Drawing text on a BillboardObject?!

Okay I have a Blueprint which contains a Billboard component. Now I’m trying to draw a text onto the the Billboard material:


TextMesh = PCIP.CreateDefaultSubobject<UBillboardComponent>(this, TEXT("Text Mesh"));
	TextMesh->AttachParent = TouchSphere;
	TextMesh->RelativeLocation = FVector(0.f, 0.f, TouchSphere->GetScaledSphereRadius()*2);
	if (!TextMesh) return;
	UMaterialInterface* BillboardMaterial = TextMesh->GetMaterial(0);
	if (!BillboardMaterial) return;
	// Create a Render Texture and initialise it.

	UTextureRenderTarget2D* RenderTexture = (UTextureRenderTarget2D*)StaticConstructObject(UTextureRenderTarget2D::StaticClass());
	RenderTexture->ClearColor = FLinearColor::Black;
	RenderTexture->InitAutoFormat(400,200);
	RenderTexture->UpdateResourceImmediate();

	// Create a Canvas and assign the render texture resource to it
	FTextureRenderTarget2DResource* TextureResource = (FTextureRenderTarget2DResource*)RenderTexture->Resource;
	FCanvas* Canvas = new FCanvas(TextureResource, NULL, 0, 0, 0);
	Canvas->Clear(FLinearColor::Black);

	//Your drawing code goes here
	Canvas->DrawShadowedText(0, 0, DisplayName, HintFont, FLinearColor(1,0,0,1), FLinearColor(0,0,0,0));

	//Assign render texture to material
	UMaterialInstanceDynamic* MText = UMaterialInstanceDynamic::Create(BillboardMaterial, this);
	
	MText->SetTextureParameterValue(TEXT("Target"), RenderTexture);
	TextMesh->SetMaterial(0, MText);

I got the render-to-texture code from google, but it does not work. Also, it seems to me that this code draws the Billboard material onto the canvas, but I want to draw the canvas onto the billboard material.

Edit: I just saw that the TextMesh->GetMaterial(0); always returns NULL. When will the material for this be loaded? How can I run my code after that?

Edit2: Okay I changed the code to the following:



	
	TextMesh = PCIP.CreateDefaultSubobject<UBillboardComponent>(this, TEXT("Text Mesh"));
	TextMesh->AttachParent = TouchSphere;
	TextMesh->RelativeLocation = FVector(0.f, 0.f, TouchSphere->GetScaledSphereRadius()*2);
	if (!TextMesh) return;
	// Create a Render Texture and initialise it.
	
	UTextureRenderTarget2D* RenderTexture = (UTextureRenderTarget2D*)StaticConstructObject(UTextureRenderTarget2D::StaticClass());
	RenderTexture->ClearColor = FLinearColor::Black;
	RenderTexture->InitAutoFormat(512,512);
	RenderTexture->UpdateResourceImmediate();

	// Create a Canvas and assign the render texture resource to it
	
	FTextureRenderTarget2DResource* TextureResource = (FTextureRenderTarget2DResource*)RenderTexture->Resource;
	FCanvas* Canvas = new FCanvas(TextureResource, NULL, 0, 0, 0);
	Canvas->Clear(FLinearColor::Black);

	//Your drawing code goes here
	Canvas->DrawShadowedText(0, 0, DisplayName, HintFont, FLinearColor(1,0,0,1), FLinearColor(0,0,0,0));
	Canvas->Flush();
	//Assign render texture to material
	UTexture2D* tex = RenderTexture->ConstructTexture2D(this, TEXT("SprTex"), RF_NoFlags);
	TextMesh->Sprite = tex;


The tex variable is not null, but the sprite does not change in appearance. ****.