financial Corporation	100
36	IMH Special Asset NT 176, LLC	IMH Financial Corporation	100
37	IMH Special Asset NT 178, LLC	IMH Financial Corporation	100

38	IMH Special Asset NT 181, LLC	IMH Financial Corporation	100
39	IMH Special Asset NT 186, LLC	IMH Financial Corporation	100
40	IMH Special Asset NT 192, LLC	IMH Financial Corporation	100
41	IMH Special Asset NT 194, LLC	IMH Financial Corporation	100
42	IMH Special Asset NT 198, LLC	IMH Financial Corporation	100
43	IMH Special Asset NT 236, LLC	IMH Financial Corporation	100
44	CA-Daley, LLC	IMH Financial Corporation	100
45	IMH Special Asset NT 246, LLC	IMH Financial Corporation	100
46	IMH Special Asset NT 250, LLC	IMH Financial Corporation	100
47	Isleton 300, LLC	IMH Financial Corporation	100
48	Fowler 171, LLC	IMH Financial Corporation	100
49	IMH LR Real Estate, LLC **	IMH Financial Corporation	100
50	IMH LR Clubhouse, LLC *	IMH Financial Corporation	100
51	LR Water, LLC	IMH LR Clubhouse, LLC	100	IMH Financial Corporation	100
52	IMH LR Golf, LLC	IMH LR Clubhouse, LLC	100	IMH Financial Corporation	100
53	IMH LR Restaurant, LLC	IMH LR Clubhouse, LLC	100	IMH Financial Corporation	100
54	NT 233 Oak Creek Lots, LLC	IMH Financial Corporation	100
55	IMH Special Asset LR, LLC	IMH Financial Corporation	100
56	Tulare 167, LLC	IMH Financial Corporation	100
57	BR North 223, LLC	IMH Financial Corporation	100
58	Lomas, LLC	IMH Financial Corporation	100
59	IMH Special Asset NT 199, LLC	IMH Financial Corporation	100
60	IMH Special Asset NT 221, LLC	IMH Financial Corporation	100
61	IMH Special Asset NT 235, LLC	IMH Financial Corporation	100
62	IMH Special Asset NT 242, LLC	IMH Financial Corporation	100
63	IMH Special Asset NT 254, LLC	IMH Financial Corporation	100
64	IMH Special Asset NT 266, LLC	IMH Financial Corporation	100
65	IMH DWL Lender, LLC	IMH Financial Corporation	100
66	IMH Special Asset NT 152, LLC	IMH Financial Corporation	100
67	Central Valley 1206, LLC	IMH Financial Corporation	100
68	NM-Indian, LLC	IMH Financial Corporation	100
69	IMH Special Asset NT 158, LLC	IMH Financial Corporation	100
70	IMH Safari Loans, LLC	IMH Financial Corporation	100
71	IMH Special Asset NT 137, LLC	IMH Financial Corporation	100
72	Cheney, LLC	IMH Financial Corporation	100
73	AZ-Havasu Golden Valley, LLC	IMH Financial Corporation	100
74	AZ-Havasu Kingman, LLC	IMH Financial Corporation	100
75	AZ-Havasu S 2.08, LLC	IMH Financial Corporation	100
76	AZ-Havasu SN 67, LLC	IMH Financial Corporation	100
77	AZ-Havasu LN, LLC	IMH Financial Corporation	100
78	Satsuma St. Lender, LLC	IMH Financial Corporation	100
79	Stafford Meadows 7, LLC	IMH Financial Corporation	100
80	Horizon 100, LLC	IMH Financial Corporation	100
81	Coolidge Meadows, LLC	IMH Financial Corporation	100
82	IMH Disbursements, LLC	IMH Financial Corporation	100
83	Oasis Indian Bend LLC	IMH Financial Corporation	100
84	Recovery Asset Fund, LLC	IMH Financial Corporation	100
85	Stockholder, LLC	IMH Financial Corporation	100
86	255 Noholike Way, LLC	IMH Financial Corporation	100
87	HL Newco, LLC	IMH Financial Corporation	100
88	L'Auberge Newco, LLC	IMH Financial Corporation	100
89	Orchards Newco, LLC	IMH Financial Corporation	100
90	WARE Development, LLC	IMH Financial Corporation	100

91	Southwest Acquisitions, LLC	IMH Financial Corporation	100
92	L'Auberge Newco Restaurant, LLC	L'Auberge Newco, LLC	100	IMH Financial Corporation	100
93	L'Auberge Newco Spa, LLC	L'Auberge Newco, LLC	100	IMH Financial Corporation	100
94	Orchards Newco Restaurant, LLC	Orchards Newco, LLC	100	IMH Financial Corporation	100
95	Royal Commercial Realty Capital, LLC	IMH Financial Corporation	100
96	Royal Multifamily Ventures 2013-1, LLC	IMH Financial Corporation	100
97	Royal Multifamily Promote 2013-1, LLC	IMH Financial Corporation	100
98	Motor City, LLC	IMH Financial Corporation	100
99	IMH Holdings, LLC	IMH Financial Corporation	100
100	IMH Management Services, LLC	IMH Financial Corporation	100
101	SWI Management, LLC	IMH Financial Corporation	100
102	11333, Inc.	IMH Financial Corporation	100
103	Investors Mortgage Holdings California, Inc.	11333, Inc.	100	IMH Financial Corporation	100
104	IMH EQ LLC	IMH Financial Corporation	100
105	IMH HI LLC	IMH Financial Corporation	100
106	IMH NM LLC	IMH Financial Corporation	100
107	IMH TX 309 LLC	IMH Financial Corporation	100
108	IMH EQ TWO LLC	IMH Financial Corporation	100
109	IMH Gabella, LLC	Southwest Acquisitions, LLC	100	IMH Financial Corporation	100
110	Heber 20, LLC	IMH Financial Corporation	100
*100% sole member is IMH LR Clubhouse, LLC, an Arizona limited liability company
**100% sole member is IMH LR Real Estate, LLC, an Arizona limited liability company