Whole Loan Capital, LLC. Opportunities In Mortgages. How To Prosper When Banks Don t

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1 Opportunities In Mortgages How To Prosper When Banks Don t

2 Investment Thesis Banks have dramatically reduced their mortgage appetites: 95% of all mortgages today go to a GSE (FNMA, FHLMC, GNMA) Jumbo mortgage lending has decreased by over 90% Historic bank and lender failures have forced billions in loan sales Credit tightening has swung too far as bank over-correct: 1 in 2 home improvement loans are rejected 1 in 3 overall Banks have withdrawn many loan programs leaving a vacuum Consolidation has taken place: 66% of all loans are made by the top 10 banks Fixed Income investments trump overpriced equities page 9 Home prices have reset to sustainable levels There has never been a better time to make or purchase high yield, low risk loans. For new loans, focus on niches no longer offered by banks. In all cases focus on low risk situations. 2

3 Objective Return 12% or higher cash-on-cash returns by investing in residential single family mortgage loans Provide simplicity and complete transparency Strategy Make and hold new low risk loans on residential properties in specified geographic locations: Dictate terms Make loans with 60% or lower Loan-To-Value ratios Focus on niches no longer offered by banks Buy performing existing mortgage loans made in the past three years at substantial discounts 3

4 Keys to Success: Loan sourcing Credit underwriting and loan due diligence Loan closing capabilities Servicer to handle the monthly cash flow and tax reporting Custodian to hold notes and mortgages Loan advisor/manager to handle the entire process Whole Loan Capital Capabilities: Relationships with lenders/banks/hedge funds/brokers In-house credit review function and historic perspective on credit underwriting page 10 Network of lenders capable of closing loans Servicer to handle individual loans on a cost effective basis Custodian in place to hold notes and mortgages for investors Capable of facilitating entire process as needed for investors 4

5 Options For Investors Whole Loan Capital, LLC Purchase individual loans or participations: Whole Loan Capital can service the loan Can provide credit due diligence expertise and advice Invest in, LP a forming limited partnership: Simpler execution for investors Monthly reporting and dividend distributions Diversification of risk External custodian holds notes Fund to be managed by Whole Loan Capital, LLC 5

6 Recent Transactions Whole Loan Capital, LLC Warren County, NJ Property Type: Land Loan Amount: $ 60,000 Lien Type: First LTV: 24% Note Rate: 14% Property Value: $ 250,000 Loan Term: 3 Year New Haven, Loan Amount: LTV: Property Value: CT $ 13,000 8% $ 160,000 Property Type: Single Family Lien Type: First Note Rate: 8.5% Cash Yield of 30% Loan Term: 34 Months 6

7 Management Whole Loan Capital, LLC David A. Akre Co-founder, Co-CEO, New York Mortgage Trust publicly traded mortgage REIT. Responsible for residential whole loan portfolio, loan purchase program, overall portfolio risk management & daily operations. 6 years. Capital Markets, Thornburg Mortgage. Acquired and managed $3 billion in whole loan mortgage investments. Reported to CEO. 6 years. GE Capital Mortgage Corporation purchased whole loans for conduit and public pension fund securitization. 7 years. Security Pacific Merchant Bank sold mortgage securitizations to institutional fixed income investors. 3 years. Mortgage originations retail mortgage lending. 2 years. Maureen G. Stewart Mortgage loan acquisition credit review, lender operations review, and credit policy management - Bayview Portfolio Services, Morgan Stanley, The Clayton Group, others. 19 Years. Senior mortgage underwriter and lending operations management - First Federal Savings of Rochester, Eastern Savings Bank, others. 10 Years. 7

8 More Information David Akre (212) Whole Loan Capital, LLC DISCLAIMER This is not an Offer to Purchase or Sell Securities. This overview is for informational purposes and is not an offer to sell or a solicitation of an offer to buy any securities in, L.P., a to-be formed limited partnership (the Fund ), and may not be relied upon in connection with the purchase or sale of any security. Interests in the Fund, if offered, will only be available to parties who are accredited investors (as defined in Rule 501 promulgated pursuant to the Securities Act of 1933, as amended) and who are interested in investing in the Fund on their own behalf. Any offering or solicitation will be made only to qualified prospective investors pursuant to a confidential offering memorandum, and the subscription documents, all of which should be read in their entirety. 8

9 Fixed income investments have achieved their rightful place in the investment spectrum. Financial Times October 15,

10 Credit Comparison Discretionary credit decisions by New York Mortgage Trust under David Akre versus peer group Source: Bloomberg. Data is as of Mr. Akre departure date from NYMT. 10

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