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Bridging the Gap Between Investors and Secure, High-yield Returns 1 1 ABOUT DLP REAL ESTATE CAPITAL

DLP Real Estate Capital (DLP) is a leader in the single and multi-family real estate sectors of brokerage, investment manage- ment, asset management, property management, construction, and private lending. DLP leads and inspires the building of wealth and prosperity through the execution of innovative real estate solutions. DLP generates consistent returns and results for its investors and partners and gives back through its foundation. The family of companies includes DLP Capital Partners, DLP Lending, DLP Real Estate Management, DLP Realty, Alliance Loan Servicing, and Alliance Property Transfer. DLP Real Estate Capital has over $1 billion in assets under management, over 500 loans in portfolio, and has closed over 16,000 real estate transactions totaling more than $4 billion. DLP has been ranked in the Inc. 5000 fastest growing companies in the U.S. for eight consecutive years (#4 out of those companies that made the list 8 straight years); earned the #3 spot for Americas’ Fastest Growing Companies 2020 in the real estate category by ; earned the top spot eight years in a row for REAL Trends American’s Best Realty Professionals List, and was recognized by The Journal and REAL Trends as the #1 team in PA and NJ for five consecutive years for sales. DLP Real Estate Capital represents the family of companies owned by Don Wenner.

DLPRealEstateCapital.com

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alliancepropertytransfer.com allianceloanservicing.com dlpoffers.com

DLP Capital Partners provides investment funds that deliver consistent high-yield returns to investors.

DLP Lending provides short-term acquisition and renovation financing for experienced real estate investors to improve distressed assets and who subsequently secure permanent financing.

DLP Realty has a significant referral network for all DLP Companies and leverages programs including the Guaranteed Sale Program and the Immediate Buy-out Program to generate considerable acquisition volume. DLP Realty’s ability to sell real estate more efficiently than any other real estate brokerage creates an increased level of liquidity to DLP’s assets. Lastly, the vast volume of sales and access to real estate market data gives DLP Realty a strong sense of the pulse and direction of the market.

DLP Real Estate Management maximizes the rental portfolio through quality redevelopment and strong management and leasing, driving up revenue and controlling expenses. DLP Real Estate Management provides an alignment of interest with investors, man- aging and generating significantly higher performance than leading management companies throughout the US. DLP Real Estate Management utilizes some of the most advanced forward-thinking practices in the industry to produce significant results.

Visit DLPRealEstate.com to see all of the DLP companies and websites. 1 Don Wenner | Founder and CEO [email protected] | office: 610.488.2375 | direct: 484.542.2868 Don Wenner is the founder and CEO of DLP Real Estate Capital. Don is a nationally recognized leader in the single and multi-family real estate industry. He is experienced in scaling high growth entrepreneur- ial companies through the utilization of the DLP Elite Execution System (EES). Since DLP’s founding in 2006, Don has closed more than 16,000 real estate transactions totaling over $4 billion. He has built a successful track record of generating consistent profits in all market conditions and cycles and is ranked by as one of the Top 15 Real Estate professionals in the country, including #1 in all of PA and NJ for the past 5 years in a row. Don was awarded the Stevie Award for Entrepre- neur of the Year in Real Estate for 2020. He was named to both the 40 Under 40 list and the Ultimate CEO list as well as being a finalist for the EY Entrepreneur of the Year Award. Don is passionate about making an impact on two epidemics: lack of affordable housing and sustainable jobs.

Don studied Finance and Marketing at , in Philadelphia, PA. He and his wife along with their two sons currently reside in St. Augustine, FL where he is active in their local church. He is passion- ate about fitness and health, devours books on a weekly basis, and enjoys many outdoor activities and discovering new places with his family.

OUR OFFICES

Northeast Headquarters Southeast Headquarters Pocono Office 95 Highland Ave 605 Palencia Club Dr. 529 Seven Bridges Rd. Bethlehem, PA St. Augustine, FL East Stroudsburg, PA

St Augustine Beach Office Asheville Office 4299 S A1A 16 Church Street St. Augustine, FL Asheville, NC ABOUT DLP Holly Hill Office 1501 Ridgewood Ave. Suite 217 1 Holly Hill, FL 2 Our Purpose DREAM. LIVE. PROSPER. Passionately Creating Prosperity through Real Estate.

Our Mission To lead and inspire the building of wealth and prosperity with our partners, through the relentless execution of innovative real estate solutions.

Goal & Target for 2025 100,000 solutions provided for & from real estate.

Our Core Values

Driven for Greatness Leadership Perseverance & Enthusiastically Living Fully We are driven to We influence and Passion for Long-term Delivering WOW Our quest for excellence seek knowledge and impact our community, Goals: GRIT We go above and and the pursuit of our pursue growth and clients, and ourselves by We have the endurance beyond, delighting passions applies to all greatness each day in exemplifying integrity, and unshakable and amazing everyone aspects of our – both our personal and positivity, and humble commitment necessary we encounter. , family, personal, professional lives. confidence. to achieve our visionary and faith. We strive to live long-term goals. to the fullest.

Innovative Twenty Mile March Execution & Excellence Humble Confidence Stewardship Solution Focused We consistently hit We establish and We exude confidence We are maximizing the We do not simply talk targets, day after day, surpass expectations without arrogance, resources entrusted to about problems; we year after year, regardless that can only be projecting humility and us in order to deliver drive ourselves to create of the prevailing achieved through a clear warmth to empower positive returns. solutions that produce conditions. focus, commitment, others and emphasize new, previously thought and engagement on collaboration. to be unimaginable completing the most results for our clients. critical priorities. 3 OUR HISTORY

Our CEO, Don Wenner, started the journey of building his real estate empire when he obtained his Real Estate License. 2006 2008 Don flipped about 20 homes and sold 200 homes. In 2009, Don founded DLP Realty, sold 250 homes, and flipped approximately 40 homes. 2009 We expanded into Florida and launched Short Sale Company- IRES. This 2010 year, we flipped about 50 homes and sold 250 homes through DLP Realty. We flipped over 80 investment properties in 2011, sold 339 We grew to a company of 25 team members. homes, and launched our sister company, DLP Construction 2011 Management, which now sits under DLP Real Estate Capital. In 2012, we launched DLP Real Estate Management. This marked the year DLP Real Estate Capital began building We kicked off 2013 by adding DLP its rental portfolio. We acquired over 120 single, Capital Partners to the DLP family of 2012 multi-family, and commercial properties. Our DLP family ACCOLADES: companies. With the founding of DLP grew to about 80 team members, we sold 507 homes, Real Trends/Wall Street Journal Capital Partners, we opened up our and flipped over 60 investment properties. #25 Real Estate Team in the US first investment fund, the DLP Equity #1 Real Estate Team in PA, NJ & NY Fund I LLC, to provide investors with DLP Capital Partners originated two INC. 5000 the option to invest in distressed real 2013 additional funds, the DLP Fixed Fund #1838 Fastest Growing Private Company estate as passive equity investors. and the DLP Lending Fund. In 2014, ACCOLADES: #48 Fastest Growing Real Estate Company This year, DLP Realty sold 660 homes we focused expansion into class B & C Real Trends/Wall Street Journal #44 in PA and we purchased over 150 homes. multi-family and private “hard money #15 Real Estate Team in the US We successfully expanded our 2014 lending”. We grew to a company of #1 Real Estate Team in PA & NJ portfolio with extensive acquisitions, about 100 team members, sold 739 INC. 5000 including commercial and multi-family homes, managed about 500 units, and #2115 Fastest Growing Private properties. acquired well over 150 multi-family and Company ACCOLADES: commercial properties. Additionally, DLP Real Trends/Wall Street Journal DLP Direct Lending Partners Direct Lending Partners joined the DLP #14 Real Estate Team in the US experienced tremendous family of Companies. #1 Real Estate Team in PA & NJ growth and we continued In 2016, our assets under management more Top Workplaces in Lehigh Valley: #1 expanding our multi-family 2015 than doubled. DLP Capital Partners launched ACCOLADES: INC. 5000 portfolio. DLP Realty sold 1,017 the DLP Income & Growth Fund, more than Real Trends/Wall Street Journal #2737 Fastest Growing Private Company homes and we purchased over $50M in investments were secured, and our #8 Real Estate Team in the US #107 Fastest Growing Real Estate Company #97 in PA 100 homes this year. investment funds were approved for more #1 Real Estate Team in PA & NJ 2016 than 90% of the major custodial platforms. Top Workplaces in Lehigh Valley: #5 The DLP Equity Fund II was launched, which focuses We sold 1,126 homes, purchased more than INC. 5000 on acquiring, improving, and managing multi-family 60 homes and a property management #840 Fastest Growing Private ACCOLADES: communities, primarily throughout the Southeast. Ad- company in Daytona Beach, and acquired Company Real Trends/Wall Street Journal ditionally, we launched our first Reg A Fund. DLP Capital over 800 apartments. Our lending company #22 in PA - #9 Real Estate Team in the US Partners generated more than $60 million in capital experienced a growth of over 400% this Lehigh Valley Business 45 Fastest - #1 Real Estate Team in PA & NJ investments and in turn, we acquired more than 2,500 year and DLP Real Estate Capital grew to a Growing Companies: #2 INC. 5000 apartments for over $150 million, while also funding company of about 150 team members. #785 Fastest Growing Private Company 2017 Lehigh Valley Business 45 Fastest over 300 loans for over $60 million. DLP Real Estate Capital generated $375M in AUM, over 4,700 units were In 2018, DLP Capital Partners launched the DLP Preferred Growing Companies: #6 Returns Equity fund, DLP’s third Equity Fund and a Jacksonville Business Journal managed in our portfolio, we originated over 250 loans, unique fund in which all investments are in a preferred Don named to LVB 40 Under 40 Award and grew to a company of over 230 team members. ACCOLADES DLP Capital Partners’ investor base grew to over 325 position. In January, we launched the DLP Positive INC. 5000 Returns Foundation, which focuses on two American ACCOLADES investors, with zero principal losses to any investors. #785 Fastest Growing Private Company epidemics–the need for affordable housing and the job Real Trends/Wall Street Journal 2018 CFO of the year #11 WSJ top RE Team & #1 in PA & NJ epidemic. DLP Real Estate Capital acquired over 4,000 Top Workplace INC. 5000 | 7th straight year! #5 Fastest units, sold over 1,200 properties, and funded over $225 The Wall Street Journal Growing Company out of those who have The DLP Equity Fund I officially closed in million in loans through DLP Direct Lending Partners. Top 15 RE Teams in the US made the list 7+ years March 2019 and returned 196.5% of invest- DLP Real Estate Management successfully managed Jacksonville Business Journal ed capital for initial investors. More than 9,200 apartments and homes. Our DLP family grew to a Don named 40 under 40 and Ultimate CEO 90% of the returned capital was reinvested company of 280 team members. Top Workplace Awards into other DLP Funds. We acquired over Real Estate Council ACCOLADES 3,000+ units and sold over 2,400+. In 2019, 2019 Don Named to the Council Financial Times Collective Real Estate Mastermind we funded over $420M in loans and lines #142 Fastest Growing Company in the Americas Won Collective Genius Presentation Award of credit, raised over $135M of new capital, In 2020, DLP Capital Partners Real Trends IREM® for Corporate Innovation sold over 2,050 homes, and grew to a launched the Positive Notes #8 Fastest Growing Brokerage in America Finalist for the 2019 REME Award company of over 350 team members. 2020 Fund and the $1B Evergreen REIT, Stevie Awards Lehigh Valley Business Journal DLP Housing Fund, LLC. Gold Winner | E.O.Y | Real Estate #1 Fastest Growing Company Silver Winner | Achievement in Growth 3 EY Entrepreneur of the Year INC. 5000 4 Don named a Finalist #4 Fastest Growing Company out of those who have made the list 8+ years | #1 in Real Estate DLP REAL ESTATE CAPITAL EXECUTIVE TEAM

Robert Peterson | CFO and Partner Melanie French Robert has 35 years experience in the commercial, retail, and President of Real Estate Management multi-family residential real estate industry as an accounting and Melanie has held executive-level leadership positions in multi-family over finance professional with extensive asset management experience. the last 15 years. In the past five years alone, she has helped complete more He has additional experience with high-end multi-family residential than 40,000 interior renovations and has grown a management company properties and condo conversion projects. Prior to joining DLP, Robert from 9,000 units to more than 50,000 units. Melanie is a Certified Property served for 10 years as the VP of Finance and Information Technologies at the Buckeye Manager through the Institute of Real Estate Management, is certified as a Master Trainer and Companies, the largest full-service commercial office building owner, contractor, prop- Facilitator by Development Dimensions International, and is certified as a Senior Professional erty management, brokerage, and automobile parking group of companies in Beverly of Human Resources from the Society of Human Resource Management. Hills, CA. Robert has a Bachelor’s of Science Degree in Accounting. Larry Greenberg | SVP of Construction Barry DeGroot Larry has over 30 years of experience in new construction and project SVP/Chief Legal Counsel & Partner management, and has built more than 2,000 homes. He has complet- Barry’s areas of practice include residential and commercial real ed more than $200M in residential and commercial construction and estate, landlord representation, litigation, land acquisitions/develop- has a wealth of knowledge and experience in achieving maximum re- ment/zoning matters, construction matters, business formations, and sults out of a construction crew while holding to budget and a timeline. general business issues. He also serves as an expert witness on issues relating to the standard of care of real estate brokers in real estate transactions. He is Amy Barricelli | SVP of Revenue Acceleration admitted to practice in PA, the U.S. District Court for the Eastern District of PA and the for Property Management Third Circuit Court of Appeals, and is a member of the Bucks County Bar Association. He Amy brings over 15 years of experience in the multifamily sector, serving earned his Bachelor of Arts in Letters, Arts and Sciences from Penn State University and most recently as VP of Leasing and Marketing. She is responsible for his J.D. from The Dickinson School of Law. maximizing revenues at all residential assets, creating and implementing Robert Greenberg marketing plans, and management of leasing operations. She earned Chief Acceleration & Marketing Officer her Bachelor’s Degree in English and Literature from St. Joseph’s University and has been a Robert has more than 30 years of experience leading positioning, committee level member of several property management organizations. corporate communications, marketing automation, and lead generation. Rick Montgomery He has a passion for integrating new technologies to deliver creative SVP of Construction & Service Quality and innovative marketing solutions to help build . Most recently Rick joins DLP as the Senior Vice President of Construction & Service Quality. Robert was the Chief Marketing Officer at of Land, a private money lender providing Having worked with some of the largest companies in the property professional real estate developers and entrepreneurs with access to capital for single-fam- management industry, Rick brings many years of property management ily, multifamily, commercial, and rental properties. He oversaw the company’s sales and experience with him. Prior to joining DLP, Rick filled the role of SVP/Chief marketing efforts; including loan origination, branding, lead generation, and marketing of Field Operations for Streetlane Homes / Rootstock. He was responsible for all physical automation. Prior to Patch of Land, he led the marketing efforts for the Blackstone backed aspects of Streetlane Homes’ operations where his main focus was reducing inefficiencies, start-up, B2R Finance, where he helped to create a technology-enhanced lending platform increasing the use of technology, and improving the quality of work. As an EVP he was one responsible for originating more than $1B of real estate investor loans that led to the of the original architects of Progress Residential’s platform. Rick’s past responsibilities include industry’s first-ever multi-borrower single-family rental securitization. Robert received a filling leadership roles in both single-family and multi-family organizations such as Resource B.S. in from the University of in Austin. Residential, AIMCO, Avalon Bay Communities, and Aspen Square Management. As an alumnus Patrick O’Donnell | Chief Experience Officer of Northern Michigan University has made industry-focused education a continuing Patrick has 20 years of experience in marketing and is a best-selling pursuit, earning several certifications and master designations. author. He started and grew an internet marketing franchise to be #1 in sales in the U.S. During his tenure as VP of Marketing with an Matthew John | SVP of Operations Matt is goal-driven in all aspects of his life. He finds it extremely important to not 8-figure real estate firm, he more than tripled its annual revenue and only visualize his goals but also, to document them. Matt prides himself on daily and became #1 in its niche market. Patrick graduated from weekly progress towards accomplishing his goals. “I enjoy problem solving; finding with a Bachelor of Science in Management, with a focus in Marketing and Entrepre- solutions that simplify the process and refine the desired results,” Matt says. It’s no neurship. He completed additional coursework with UCLA and Worcester College at the surprise that his favorite part of his job is tackling the new tasks and new issues that University of Oxford, UK. can surface daily, demanding new problem-solving techniques and new ways of thinking to resolve. Jason Battestelli | Chief of Staff SVP of Technology Jason holds over 20 years of experience in real estate management, Scott Jones | Scott graduated from the with a B.B.A. degree in He served as President of Real Estate Management and Chief Operating Information Technology, Masters of Information Technology from Auburn Officer, before moving into role as Chief of Staff. Previously, he served University and a Masters Certificate in Business Analytics. Prior to DLP, Scott for over a decade as the Director of Leasing and Marketing at Ingerman was Vice President of IT at both Ram Realty Advisors and EdR Collegiate where he was a key driver in the growth of a residential portfolio of Housing, where he led all major IT initiatives and capacity planning for 8,000 units. Jason has an MBA from the Fox School of Business at with a enterprise applications, program development teams, project managers and business concentration in Marketing Management. analysts. Scott has experience with multiple ERP and Property Management Systems including extensive experience with JD Edwards, Hyperion, Yardi and most major database platforms. 5 Scott Meyers | SVP of Sales Rich Delgado | Managing Director Scott Meyers is a proven sales leader with more than 18 years of Richard is DLP Capital’s first-ever Managing Director. He is an accomplished leader diversified real estate experience. Under his management, his teams with more than 25 years of experience in the structured finance, capital markets, and in residential property investment, default loan servicing, and private mortgage industries. Richard served as Sr. Vice President, Portfolio Investments and lending have contributed to upwards of 4000 real estate transactions. Structured Finance with Nationstar Mortgage for 5 years, where he was accountable Scott holds a degree in Operations and Information Systems Management for the financing and securitization of assets and raising and managing the firm’s from Pennsylvania State University. corporate debt, and transactional work, as well as for the acquisition and sale of assets and corporate development. Additionally, he spent nearly 19 years at the Ocwen Financial Corporation family of compa-

Kevin Aschman nies, where he launched Loan Servicing Solutions, Ltd. (HLLS), an Ocwen affiliate that operated as a SVP of Marketing for Lending separate publicly-traded company. Together, they raised $1.2B of equity in the IPO and follow-on offerings Kevin earned his Bachelor’s degree in International Marketing from and purchased the mortgage servicing rights from Ocwen that resulted in Ocwen becoming a capital-light in Washington D.C. Spanning nearly two decades, operator while HLSS managed the capital-intensive assets. His work helped grow the firm’s market Kevin has spent his career leading marketing teams for growth-stage cap to $1.6B. Rich completed his Bachelor of Business Administration in Accounting from Iona College. brands, as well as agency clients. With experience extending across technology, finance, entertainment, CPG and beyond, he’s spent the past 10 years of his Bo Parfet | Managing Director career focusing on the real estate industry. Kevin helps define the marketing strategy in Bo Parfet is an experienced senior executive with a focus on financial investments an effort to efficiently and effectively support the growth of each business. and social entrepreneurship. He graduated from Colorado State University with a B.A. in Economics. Early in his career, Bo was an investment banker at JP Morgan Mary Conlan in City. Seven years later, he co-founded Denali Venture Philanthropy to VP of Investments, Analytics & Special Projects fuse his business experience with his desire to support global social change. He Mary has a passion for building an excellent quality of life for DLP’s currently serves as the investment organization’s CEO, fostering partnerships with socially conscious tenants while building a profitable business organization. With 20 years of entrepreneurs looking to execute positive changes in the world. Bo also has an M.A. in Economics from experience, she has worked in many aspects of the market and enjoys the the and an MBA from ’s Kellogg School of Management. challenge of effectively , operating, and managing multi-family and He is also a published author and public speaker at financial conferences, educational institutions, and single-family communities. Mary graduated from The University of Texas with a Explorer’s Club locations across the world. He continues to make a global impact through his involve- Bachelor’s Degree in Business and earned her CPM Designation with IREM. ment with civic volunteerism and was recognized for his demonstrated commitment to social change and awarded the Presidential Volunteer Service Award, given to individuals who have completed Shana Whitehead 4,000 hours or more of volunteer service throughout the world. VP of Property Management Operations Shana Whitehead’s residential property management experience encompasses over Anthony Ruben | Senior Director of Investments 28 years of demonstrated accomplishments in fee managed and owner operated Anthony possesses a wealth of knowledge & extensive experience over the course multifamily and single family portfolios. She has extensive experience in acquisitions, of his 15-year career in complex finance and commercial real estate investing. In new construction, lease-ups, re-positioning, renovations, community associations, Mr. Ruben’s short tenure with DLP he has transacted over $1B worth of acquisitions, and stabilized management operations. Shana began her career in 1992 with Sentinel Real Estate in dispositions, equity and debt investments. Prior to DLP, Anthony was the Vice , Georgia. Over the 26 years she leveraged her talents with , Archstone- President of Investments for Lloyd Jones Capital, responsible for acquiring $140M+ Smith, and Invitation Homes. During these years of intensive acquisition activity she successfully in market rate and senior housing assets throughout the . Additionally, he was responsi- managed re-stabilizations, renovations, and lease-ups throughout the Northeast and Southeast. ble for the creation and implementation of asset management strategies that generated $1M+ increase to net operating income across their portfolio. Preceding to that he was with Greenstreet Real Estate Maggie Mulvihill | VP of Finance Partners, where he acquired over $1B worth of commercial real estate assets. Anthony obtained his B.S. Having worked in the real estate field for over 30 years, Maggie has degree in Finance with a concentration in Real Estate Studies from the University of St. Thomas. an unshakable passion for this industry. She also has six years of experience in private equity under her belt. Maggie has a bachelor of Larry Hickernell Jr. science degree in accounting from City University of New York and a Senior Investor Success Manager master of business administration degree from . Larry joined DLP Capital Partners in 2016 after over 15 years in the financial sector. Originally from Scranton, PA, Larry has achieved success in a number of diverse Brion Yarnell | VP of Funding Partnerships roles, including residential and commercial lending, private banking, wealth Brion is passionate about enabling his clients to achieve their dreams management, insurance and retirement planning, and team leadership at through the powerful of real estate investing. He loves working organizations including PNC Wealth Management, TD Bank, American Heritage Federal Credit Union, with other lenders to empower them to grow their business and influ- and Penn Community Bank. Larry attended Marywood University for Music Education and is currently ence. His focus is on providing clients with sound, unbiased marketing and pursuing an advanced degree in Business Administration from DeSales University in Center Valley, PA. advertising services. Brion received his Bachelor’s Degree in Education. Evan Brody | Corporate Controller Jonathan Campbell | VP of Sales, DLP Realty Evan started his career as an analyst with an investment bank, and then moved Jonathan has been selling real estate in the Lehigh Valley for over 10 years on to work in the corporate accounting department of a large privately held family with 500 plus home sales. He has assisted families to buy homes, sell office in for 10 years. Afterward, he spent two years with a consumer homes, and assist investors with acquiring investment assets. Jonathan is lending firm, helping transition and grow the department. Most recently, he was a certified negotiation expert in the fields of residential sales, investment the CFO/Corporate Controller for one of the largest privately held residential loan properties, multi-family and land acquisitions, and is currently using originators in Eastern Pennsylvania. Evan earned a bachelors of science degree in accounting from his successful background to assist and recruit other top sales professionals. He is and is a licensed Certified Public Accountant in Pennsylvania and New York. 5 passionate about providing as much value as possible. 6 DLP CAPITAL PARTNERS TEAM

Rich Delgado | Managing Director Lisa Metzger | Investor Coordinator Richard is DLP Capital’s first-ever Managing Director. Mr. Delgado is a Lisa loves working with clients to help them solve challenges they highly accomplished leader with a record of achievement in the structured may be having while providing an excellent level of customer finance, capital markets and mortgage industries over the past 25+ years. service. “I want a client to feel supported, important and valued He served for 5 years as Senior Vice President, Portfolio Investments and in every interaction that they have with me, and knowing that I Structured Finance with Nationstar Mortgage (dba Mr. Cooper), the 3rd achieve this is very gratifying,” she says. Lisa earned her bachelor’s largest mortgage servicer with more than $600 billion in servicing under management, where degree in political science from Bloomsburg University. he was accountable for the financing and securitization of assets and raising and managing the firm’s corporate debt, and transactional work, as well as for the acquisition and sale of Julia Movchaniuk | Executive Assistant assets and corporate development. Earlier, Mr. Delgado added significant value for nearly 19 Julia’s main goal is to assist our current and future investors by offering years at the Ocwen Financial Corporation family of companies. With two other executives, Mr. them the five-star customer experience and to help ensure all their Delgado launched Home Loan Servicing Solutions, Ltd. (HLLS), an Ocwen affiliate that operated transactions are executed as efficiently and smoothly as possible. as a separate publicly-traded company. Together, they raised $1.2B of equity in the IPO and follow-on offerings and purchased the mortgage servicing rights from Ocwen that resulted in Ocwen becoming a capital-light operator while HLSS managed the capital-intensive assets. Daniel Cocchimiglio Mr. Delgado’s work was instrumental in growing the firm’s market cap to $1.6B. Mr. Delgado Portfolio, Fund & Treasury Analyst completed his Bachelor of Business Administration in Accounting from Iona College. Daniel is driven to helping clients and colleagues succeed. This drive to help others is rooted in his constant search for self-improvement. Larry Hickernell Jr. “I always strive to be the best at what I do, and DLP does the same; Senior Investor Success Manager never accepting anything less than greatness,” states Daniel. He Larry joined DLP Capital Partners in 2016 after over 15 years in the financial graduated from Albright College with a bachelor’s degree in finance. sector. Originally from Scranton, PA, Larry has achieved success in a number of diverse roles, including residential and commercial lending, private banking, Joanna Cocchimiglio wealth management, insurance and retirement planning, and team leadership at organizations Capital Accounting Team Leader including PNC Wealth Management, TD Bank, American Heritage Federal Credit Union, and Penn Joanna is passionate about giving 100% towards her professional Community Bank. Larry attended Marywood University for Music Education and is currently pursu- goals and enjoys the daily challenges she faces at DLP. She strives ing an advanced degree in Business Administration from DeSales University in Center Valley, PA. to live fully everyday.

Robert Schimeneck Kim Lasorsa | Director of Marketing Investor Success Manager Kim brings more than 12 years of experience to DLP in the realm of Bob is passionate about doing what is right for his clients and strives content development strategy, digital marketing, graphic/web design, to build long-lasting relationships with them. His drive to form and project management. After graduating from the Art Institute of relationships and dedication to follow through has propelled him int Pittsburgh with a degree in Interactive Media & Web Design she went success. Bob attended DeSales University where he studied finance. on to serve as Project Manager for a marketing firm in Lakeland, Florida. Prior to joining DLP Kim spent the last 4 1/2 years serving as the Brand Marketing Manager Krawchuk | Investor Success Manager for iPD, a digital marketing agency in Tampa, Florida that focused on the automotive Michael helps our investors realize their financial goals by correlating our unique, industry; a role that entailed handling everything from marketing to design. Outside of her career, she loves giving back to the community through volunteer work and helping others modern approach to investing and communicating it to them in a personalized level up in all areas of their lives, which is something she is incredibly passionate about. manner. This approach motivates clients to deepen their relationships with DLP and provides them the comfort they are seeking for their financial success. Stephanie Farkas | Junior Designer As our Junior Designer, Stephanie brings a wealth of corporate brand and Brett Horlacher | Investor Success Manager design knowledge to DLP Capital Partners. She earned an AAS degree Brett graduated from Kutztown University with a Bachelor’s degree in Communication Design with a concentration in Print and Web from in Finance. He has spent the last several years in the automotive Northampton Community College in 2015, and in 2018 went on to earn her industry doing everything from selling cars, running a finance BFA degree in Communication Design with a concentration in Interactive department, and most recently sitting as a sales manager. Outside and Graphic Design from Kutztown University. Prior to joining the DLP team of work Brett loves spending time in the outdoors, whether that be Stephanie worked for Cardinal Systems, Inc. as their in-house designer, gaining in-depth hiking with his new puppy and fiancé, fishing, hunting, or out on the golf course. knowledge of designing for a brand and growing her overall skill set. Stephanie is very driven and passionate about achieving goals and continuing to grow both professionally Mandy Danish | Investor Coordinator and personally. Mandy thrives on the high-pace intensity of her job and is passionate about getting investors the information necessary for them to start earning returns on their investments. She tackles each day with a solution-focused approach. “The main focus of my job is transferring investors funds smoothly from one custo- dian to another, even when road bumps and challenges occur,” Mandy says. 7 INVESTMENTS & ASSET MANAGEMENT

Investment Leadership Team

Anthony Ruben | Senior Director of Investments Sterling Garcia Anthony possess a wealth of knowledge & extensive experience over the course of Real Estate Investment Analyst his 15-year career in complex finance and commercial real estate investing. In Mr. Sterling is passionate about creating and identifying value in real estate investment Ruben’s short tenure with DLP he has transacted over $1B worth of acquisitions, opportunities. He enjoys the ability his career gives him to develop his skills in dispositions, equity and debt investments. Prior to DLP, Anthony was the Vice multiple aspects, as well as the freedom it gives him to be creative in his generation President of Investments for Lloyd Jones Capital, responsible for acquiring $140M+ in of business plans. Sterling studied entrepreneurship at Babson College. market rate and senior housing assets throughout the United States. Additionally, he was responsible for creation and implementation of asset management strategies that generated $1M+ increase to net operating income across their portfolio. Constance Liu Preceding to that he was with Greenstreet Real Estate Partners, where he acquired Real Estate Investment Analyst over $1B worth of commercial real estate assets. Anthony obtained his B.S. degree in Constance earned a bachelor’s degree in finance from Sichuan University in and a Finance with a concentration in Real Estate Studies from the University of St. Thomas master’s degree in economics from .

Ken Gross | Director of Underwriting & Due Diligence Ken’s experience includes being a leasing agent, providing property management accounting services for single family residential rental homes, apartment communities, community associations, and commercial properties; including office, retail, and medical buildings. He oversees the management of over 450 units.

Nicholas Lanni Senior Real Estate Investment Associate Nicholas holds a bachelor of science degree in business administration and finance from The College of New Jersey. Much of his professional background in transaction advisory comes from the valuation of operating entities.

Asset Management Leadership Team

Mary Conlan | VP of Investments, Analytics & Special Projects Jack Zhao | Senior Asset Analyst Mary has a passion for building an excellent quality of life for DLP’s tenants while Jack is eager and willing to learn any chance he gets. He holds a bachelor’s degree building a profitable business organization. With 20 years of experience, she has in credit management from Shanghai Lixin University of Commerce and a master’s worked in many aspects of the market and enjoys the challenge of effectively running, degree in finance from . operating, and managing multi-family and single-family communities. Mary graduated from The University of Texas San Antonio with a Bachelor’s Degree in Business and Tyler Hendrick | Asset Manager earned her CPM Designation with IREM. Tyler received his bachelor’s degree in Environmental Design from the University of Colorado and his MBA with an emphasis in real estate and finance from the University Daniel Tucker | Asset Management Director of San Diego. Tyler enjoys working with real estate and solving the many complex Daniel has an extensive real estate and mortgage servicing background; including challenges he is faced with as an asset manager. He is passionate about contributing asset management, risk assessment, compliance, foreclosures, vendor relations, to the community by improving the built environment and providing people with , investing, process improvement, etc. He has worked for several large places to live, work, and play. He feels a great sense of accomplishment when taking an financial institutions to help improve policies and procedures and has represented underperforming project and turning it around. servicers in litigation and mediation hearings across the country. His most recent role was the Director of Asset Management at Groundfloor Finance. There, Daniel led the Asset Management team with all aspects of the administrative, financial, capital planning, and operations of the Groundfloor loan portfolio. During his time at Groundfloor, he reduced the default portfolio rate from 14.2% to 5.3% by implementing policies and procedures and building a great team to support him.

7 8 REAL ESTATE MANAGEMENT PROPERTY MANAGEMENT DIVISION

DLP Property Management (a division of DLP Real Estate Management) is the nation’s leading multi-family community asset manager with offices and assets under management currently across the nation. We maximize cash flow and value through strong screening and leasing activities, driv- ing up revenue and minimizing turnover. In addition, we control expenses through strong renewal efforts, vendor negotiation, and an overall asset management focus. We have extensive experience in asset turnarounds, overseeing and solving comprehensive delinquency issues, redevelop- ment projects, and driving down turnover, while simultaneously driving up occupancy and per unit rent. We manage from an owner’s mindset and currently invest as an owner in every community we manage. Typi- cally, we do not accept management assignments without the ability to invest equity alongside the sponsor/owner.

Leadership Team

Melanie French Irene Saulino | Property Controller President of Real Estate Management Irene has over 20 years of experience fulfilling various accounting roles in both Pennsyl- Melanie has held executive-level leadership positions in multi-family over the last 15 years. In vania and New Jersey. She holds a bachelor of science degree in business management the past five years alone, she has helped complete more than 40,000 interior renovations and from Rutgers Business School in New Brunswick, NJ, completed courses and seminars in has grown a management company from 9,000 units to more than 50,000 units. Melanie is a taxation, and is currently taking accounting courses needed to acquire enough credits to Certified Property Manager through the Institute of Real Estate Management, is certified as a sit for the CPA exam. Born and raised in Colonia, NJ, Irene has been living in Bethlehem for Master Trainer and Facilitator by Development Dimensions International, and is certified as a 15 years. She is passionate about providing property investors with accurate and timely Senior Professional of Human Resources from the Society of Human Resource Management. information so that they can make informed decisions. She has always been interested in the construction and real estate sector of accounting. Amy Barricelli SVP of Revenue Acceleration Tameka Woods | Director of Operations Amy brings over 15 years of experience in the multifamily sector, serving most recently as VP Tameka earned a bachelor of science in computer information systems and a master’s degree of Leasing and Marketing. She is responsible for maximizing revenues at all residential assets, in elementary education. She enjoys transforming apartments into amazing communities creating and implementing marketing plans, and management of leasing operations. She with teams who are also determined and invested in DLP’s vision. Tameka’s certifications earned her bachelor’s degree in english and literature from St. Joseph’s University and has include being a Certified Apartment Portfolio Supervisor and an Accredited Residential been a committee level member of several property management organizations. Manager. She is also a Certified Occupancy Specialist and a Certified Manager of Housing. | VP of Property Management Operations Shana Whitehead Angela Brooks | Director of Operations Shana Whitehead’s residential property management experience encompasses over 28 years Angela has 28 years of experience in real estate and multi-family management. She began of demonstrated accomplishments in fee managed and owner operated multifamily and single her career as an onsite leasing agent and quickly advanced in her career . Throughout family portfolios. She has extensive experience in acquisitions, new construction, lease-ups, her career, Angela gained expertise in forward-thinking leadership, team building, and re-positioning, renovations, community associations, and stabilized management operations. increasing profit margins for investors and employers in new construction, repositioning Over the next 26 years she leveraged her talents with Trammell Crow, Archstone-Smith, and lease-up, and renovations. Angela was a key player in starting a multi-family management Invitation Homes. During these years of intensive acquisition activity she successfully managed division while employed at Condominium Concepts, successfully developing procedures and re-stabilizations, renovations, and lease-ups throughout the Northeast and Southeast. being the first luxury high-rise community in Atlanta to achieve rental rates of $2.00 per sq ft. 9 REAL ESTATE MANAGEMENT CONSTRUCTION MANAGEMENT DIVISION

DLP Construction Management and Builders (a division of DLP Real Estate Management) leads the redevelopment projects of DLP owned properties with a focus on efficiently driving up value while maximizing every dollar spent. DLP Construction Management and Builders has completed more than $20,000,000 in redevelopment work in the past year with an intense focus on mobilization, speed, and cost reduction. DLP Construction Management and Builders has built an execution plan that has lead to tremendous results in developing the strategic plan to drive the higher ROI on its redevelopment efforts.

Leadership Team

Larry Greenberg | SVP of Construction Chris Nagy | Director of Redevelopment Larry has over 30 years of experience in new construction and project management, and Chris is from South Bend, IN, and studied Organizational Leadership and Supervision at Purdue has built more than 2,000 homes. He has completed more than $200M in residential and University. He has resided in the Charlotte NC area since 2005 and now lives in Tega Cay, SC. Chris commercial construction and has a wealth of knowledge and experience in achieving has more than 20 years of experience in construction, including single-family residential, new maximum results out of a construction crew while holding to budget and a timeline. ground up, and multi-family projects. In his downtime, Chris and his wife enjoy family time with their children, often spending weekends on the lake and hiking new trails. Rick Montgomery | SVP of Construction & Service Quality Rick joins DLP as the SVP of Construction & Service Quality. Having worked with some Tim Moxley | Director of Construction of the largest companies in the property management industry, he brings years of Tim grew up on a large ranch in eastern Ohio and attended The on a property management experience. His motto of “go build something”, reflects his full athletic scholarship. He was drafted by the Washington Redskins in 1990 after complet- earnest belief that building the best team results in the best outcomes and the most ing his undergraduate degree. Tim’s football career ended in 1993 due to injury, and he satisfying careers. Prior to DLP, Rick filled the role of SVP/Chief of Field Operations began his career in construction management. After previously meeting Irving Schotten- where his main focus was reducing inefficiencies, increasing the use of technol- ogy, and improving the quality of work. Throughout his career, Rick has enjoyed stein, of MI Homes, he accepted a job with MI as a Superintendent. Tim was recruited to developing Maintenance, Construction, CapEx, and Risk Management departments of join Pulte Homes in the late 1990s as a Project Manager, and was promoted to Director of several national property industry leaders. Rick’s past responsibilities include filling Construction of the Cleveland division. In 2006 he became VP of Operations In Orlando, FL leadership roles in both single-family and multifamily organizations. As an alumnus for Ashton Woods Homes. In 2008, accepted the same position with ZMG construction, and of Northern Michigan University has made industry-focused education a continuing branched out into Multifamily development, and reconstruction. In 2013 he founded APRO pursuit, earning several certifications and master designations. construction group with his two partners, focusing on construction material import, and installation. In 2017 he took on the role of Land Development Manager at Taylor Morrison Homes, until accepting this position as Director of Construction for DLP.

9 10 DLP REALTY

DLP Realty is our residential and investment real estate brokerage with offices in Pennsylvania (Lehigh Valley, Poconos), an office in New Jersey, and offices in Florida (Daytona Beach, St. Augustine, St. Augustine Beach, Jacksonville, and Orlando).

One of the fastest growing real estate firms in the country, DLP Realty has sold thousands of homes since the market crashed, including more than 1,000 in 2015, more than 1,100 in 2016, more than 1,200 in 2017, more than 1,250 in 2018, and more than 2,050 in 2019. DLP Realty’s focus is to provide clients with the highest level of service through a client centered team approach where clients truly know all their options. We look to provide solutions that best fit our clients current situation and needs. We want clients to sell and buy their home their way and on their terms. That’s why Founder and CEO Don Wenner has created so many options available for our customers like the Maximum Value Home Sale, Guaranteed Sale, Immediate Buy Out, Cash before closing, and our Elite Preferred Buyer Solution. We want DLP Realty to be the only choice that makes sense.

Leadership Team

Jonathan Campbell | VP of Sales Jonathan has been selling real estate in the Lehigh Valley for over 10 #8 Fastest Growing Brokerage in America years with 500 plus home sales. He has helped families to buy homes, sell homes, and assisted investors with acquiring investment assets. Jonathan is a certified negotiation expert in the fields of residential sales, investment properties, multi-family and land acquisitions, and is currently using his successful background to assist and recruit other top sales professionals. #1 Real Estate Team in PA and NJ He is passionate about providing as much value as possible. #11 Real Estate Team in the US Don Wenner, Sr. & Lisa Wenner Inside Sales Managers Don Sr. and Lisa (Don Wenner CEO’s father and step-mother) are the Inside Sales Management Team for DLP Realty. They are responsible for being the first line of contact for prospective buyers and sellers and assisting in managing the Sales Team. Don Sr. entered real estate in 2009 as a real estate agent for DLP in New Jersey and Lisa joined in 2012. Top 5000 Fastest Growing Company in the US eight years in a row #4 Out of All Companies Who Have Made the List for the 8+ years #1 in Real Estate #1,202 Fastest Growing Company in the US 11 #3 Fastest Growing Company in the Lehigh Valley Region COMMERCIAL PROPERTIES

DLP North Building 95 Highland Ave 701 W Broad Street 1132 Street East Stroudsburg, PA Bethlehem, PA Bethlehem, PA Allentown, PA 12,735 sq. ft. Class A office space in 72,923 sq. ft. office building 20,000 sq. ft. office building a few 28,750 sq. ft. office building with great location overlooking a stream in Bethlehem blocks from downtown Bethlehem spaces available from 400 to 5000 sq. ft.

DLP Professional Building 912 Main Street 564 & 604 Market Street 6 Meridian Home Lane East Stroudsburg, PA Stroudsburg, PA Office St. Augustine, FL Office Palm Coast A true corporate center that can 23,876 sq. ft. office building with spaces Commercial storefronts and residential 6,666 sq. ft. prime Class A contemporary, accommodate many different uses available in downtown Stroudsburg units minutes from downtown St. Augustine beachside office building. and sizes from 350 to 35,000 sq. ft.

4299 S A1A Office DLP Ormond Beach Office 1050-1054 Route 206 St Augustine, FL Ormond Beach, FL St Augustine, FL Retail and professional plaza with Prime corner lot property in the 17,000 sq. ft. Pennysaver office building main thoroughfare frontage. of St. Augustine Beach.

11 12 PROPERTIES MULTI-FAMILY PROPERTIES

PROSPER South Bend PROSPER Pleasant Valley PROSPER Gulfport PROSPER Fairways South Bend, IN Little Rock, AR Gulfport, MS Columbia, SC 739-unit apartment complex 450-unit apartment complex 426-unit apartment complex 419-unit apartment complex

Preserve at Port Royal Wexford Village Snow White Village PROSPER Azalea City Port Royal, SC Scott Depot, WV Kissimmee, FL Valdosta, GA 400-unit apartment complex 340-unit apartment complex 304-unit apartment community 300-unit apartment complex

PROSPER Orange Beach PROSPER Jackson LIVE Shreveport DREAM Aspen Creek Orange Beach, AL Jackson, MS Shreveport, LA Broken Arrow, OK 300-unit apartment complex 280-unit apartment complex 248-unit apartment complex 240-unit apartment complex

Citation Club The Village at Glenhaven DREAM Lehigh Valley Bellemont Victoria II Apts Columbus, OH Greenwood, SC Wind Gap, PA Baton Rouge, LA 240-unit apartment community 200-unit apartment complex 200-unit apartment complex 198-unit apartment complex

Bellemont Victoria I Apts PROSPER Sierra Vista Willow Trace Park East I Apartments Baton Rouge, LA Sierra Vista, AZ Shreveport, LA Baton Rouge, LA 195-unit apartment complex 192-unit apartment complex 192-unit apartment complex 190-unit apartment complex 13 DREAM Space Coast PROSPER Spartanburg PROSPER Ashley Creek LIVE Florence Titusville, FL Spartanburg, SC Village I & II | Vernal, UT Florence, SC 182-unit apartment complex 176-unit apartment complex 168-unit apartment community 144-unit townhome complex

DREAM Mountain Hollow LIVE Garrett Woods The Village at Rankin PROSPER Willow Park East Stroudsburg, PA Phenix City, AL Greensboro, NC Vernal, UT 139-unit townhome complex 135-unit townhome complex 130-unit apartment complex 128-unit apartment community

LIVE Cedar Grove Apts PROSPER Riverdale LIVE Charlestowne Apts Park East II Apartments Augusta, GA Little Rock, AR Augusta, GA Baton Rouge, LA 126-unit apartment complex 124-unit apartment complex 120-unit apartment complex 104-unit apartment complex

LIVE Gate City Apts The Village at Valencia PROSPER Senatobia LIVE Port Coral Greensboro, NC Titusville, FL Senatobia, MS Port Richey, FL 100-unit apartment complex 96-unit apartment complex 80-unit apartment complex 80-unit apartment complex

DREAM Gainesville Brandon Court II Brandon Court I The Village at Holly Park Gainesville, FL Warner Robins, GA Warner Robins, GA Columbus, GA 72-unit apartment complex 72-unit apartment complex 69-unit apartment complex 66-unit apartment complex 13 14 MULTI-FAMILY PROPERTIES CONTINUED

LIVE Marathon Apartments LIVE Victory Briardale Apartments Columbus, GA Columbus, GA Warner Robins, GA 64-unit apartment complex 56-unit apartment complex 56-unit apartment complex

Vacation Properties

Beachfront Sapphire Beachfront Pearl 9341 Old A1A, St. Augustine, FL 9337 Old A1A, St. Augustine, FL 6 bedroom & 4 bath intracoastal and 4 bedroom & 4 bath oceanfront home with beautiful views in a oceanfront home with a boat dock. serene location.

Atlantic View Ocean Breeze 5447 Atlantic View, St. Augustine FL 1172 Beach Walker Rd, Fernandina Beach, FL 8 bedroom & 8 bath beach home with plenty 3 bedroom & 2 bath condo in beautiful Amelia Island Plantation of space and 2 oceanview offers all the amenities of relaxation. balconies and a private pool.

15 VACATION PROPERTIES LUXURY & BEACHFRONT VACATION RENTAL PROPERTIES

Aloha Oasis Sea Gate 7504 Ocean Ave., Unit 101, Wildwood, NJ 1015 Beachview Dr., St. Simons Island, GA 3 bedroom & 2.5bath condo with a pool and A premium island location of 24 luxurious condo suites ranging only a block from the beach. from 1-4 bedrooms.

16 Church St Sea Palms Golf Resort Asheville NC St. Simons Island, GA 1 or 2 bedroom & 1 1/2 bath apartments located on an idyllic, 102 condos, banquet facilities, a full-service restaurant, 18-hole quiet street, steps away from Asheville’s best restaurants, retail golf course, and tennis courts. stores, and attractions.

52 St. George Street St. Augustine, FL Three-story, 1700s-era Casa Rodriguez property.

15 16 DLP CAPITAL PARTNERS

Our Purpose is Dream. Live. Prosper. Passionately Creating Prosperity through Real Estate. DLP Capital Partners puts this purpose into action by focusing on connecting capital with real estate opportunities.

DLP Capital Partners is a private investment group designed to produce consistent, high- yield returns while providing liquidity and security to its investors. We leverage the holistic resources of the DLP family of companies, provide years of countless experience, and have hundreds of successful investments in the distressed and value-add residential and multi- family real estate space. We offer some of the most attractive investment options, not only in the real estate industry, but in the broader alternative investment spectrum as well. We focus on income-producing real estate-backed debt and equity investments.

Our Strategy

DLP Capital Partners provides income-generating solutions for active and passive real estate investors as well as institutional investors and wealth partners through our holistic, housing-focused strategy. By combining - resistant equity investments in affordable multi-family housing and short-term direct lending to seasoned real estate investors, our funds offer the unsurpassed risk mitigation, superior returns, and liquidity that will enable you to protect and grow your wealth.

17 returns thanClass Aproperties. significantly highercap rates andbetter cash-on-cash MULTI-FAMILY PROPERTIES WHY WEINVEST EQUITY IN these assets for anumberofreasons: ties andusuallycommand muchlower rents. We focus on properties donothave theamenitiesofnewer communi- in quality. Typically builtpriorto theearly 2000’s, these Class BandC refers to properties that are not“luxury” We primarilyfocus onaffordable multi-family properties. Why Class BandCMulti-Family? those whodobuyahomeare doingsolater inlife. the decline, family formation ishappeninglater inlife, and Nationally, rentership isontherise, homeownership ison returns within15monthsofacquisition. project willbeableto generate 12%+annualcash-on-cash undervalued pricing.We focus onbuyingproperties that we recession; especiallywhenpurchased at distressed or consistency andstability even whenthemarket isina believe that apartmentsandresidential homesprovide to produce consistent double-digitmonthlycashflow. We income-producing properties, ensuringstrong management We focus ourinvestments inaffordable residential workforce Declining market protection. Supply anddemand. Cash flow. pancy will remain strong inarecession. to Class BorCcommunities. We anticipate occu- people livinginClass Acommunities willbeforced to cession peoplewillstill needaplace to live andthat many growing demandfor affordable housing. per month.Inadditionto littlenew inventory, there isa a Class B/C community ranges between $650and$900 $2,000 permonth,whiletheaverage 1-bedroom rent in In many markets, theaverage 1-bedroom rent is$1,500- of high-end,luxuryapartmentdevelopments underway. not beingbuilt.Instead, there iscurrently aconcentration Acquisition Cap Rate: ...... PrimaryFocus: . Markets: Number ofUnits:...... Price Range: Situation: Multi-Family Asset Class: ...... We focus primarilyonincome producing multi-family properties insecondary &tertiary markets withstrong jobandpopulation growth...... Typically Class Band C properties sellat ...... FL,GA,NC,PA, and SC Southeast, Northeast, &Midwest U.S. Class BorClass Cproducts are Multifamily Acquisition Criteria: We believe that inare- (broad focus Southeast) $15,000,000+ Value-Add A- to C+ 250+ 6%+ Capital Improvements: ...... Existing Occupancy: ...... on5-7IRR Based Year hold: ...... Hold Period: ...... Leverage: Cash-on-Cash at Pro-Forma: ...... Pro-Forma Cap Rate: ...... market changes. market rents, we willbeinthebest positionto weather generate strong double-digitcashflow basedoncurrent rent growth, etc. We believe that whenwe buyassets that the expectations we donotcontrol suchasinterest rates, to factors we control andare even more conservative in We alsobelieve inaconservative investment approach Our disciplineensures we never getattached to adeal. who are consistently beingoutbidby otherinvestors. pay, even for sophisticated institutional qualityinvestors make iteasy to market” getcaughtupin“the andover- for Class BandCcommunities. Biddingfrenzies can Investors are often willingto pay low 5to low 6caprates The demandfor apartmentcommunities isvery high. Disciplined Buying How We Mitigate Risk effect from risinginterest rates. allows cashflow andinvestor returns to have nodirect in long-term debtwithnorecourse to investors. This to utilizingleverage conservatively, DLPfocuses onlocking real estate holdingshave anLTV ofabout55%.Inaddition 75% ofcosts at thetimeofpurchase. Asawhole, DLP’s servative manner, typicallywithamaximumleverage of of debt.DLPfocuses onutilizingdebtinarelatively con- A key factor inreal estate investments istheutilization Long-term, Non-recourse Debt and collected revenue. physical occupancy, effective occupancy, tenant retention, to drastically beat industry benchmarksinterms of able been investors andtheFund.DLPReal Estate Managementhas house managementteam whoseinterests are alignedwith with thesignificantadvantage ofhaving a topnotch, in- DLP Real Estate Managementprovides DLPCapitalPartners Strong In-HouseManagement

...... $5-8k+ perunit 3+ Years 65-80% 0-100% 18%+ 12%+ 8%+ 18 STRATEGIES WHY MULTI-FAMILY?

Multi-Family Value Add Investing: Investment Strategy DLP Capital Partners focuses on investing both equity and debt, in undervalued distressed real estate assets with opportunities to add value. These assets are primarily multi-family communities. Our strategy has been tested, proven, and modified over the past decade and has been utilized to complete more than 16,000 real estate acquisitions.

Multi-Family Acquisition DLP primarily acquires value-add, B class, multifamily communities ranging in size from 200 to 500 units throughout secondary and tertiary markets in the southeast. DLP’s strategy is to add value through strong management, physical improvements, or both. Typically, the objective is to stabilize the property within 3-15 months and then hold the asset for a subsequent 5+ years.

Our Locations

*Accredited Investor Definition: For an individual to be considered an accredited investor, he or she must have a net worth of at least one million US dollars, not including the value of one’s primary residence or have income at least $200,000 each year for the last two years (or $300,000 together with his or her spouse if married) and have the expectation to make the same amount this year. 19 ACQUISITION PROCESS

300-500 deals reviewed each month • Offering memorandums received 300-500 deals reviewed each month • Deals are sent by sellers directly, brokers, other investors, banks, and auctions (Tenx: Real Marketplace) • Initial analysis/evaluation done 40-50 deals per month are taken into full evaluation 40-50 deals per month are taken into full evaluation • Financials analyzed and deal underwritten to our 10-30 deals per month acquisition guidelines site visit scheduled • Rent rolls, operating statements, and leases • Investment analysis completed • CoStar underwriting reports pulled and valuated 5-20 o ers submitted ($30,000+ per year data subscription with full insight on asset, market, and competition) • Crime reports pulled

10-30 deals per month site visit scheduled • Inspect 10% of the units and meet and evaluate the management team with the goals of evaluating the quality of due diligence process asset, location, condition, screening processes, tenant quality, and management inefficiencies • Inspect competitive communities with the goal of determining how 1-2 offers that pass due diligence process the subject asset compares on location, condition, desirability, etc. • Third party appraisal completed and evaluate occupancy, rents, quality of management, etc. • Phase 1 report completed • Financing terms negotiated 5-20 offers submitted • Survey ordered • Full Offer Package sent offering strong straight forward offer with • Asset onboarding booklet short due diligence period and proof of ability to execute • On-site management and maintenance hired • Deal closed 2-3 offers accepted Onboarding • Request all items on attached Due Diligence not already provided • Schedule In-depth site visit • On-boarding team on-site to transition the asset and on- • Inspection of every single unit: photos, comments, and notes site management and maintenance team • Full lease audit with manager • Distribute announcement to residents • Lease audit: evaluate all financials provided against the actual • Add property to website and sign up residents for online source documents or leases payment portal • Stop at police station to get insight from police on community • Perform final lease audit and post close inspections • Stop at codes offers to check on permits, violations, etc. • Change property name and replace signage • Submit Investment Package to lenders for proposal of terms • Finalize Capital Improvement Plan Throughout this process • Finalize rent projections and expectations • Weekly investment committees • Title insurance • We discuss findings of each step throughout the process, • Insurance bids evaluate any red flags opportunities, and finalizing projections • Flood certification • Purchase excellent property, liability, and flood as needed • Renegotiate based on findings 19 20 ACQUISTION CASE STUDIES

Property: Preserve at Port Royal | Port Royal, SC Acquisition Price: $54,100,000 Total Units: 400 Stories: 2 & 3 Lot Size: 21.89 acres Rentable Square Feet: 389,712 Average Unit Size: 974 Year Constructed: 2004-2006 Description: Built in two phases (2004 and 2006), the Preserve at Port Royal Apartments is strategically situated within the scenic, coastal suburb of Beaufort, South Carolina. The property has been well-cared for over the years and requires far less renovation than our typical acquisitions. The property includes two swimming pools with sundecks, a 24-hour fitness center, two outdoor kitchens, a dog park, an internet lounge with a coffee bar, and more. Business Strategy: DLP entered into a strategic partnership with St. Clair Holdings, an experienced operator with local market expertise. Interior enhancements will include stainless steel kitchen appliances, painted cabinets and new hardware, resurfaced countertops, lighting package in the kitchen and dining area, as well as plank flooring, 2” blinds, a color palette to tie in the recently redone exterior scheme, and other miscellaneous items. The property has remained resilient to market trends in recent months, and there are a number of value-add initiatives that will be executed as the partnership takes over operations. The property is excellently maintained, well tenanted, and will be highly receptive to capital infusion. We’re expecting cash on cash returns of 7.6%, 11.8%, and 10.0% on an asset level in the first three years of ownership. Modeling a 21. 7% IRR and a 2.42x equity multiple on an asset level.

21 MITIGATING RISK

Private Lending to Real Estate Investors

Through DLP Capital Partners sister company, DLP are on single family homes, typically 6-12 months in dura- Lending, DLP provides real estate investors with capital, tion, and provide capital for the purchase and renovation. knowledge, and resources to assist them with purchasing They are first-position loans and typically range between and renovating distressed properties; either selling or re- 50% and 65% of the repaired value (and 70%-80% of the financing DLP Capital Partners out of the property, with a total cost), which means the borrower is investing signifi- permanent source of financing.The majority of these loans cant capital into the property.

How We Mitigate Risk When Making Loans

DLP Capital Partners is focused on mitigating risk while Hazard Insurance: Our private note investors are secured attempting to generate high-yield returns. In order to through hazard insurance in the event anything happens produce high yields, without taking significant risk of to the property, such as a fire or flood. The insurance pay- principal, processes and controls need to be in place. out goes to the investor before the property owner can Detailed below are some of the primary ways we receive the funds. mitigate risk: Escrow of Rehab Funds: When DLP Capital Partners lends Loan-to-Value Ratio: When originating real estate loans, money to any borrowers outside of DLP Capital Partners one of the most important metrics is the loan-to-value. and its executive team, all rehab funds are held in escrow Requiring significant equity in the investment allows in- with DLP Capital Partners and are only released after each vestors to account for unforeseen changes in the econo- stage of the renovation is complete. my or the property. At DLP Capital Partners, for most of our loans, we limit the LTV to 65% or less. Professional Project/Renovation Management: DLP Capital Partners controls the renovation by employing Cash Invested by borrower IE Loan to Cost: Arguably, professional project management and/or third party the #1 determination of the success of a loan is the cash inspectors to oversee the renovation, ensuring the work invested by the borrower. We believe strongly in the “old is completed to our satisfaction and that our investors school” principles of lending: 20% down by the borrower are exposed to very little risk. drastically decreases the risk of default. On average, DLP funds less than 75% loan to cost, requiring the borrower Strong Borrowers: When DLP Capital Partners lends capital to invest 25% of the purchase price plus 25% of the to investors, a thorough financial and credit analysis is renovation costs out of his/her pocket at the purchase performed. DLP Capital Partners focuses on lending to of the property. experienced, seasoned, and financially stable borrowers.

Title Insurance: One of the risks in real estate investing is a “clouded” title. Investors want to be sure the title is free of any outstanding litigation or liens. When investing in private notes, it is important to be in first position, so no other lenders have claim to the property before you. Working with a reputable title company and a partner who can help with all the administrative work can be ben- eficial if you do not have experience doing this yourself.

21 22 DLP LENDING

DLP Lending is the private lending arm of DLP, specializing in short-term bridge lending to active real estate investors, primarily for the purpose of purchasing and renovating single family homes as well as multi-family bridge lending. DLP Lending handles all of the loan underwriting, processing, and management of loans originated. DLP Lending focus is originating and underwriting sound low-risk loans that provide capital to active and experienced real estate investors who are purchasing 5 or more properties per year. By offering direct funding, we can utilize an efficient and practical approach to underwriting that allows us to fund deals that banks cannot. Additionally, because we perform our own underwriting and funding, we can close loans extremely quickly, often in as few as five days.

What DLP Lending Does Target Borrower DLP Lending originates short-term real estate loans for the Our target borrower has significant real estate purpose of acquiring and renovating distressed residential investment experience, particularly in owning and real estate. DLP Lending is not a broker or middleman. In- rehabbing properties. Typically, our borrowers have stead, we fund all deals directly. By offering direct funding, credit scores above 700, $1 million to $10 million in we can utilize an efficient and practical approach to -un net worth, and $500,000+ in liquidity. derwriting that allows us to fund deals that banks cannot. Additionally, because we perform our own underwriting and funding, we can close loans extremely quickly, often in Why Investors Are as few as five days. Buying Real Estate The Real Estate market is extremely “hot” with the enor- Why DLP Lending? mous demand for “move in” ready homes. Many markets DLP Lending provides bridge financing for real estate have all-time low supplies. Due to aging house supply and investors, which allows them to purchase and renovate increasing sales prices, there is a significant volume of properties within a 6-12 month time frame. DLP Lending opportunities to purchase distressed properties and create is a funding source that investors can count on to close value. In addition, many investors are capitalizing on the and fund. DLP Lending has a few value propositions that strong residential rental market and growing market rents, separates itself from the competition through it’s practical and are aggressively building rental portfolios. “common sense” underwriting, the speed to deciding and closing, and with the Line of Credit products offered to active investors. Additionally, DLP Lending offers signifi- cant training, resources, and relationships to its borrower partners through the vertically integrated companies and through DLP’s experience of having executed more than 1,000 successful investments as the operator. Short-term bridge purchase and renovation loans are impossible to obtain at most banks. 23 DLP LENDING LEADERSHIP TEAM

Lending Leadership Team

Scott Meyers | SVP of Sales Neil Campbell | Director of Capital Markets Scott Meyers is a proven sales leader with more than 18 years of diversified real After receiving his Bachelor’s Degree in Mechanical Engineering from Penn State in 2004, Neil estate experience. Under his management, his teams in residential property began a career in commercial real estate with Trammell Crow Company in Washington, DC. He investment, default loan servicing, and private lending have contributed to upwards served as a construction and development manager for two large luxury condominium projects, of 4000 real estate transactions. Scott holds a degree in Operations and Information an apartment development, and several office developments in the metro area. In 2010 Neil Systems Management from Pennsylvania State University. moved back to Pittsburgh for business school at Carnegie Mellon and finished the full-time two year MBA program in 2012. From there he moved back to DC to start at HFF as a senior analyst Kevin Aschman | SVP of Marketing in the Debt and Equity Placement group, and executed construction and acquisition closings on Kevin earned his bachelor’s degree in international marketing from American University several apartments, hotels, office buildings and retail centers. In 2016 Neil was offered a in Washington D.C. Spanning nearly two decades, Kevin has spent his career leading production/VP role in the Philadelphia office and had been there since, working on all asset marketing teams for growth-stage brands, as well as agency clients. With experience classes placing bridge, CMBS, Life Company, Mezzanine and Bank Financing. extending across technology, finance, entertainment, CPG and beyond, he’s spent the past | Operations Manager 10 years of his career focusing on the real estate industry. Kevin helps define the marketing Brandy Seyferth Brandy started as a contract analyst for a real estate investment rehabilitation company based strategy in an effort to efficiently and effectively support the growth of the lending business. in San Diego, quickly advancing in skill and knowledge, and was promoted to a Regional Brion Yarnell | VP of Funding Relationships Market Manager for Florida and Georgia regions while managing investor relationships. Brion is passionate about enabling his clients to achieve their dreams through the Joanie Cooper | Underwriting Manager powerful medium of real estate investing. He also loves working with other lenders Joanie, a Florida native, has worked in the real estate industry for over 17 years as a licensed real estate with the tools and services offered to empower them to grow their business and agent, property manager, marketing coordinator, and most recently, a closing coordinator for two influence. Brion grew up in Center Valley and received his bachelor’s degree in major national builders. She graduated from the University of South Florida with a bachelor’s degree education from Northland International University. in education and a concentration in history. Currently, she is pursuing a degree in anthropology. Nader Hack | Director of Funding Joanie also taught mathematics at the middle school level and has a passion for ancient history. Nader has nearly 20 years of experience and is passionate about helping others achieve their dreams and attain their goals. His tenacity and solution-focused approach will ensure borrowers receive the elite white-glove treatment they deserve.

Hans Gildein | Director of Inspections & Joint Ventures Hans has been in real estate for 10+ years and served in a variety of roles in real estate bro- kerage and construction. He divides his time between two roles – evaluating and acquiring properties and overseeing rehab/draw inspections. He evaluates initial renovation scopes and budgets and oversees the completion.

Alliance Servicing Team

Daniel Tucker | Asset Management Director Frank Morales | Asset & Valuation Manager Daniel has an extensive real estate and mortgage servicing background; including asset Frank is currently enrolled at Bucks Community College, where he is studying busi- management, risk assessment, compliance, foreclosures, vendor relations, crowdfunding, ness administration. One of his biggest professional accomplishments was building investing, process improvement, etc. He has worked for several large financial institutions a department from scratch. He partnered with several business units and worked to to help improve policies and procedures and has represented servicers in litigation and develop a team of only seven employees, into a fully-functioning department mediation hearings across the country. His most recent role was the Director of Asset with about eighty employees in five locations. Management at Groundfloor Finance. There, Daniel led the Asset Management team with all aspects of the administrative, financial, capital planning, and operations of the Groundfloor Lesley Brice | Servicing Accounting Manager loan portfolio. During his time at Groundfloor, he reduced the default portfolio rate from 14.2% Lesley is based out of Atlanta and has a background consisting of more than 17 to 5.3% by implementing policies and procedures and building a great team to support him. years of combined customer service, leadership, and mortgage experience. She has done everything from loan setup, processing, and junior underwriting, to closing, Jake Harley | Servicing Pipeline Manager post-closing, loan sales, and transitioning borrowers from closing to servicing. Her Jake earned his BS in Finance from the Culverhouse College of Commerce at the University education consists of an Associate of Science (A.S.) degree in Computer Science and a of Alabama. His interest in finance and the stock market began early on in his college career. Specifically, his interest in financial servicing and investments truly sparked when Bachelor of Science (B.S.) degree in Business Management – Information Technology he completed a compliance internship in the mortgage industry before graduating. Jake Lesley is passionate about process improvement and providing quality service, and was an Associate Asset Manager for GROUNDFLOOR Finance where he managed the loan will stop at nothing to deliver the WOW each borrower deserves. portfolio from closing through REO. He spent time tracking loan timelines, assembling 23 escrow transaction tables, and managing foreclosures. 24 UNDERWRITING & GUIDELINES

LOAN RATES AND FEES CONTRACTOR UNDERWRITING The target rates charged by DLP Lending are: The contractor is a critical piece of the process and will often • 9%-11.99% interest rate determine the success or failure of a rehab project. All contrac- • 2+ origination points tors are required to provide a copy of their license and current • $500-$1,500 in transactional fees insurance. In addition, we may require references and on-site in- spections of their current projects if we are not familiar with their LOAN TYPE, PROPERTY TYPES, TERMS work. Local codes require all contractors to obtain permits and Loans terms will generally be 6 to 12 months with the borrower municipal inspections. A signed contract with a draw schedule making interest-only payments each month. The properties are pri- between the borrower and the contractor must be signed before marily single-family and multi-family assets. The loans are primarily any work begins on the property. used for the purchase and improvement of these properties with an exit of either a sale or a refinance into a longer term loan. On aver- LENDING GUIDELINES age, the loans are under 65% Loan-to-value and 75% loan to costs. 1. Title Insurance on First Mortgage loans PRO LINE OF CREDIT 2. Paid insurance policy naming the DLP Lending, LLC as • 2 origination points per loan funding mortgage holder matching the term of the loan • 9-13% annual interest rate on the cumulative outstanding 3. Builder’s Risk Policy if the borrower is also performing the principal balance of all notes improvements to the property • Can be used for residential 1-4 family investment property 4. Agreement of Sale purchases throughout the East Coast for the purpose of 5. Identification of Borrowers/Guarantors flipping or renting and refinancing 6. Contractor’s estimate of improvements/or borrower’s estimate • Use credit to fund the lesser of 60-70% of the after repair if borrower will perform the work value (ARV) *80-85% loan to cost of any property purchased 7. Use of our approved title insurance agents depending on tier of borrower • Ability to cross-collateralize properties already owned 8. Use of our approved appraisers; appraisals will be both “as is” and “as complete” based on improvement costs or a Broker’s Price Opinion (BPO) as to the value BORROWER UNDERWRITING Our process is similar to banks in terms of the types of 9. Inspections before each advance based on contractor’s draw schedule information utilized and the importance placed on verifiable cash flow sufficient to cover existing and proposed debt. However, the 10. In cases where the borrowers are doing their own renovations, they will purchase the materials and process goes much deeper into the evaluation of the proposed submit receipts for materials project to determine what the true value of the property is at the 11. Photographs of the property time of purchase and what the after rehab value (ARV) will be based on projected improvements. The process of underwriting 12. Evaluate environmental risks the borrower will include obtaining a current credit report from the three major credit reporting agencies. Gathering from the borrower(s): • Application • 2 years of their Federal tax returns • 2 months bank and brokerage statements A TYPICAL DEAL... • Personal financial statement • Real estate schedule of other real estate owned • Investment track record This information is used to generate a statement of cash flow to Purchase price: $145,000 determine whether they have sufficient cash flow to support their Renovation expenses: $35,000 existing debts as well as the loan requested. Purchase expenses: $10,500 PROPERTY UNDERWRITING Total costs: $190,500 DLP Lending evaluates the transaction based on the current After repair value: $240,000 value and the after repair value (ARV) with a focus on both Direct Lending $156,000 values. We evaluate a detailed scope of work for the proposed Partners loan: (65% of ARV) improvements to the property. Most importantly, we conduct our Amount of loan own physical inspection of the property and/or released at closing: $121,000 have a third party inspector evaluate the scope and the Amount of loan retained proposed rehab to determine if the project makes sense for renovations: $35,000 and the numbers are realistic. Amount of capital buyer invests at closing: $34,500 25 CLOSING REQUIREMENTS

COLLATERAL TITLE INSURANCE The loans will be secured with a first mortgage on the subject Title insurance is a form of indemnity insurance predominantly property with title insurance and Special Forms Coverage Hazard found in the United States which insures against financial loss Insurance. In some cases, collateral may be one or more second from defects in title to real property and from the invalidity or mortgages where a borrower has substantial equity in one property unenforceability of mortgage loans. Title insurance is principally a and is using that equity to support the purchase of another project. product developed and sold in the United States as a result of an The personal guaranty of the borrower will be required. alleged comparative deficiency of the U.S. land records laws. It is meant to protect an owner’s or a lender’s financial interest in real REHAB AND DRAW INSPECTION PROCESS property against loss due to title defects, liens, or other matters. It DLP Lending holds the rehab funds until work is completed will defend against a lawsuit attacking the title as it is insured, or and releases those funds based on the draw schedule. When reimburse the insured for the actual monetary loss incurred, up to the borrower is ready for a draw payment, they schedule an the dollar amount of insurance provided by the policy. inspection, and our in-house or a licensed inspector/appraiser will inspect the property before any funds are released. Typically, there SPECIAL FORMS HAZARD INSURANCE are 3-4 draws over the course of the renovation. Special forms hazard coverage provides additional protection for both the lender and the borrower against such things as falling MORTGAGE AND RECORDING objects, weight of snow, ice or sleet, water damage, collapse, theft, Each loan made by DLP Lending, LLC is fully secured with a and risk of direct physical loss. mortgage recorded against a property or properties collateralizing the debt. These mortgages are recorded by an attorney or title REHAB ESTIMATE AND CONTRACT WITH LICENSED company in the respective counties where the collateral is located. GENERAL CONTRACTOR Then the original recorded mortgage is held with the rest of the An executed construction contract is required. The contract must loan documents until the loan is paid in full. These documents list specific details of the work to be completed and the draw are prepared in compliance with state laws to maximize the legal schedule. The general contractor must be licensed and insured. protection for our investors. These renovation estimates are verified by our inspector.

PROMISSORY NOTE VERIFICATION OF VALUE The promissory note is the standard instrument of debt signed In-house inspectors physically visit each property to evaluate the by borrowers. DLP Lending requires the signing of a promissory scope of work and repairs needed. note by all borrowers before any funds are advanced. We use an attorney prepared note incorporating all of the states required EQUITY REQUIREMENTS terms and conditions necessary to protect our investors and The borrower on average will have 20%-25% of the total project comply with state laws. cost invested in the property. PERSONAL GUARANTY VERIFICATION OF PROPERTY CONDITION AND The personal guaranty is a pledge on the part of the owners of an entity (LLC, partnership or corporation) to make payment if the RENOVATION COSTS borrower defaults on a loan. Requiring the entity owners to sign In-house inspectors physically visit each property to evaluate the a personal guaranty gives the lender some additional assurance scope of work and repairs needed. they will not easily walk away from their financial obligation. The guaranty document allows the lender to legally go after other personal assets owned by the person signing the guaranty agreement in compliance with state laws.

The borrower obtains a loan from A borrower finds a great If the borrower plans to sell DLP Lending for $156,000, (65% of opportunity to purchase a the property, he pays off the after repair value (ARV), based single-family home for the loan upon the sale. If on an appraisal to purchase and $145,000, which is in need of the borrower plans to retain rehab the property. At settlement, renovation. The borrower es- the property as a rental unit, the borrower buys the property for timates, based on comparable the borrower refinances the $145,000. $121,000 is provided by sales in the area, that the prop- property and obtains a long- this private loan, and $35,000 is erty would be worth $240,000 term conventional mortgage. held in escrow by the DLP Lend- if it were completely updated. Banks are much more likely ing for the rehab. As the rehab The borrower’s contractor esti- to refinance an existing progresses, the work is inspected mates the cost of the rehab to mortgage on a rehabbed and funds are released based on be approximately $35,000. The property when the tenant is a prearranged draw schedule with borrower must settle on the paying the mortgage. the contractor. property in 30 days. 25 26 LOAN INVESTMENT CASE STUDIES

Before: After:

Location The Borrower The Loan The Result Austell, GA Borrower Experience Level: Loan Amount: $132,000 The property in Austell, GA 5 Bedroom Top tier borrower. We provided After Repair Value: $220,000 sold for $220,000. 3 Bathroom purchase and renovation money Loan to Value: 60% 2718 sq. ft. to borrower. Borrower has exited Loan to Cost: 71% 8 loans in 2019. DLP Borrower Interest Rate: 10% purchased for $161,000 with Length of Loan: 3 months $25,400 in renovations.

Before: After:

Location The Loan The Result Duluth, GA Loan Type: New Construction A top tier DLP Lending Line of Credit borrower was seeking 3 Bed, 2 Bath Loan Amount: $144,900 $145k to purchase and renovate a ranch-style single-family 1321 sqft Loan to Value: 61% home in the Atlanta suburb of Duluth, GA. The renovations The Borrower The Loan The Result Interest Rate: 10% not only enhanced the much needed curb appeal but also Borrower Experience Level: Loan Amount: $207,825 After extensive renovations and value add Length of Loan: 10 Months freshened up the interior, fenced in porch and in-ground At the time of funding, this mid- Loan to Value: 85% upgrades ($168,000), the borrower had Purchase to Sell Length: 10 Months pool. The significant upgrades allowed the seller to purchase, dle-tier borrower had successfully 11.99% a successful exit, selling the property for renovate and sell within 10 months. Interest Rate: flipped 16 homes Purchase to Sell Length: 10 months $380,000; $135,000+ profit. 27 Before: After:

The Borrower The Loan The Result Borrower Experience Level: Loan Amount: $116,250 This unique 2 bedroom, 2 bathroom property needed a Diamond Real Estate Solutions Loan to Cost: 75% substantial amount of renovations. However, the result was a had moderate experience, but Interest Rate: 13.99% fresh and open layout with contemporary design. Diamond Real recently exited 2 properties Length of Loan: 6 months Estate Solutions exited this property in February of this year, financed by DLP Lending. selling the property for $180,000. This project is just one of the 4 properties Direct Lending Partner has financed for them.

Before: After:

The Borrower The Loan The Result Borrower Experience Level: Loan Amount: $207,825 After extensive renovations and value add At the time of funding, this mid- Loan to Value: 85% upgrades ($168,000), the borrower had dle-tier borrower had successfully Interest Rate: 11.99% a successful exit, selling the property for FUNDS flipped 16 homes Purchase to Sell Length: 10 months $380,000; $135,000+ profit. 27 28 DLP HOUSING FUND, LLC

FUND STRATEGY: FUND INFORMATION

The DLP Housing Fund’s strategy is to acquire and manage primarily, income Inception Date 01.01.2020 producing value-add multi-family rental communities and a minority of investments in secured real estate loans with a purpose of generating consistent Fund Term Evergreen monthly returns, strong growth, limited volatility, and tax shelters. Fund AUM $30,113,906 Target Return 12% Average Current Return 6.00% QUARTERLY FUND OVERVIEW AND FUTURE OUTLOOK Since Inception Our focus in Q2 was taking strategic advantage of dissonance in the banking Preferred Return 6.00% industry in order to reduce our cost of capital at the individual property level. This Periods of Missed 0 has put us in a strong position to capitalize on multiple, larger opportunities Preferred Return and to negotiate more aggressively for discounts due to the volatility caused by Management Fee 1.50% COVID-19. As we proceed through the second half of 2020, our focus will continue 80/20 Upon Achieving to be on value-add portfolios where we will be able to continue growing our assets 6% Preferred Return & Manager Promote under management in such a way that has proven to be effective over the last 60/40 Upon Achieving several years, but with more efficiency and of scale. Q2 2020 allowed us net 12% IRR to Investors to continue to build our pipeline of opportunities to prepare for strong acquisition Redemption Notification Annual Redemption quarters in Q3 and Q4. DLP Housing Fund Manager Manager, LLC Unit Price per Share $1,000 HOUSING FUND CHARACTERISTICS Optional for invest- Call Structure ments > $500,000

LOAN LOCATIONS: 10% (based on investment volume) 21% 8% Arkansas Arizona Georgia Indiana 15% 10% Louisiana Ohio Oklahoma 2% 17% Utah 13% 4% West Virginia

Year Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Annualized 2020 6% 6% 6% 6% 6% 6% 6.00%

29 DLP Capital Partners, LLC | 610.488.2375 | dlpcapitalpartners.com DLP HOUSING FUND, LLC DLP LENDING FUND, LLC Accredited Investors only*

FUND STRATEGY: FUND INFORMATION The DLP Lending Fund is a direct real estate-backed REIT focused on originating 1st position loans to professional real estate investors. Inception Date 10.22.2014 Fund Term Evergreen Fund AUM $152,153,459 MONTHLY FUND OVERVIEW AND FUTURE OUTLOOK Equity Commitments $119,843,769 Throughout August, the DLP Lending Fund originated $38,569,340 in new LTV Average 54% loan volume to 30 different borrowers. At the close the month, the loan LTC Average: 71% portfolio consisted of 393 loans totaling $185,718,042 with an average interest Annualized Return 13.63% Since Inception rate of 10.30%. The Fund exceeded its 10% targeted return with an annualized Target Return 10% net return to investors of 11.05%. The year-to-date annualized return is 11.37%. Preferred Return 10% Loan origination volume reached its highest level to date this month due Periods of Missed 0 Months to a large refinance as well as our continued efforts to keep our loan Preferred Return origination pipeline growing! Target Fund Size $500,000,000 Minimum Investment $250,000 1%, Subordinate to Management Fee MONTHLY RETURN PERFORMANCE ANNUALIZED Preferred Return (Net of Fees & Expenses) Manager Promote 20% SINCE INCEPTION: 13.63% Redemption Notification 90 Days Actual Return DLP Capital Manager Targeted Return Partners, LLC Preferred Return

Year Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Annualized 2020 12.04% 12.09% 11.22% 11.39% 11.06% 11.05% 11.06% 11.05% 11.37% 2019 12.65% 12.81% 12.45% 12.61% 12.54% 12.51% 12.20% 12.22% 12.53% 12.11% 12.18% 12.06% 12.41% 2018 12.57% 13.72% 12.43% 13.62% 12.46% 13.39% 12.45% 12.38% 12.48% 12.49% 12.56% 12.75% 12.76% 2017 14.02% 15.35% 15.47% 14.28% 13.07% 13.09% 12.42% 13.23% 13.61% 13.01% 13.48% 13.64% 13.71% 2016 13.22% 12.68% 14.06% 13.85% 14.89% 13.66% 14.63% 12.33% 17.73% 13.03% 13.93% 14.40% 14.03% 2015 18.70% 19.49% 20.51% 13.71% 16.82% 16.41% 14.83% 15.52% 15.15% 14.68% 14.25% 16.18% 16.34% 2014 17.53% 15.40% 15.36%

29 30 DLP Capital Partners, LLC | 610.488.2375 | dlpcapitalpartners.com DLP POSITIVE NOTE FUND Accredited Investors only*

DLP Positive Note Fund

5-10% Fixed Returns

DLP Positive Note Fund LLC is a (debt) investment opportunity which provides 5-10% FIXED returns. Returns to Note investors are paid prior to equity members and in effect provide a lower risk opportunity to investors.

Fund Type Real Estate Loan Fund

Fund Investments Primarily Real Estate Loans

Primarily Notes, and Personal Guarantee from Borrowers Direct/Indirect Security and Sponsors

Fund Term Evergreen

Note Term 90 Days – 5 Years

Distribution Frequency All Distributions Paid Monthly

Redemptions Upon Note Maturity

IRA Investment Option Yes

Option to Compound Yes

Minimum Investment $100,000

Audited Financials Yes

Reporting Frequency Monthly

Annualized Rates Paid Monthly Current Term Tiers

Note Principal Tiers 90 days 1 year 3 years 5 years

$100,000 - $249,999 5.0% 6.0% 6.5% 7.0%

$250,000 - $499,999 5.5% 6.5% 7.0% 7.5%

$500,000 - $999,999 6.0% 7.0% 7.5% 8.0%

$1,000,000 - $4,999,999 6.5% 7.5% 8.0% 8.5%

$5,000,000 + 7.0% 8.0% 9.0% 10%

Past performance is not a guarantee of future performance.

Accredited Investors only. For an individual to be considered an accredited investor, he or she must have a net worth of at least one million US dollars, not including the value of one’s primary residence or have income at least $200,000 each year for the last two years (or $300,000 together with his or her spouse if married) and have the expectation to make the same amount this year.

Risk Disclaimer: Investing in private real estate funds and notes secured by real estate has certain inherent risks, which could result in the loss of some or all of your principal investment. Your decision to purchase and invest should be based on your own particular financial circumstances and investment objectives. DLP Capital Partners, LLC (formerly known as DLP Capital Advisors, LLC), its officers, and representatives can in no way guarantee or warrant your success. Consult your tax advisor or 31 financial advisor before investing. Past performance does not guarantee future performance. Please see fund offering documents for full details & disclosure. FUNDS CLOSED TO NEW INVESTORS

DLP Equity Fund II, LLC DLP Fixed Fund, LLC Currently closed to new investors Currently closed to new investors DLP Equity Fund II, LLC was DLP Capital Partners second The DLP Fixed Fund, LLC primarily provides loans (in addi- equity fund. The Fund was designed to provide investors tion to select preferred equity investments) to affiliates of with a passive, limited partnership in the core activities DLP Capital Partners, including holding entities of the DLP of DLP Capital Partners’ direct investments. This Fund Equity Fund I, DLP Equity Fund, Good As New Ventures primarily focuses on investing in value-add multi-family LLC, and other entities. The Fund is a hybrid fund, offering properties, mainly 100-300 unit apartment communities. both Equity and Debt participation options. On average, The Fund will leverage DLP’s in-house property just 70% of the repaired value of the properties is lent to management and construction/maintenance divisions to the borrower, providing equity of more than nearly 50% maximize the value and cash flow of the assets under of the note amount. Most of the investments made by the management. The Fund has a 7-10 year investing DLP Fixed Fund are private notes to affiliated entities of perspective, focused on generating double-digit asset DLP Capital Partners for the purpose of buying, improv- level cash flow, increasing asset value, and providing a tax ing, and reselling or refinancing primarily residential and shelter to investors. multi-family properties, with the largest asset class being single family homes. DLP Equity Fund I, LP Currently closed to new investors DLP Preferred Returns Equity Fund, LLC DLP Equity Fund I, LP was DLP Capital Partners first equity Currently closed to new investors fund. The fund was designed to provide investors with a The DLP Preferred Returns Equity Fund, LLC (or ‘PREF’ passive, limited partnership in the core of DLP Fund) was DLP’s third real estate equity fund. With this Capital Partners’ direct investment activities. This Fund unique fund, all of the Fund’s investments were in a focused on finding and acquiring the best deals–primarily preferred position, either as preferred equity with com- residential homes, renovation of the properties, rental mon equity invested “behind” the Fund’s investment, or and property management, financing/leverage, as well as as a loan with equity invested “behind” the Fund. In both the ultimate sale of the assets, all while the limited part- instances, the Fund was paid on a preferred basis with the ners receive the majority of profits. This Fund was focused common equity being subordinate to the Fund. The assets on investing in income-producing properties, purchased of the PREF Fund were transferred into the new $1B DLP at 30-50% under current market values. These properties Housing Fund as a seed portfolio, and was officially closed were improved in order to maximize their value. After to new investments as of December 31, 2019. improvements were made, DLP Real Estate Management successfully produced maximum annual returns and increased the long-term value of these assets. The Equi- ty Fund owned more than 130 assets, over $30 million in AUM, and distributed 9% every year from cash flow. The Fund officially closed in March 2019 and returned 196.5% of invested capital for initial investors. More than 90% of the returned capital was reinvested into other DLP Funds.

I had been hearing Don and DLP on the radio for years and always wondered how were they able to do what they do. When I met with Don and these incredible investment opportunities, I did not waste any time. I was tired of the traditional investment options, and I just wish I had found out about these investment funds sooner. I am so pleased with my investments that I have referred family and friends to Don as well. 31 32 UTILIZING YOUR RETIREMENT ACCOUNT

Invest Through Your Retirement Account

The Individual Retirement Account (IRA) is one of the A self-directed IRA is unique because of the investment most powerful long-term investment vehicles available to options available. Most IRAs only allow approved stocks, investors because of the tax-deferred or tax-free nature bonds, mutual funds, and CDs. A truly self-directed of either a traditional IRA or a Roth IRA. Either type of IRA allows those types of investments along with real IRA can be invested in our Funds, allowing your high-yield estate, notes, private placements, tax lien certificates, returns to add up even faster. While the concept of investing and much more. IRA funds in real estate related investments have been The process is easy. We handle the paperwork to get your around for more than 30 years, it has not received a great account set up with a qualified asset custodian company deal of attention. Most custodians that offer IRAs (banks and roll your investment into one of our funds. The cus- and brokerage firms) focus on mutual funds and CDs todian company handles all legal requirements to ensure because they have a vested financial interest in having you your IRA complies with IRS regulations. The Internal Revenue select those investments. Because the majority of IRA in- Code sets high standards for a qualified custodian of IRA vestors focus on stocks and CDs, there is a misconception accounts, which includes banks, trust companies, and ap- that these are your only investment options for retirement proved brokerage firms. By law, their governing bodies are plans, but this is not the case. mandated to conduct regular audits of trust companies performed by state auditors.

Investor Portal: DLPCrowd.com

DLP Capital Partners investors have full access to all of their investment information through our easy to use online portal (dlpcrowd.com). • View detailed information about our available funds and DLP Capital Partners

• Invest directly online

Current Investors have instant access to: • Current and past quarterly reports • Third party audits • Account statements • Distribution history • Signed documents • And more!

33

DEMOGRAPHICS OF DLP CAPITAL PARTNERS CAPITAL INVESTED

DLP-Owned Assets DLP Loans

Area Based on Amount of Capital Loans Based on Location

PROPERTY LOCATIONS 5% 16% 8% Alabama/Mississippi 18% Florida LOAN LOCATIONS 32% Georgia 4% (percentage by loan number) 20% Indiana Northeast 18% Lousiana Mississippi Southeast New Jersey Southwest 7% North Carolina Midwest 4% 46% 14% 6% Pennsylvania 2% South Carolina

Property Type Based on Amount of Capital Loans Based on Asset Type

7% 16% 8% PROPERTY TYPES 9% ASSET TYPE BY % Single-family (based on loan volume) Multi-Family 55% Commerical/Mix Single-family Loans 28% Multifamily Loans 77% Construction Loans Commercial Loans

Loans Based on Term

15%

4% LOANS BY TERM

6 Month 9 Month 81% 12 Month

33 34 CONTACT US

Don Wenner | CEO [email protected] | o: 610.488.2375 | d: 484.542.2868

Robert Peterson | CFO & Partner [email protected] | o: 484.695.4004 | d: 484.241.4958

Barry DeGroot | SVP/Chief Legal Counsel & Partner [email protected] | o: 610.488.2375 | d: 904.342.6880

Rich Delgado | Managing Director [email protected] | d: 706.223.0071 | m: 561.628.1331

Bo Parfet | Managing Director [email protected] | o: 610.421.4610 | d: 970.481.7796

Larry Hickernell, Jr. | Senior Investor Success Manager [email protected] | o: 610.488.2375 | d: 904.289.3765

Robert Schimeneck | Investor Success Manager [email protected] | o: 610.488.2375 | d: 484.821.5878

Michael Krawchuk | Investor Success Manager [email protected] | o: 610.488.2375 | d: 484.505.0040

Brett Horlacher | Investor Success Manager [email protected] | o: 610.421.4610 | d: 484.302.7380

Mandy Danish | Investor Coordinator [email protected] | o: 610.488.2375 | d: 610.365.1705

Lisa Metzger | Investor Coordinator [email protected] | o: 610.421.4610 | d: 610.849.0773

Julia Movchaniuk | Executive Assistant [email protected] | o: 610.421.4610 | d: 904.373.7401

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