Target Markets: - Southern California & select areas in Central and Northern California - First-time and move-up homebuyers

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2 Borstein Enterprises Borstein Enterprises is a leading Southern California real estate investment company. Since its inception in 1980, Borstein has financed, developed and/or constructed over 100 residential subdivisions and more than 3.6 million square feet of industrial and commercial property. In its joint venturing activities, Borstein Enterprises has been responsible for the development and construction of over 4,900 houses, renovation and sale of over 2,300 units has financed the acquisition and sale of an additional 26,200 lots, in projects ranging from 35 to 3,500 units per subdivision. Borstein is privately held and has no outside investors Deal Structures: - Joint Venture Equity financing to land developers and home builders - Co-invest equity on large transactions and/or cross collateralized properties. - Land, Development and Construction loans for residential subdivisions. Investment Size & Timing: - Equity Transactions: $2.0 million to $15.0 million per project. - Debt Transactions: $5.0 million to $20.0 million per loan. - Short and medium term investments of 2 to 4 years Product & Property Types: - Single family, Small Lot and Townhome product - Finished lots, partially finished lots, tentative maps and unentitled land in infill markets Target Markets: - Southern California & select areas in Central and Northern California - First-time and move-up homebuyers Other: - Ability to commit to deals quickly - No investment committee - No investment fund expiration date - No minimum multiple for ongoing builder relationships Contact: Loren Borstein or Owen Fabian Wilshire Boulevard, Suite 820 Los Angeles, CA (310)

3 CAL PAC CAPITAL A Real Estate Finance Company PRIVATE MONEY FOR CUSTOM BUILDERS PROPERTY TYPES LOAN TYPES RESIDENTIAL LAND AC Q U I S I T I ON N O N OWNER OCCUPIED M U LT I -FA M I LY I N F RASTRU C T I ON DEVELO P M E N T B U S I N E S S PURPOSE ONLY C O M M E RC I A L V E RT I C A L CONSTRU C T I O N C A LIFORNIA ON LY LIGHT INDUSTRIAL C O N S T RU C TI O N COMPLETION I N T E REST ONLY & A M O RT I ZED M I XED USE $ 5 0 0, $ 5, 0 0 0, CAL PAC CAPITAL Cal Pac Capita l is a portfolio commercial real estate lender that provides direct, private investor funded loans to real estate & construction professionals. We rely upon our extensive experience in the industry as not only lenders, but also as developers, brokers, and borrowers to readily understand all financial needs and time constraints pertaining to the construction process C A M P U S D R I V E, S U I T E N E W P O R T B E A C H, C A B R E # ǀ N M L S # I N F C A L P A C F U N D S. C O M W W W. C A L P A C F U N D S. C O M This is not a loan offer. Specific loan amounts, rates, fees, and other pertinent terms may vary, and can only be provided after a complete file review upon receipt of additional required documentation and information. Cal Pac Capital does not offer consumer loans. Referring mortgage brokers can match but not exceed Cal Pac Capital points.

4 ENCORE CAPITAL MANAGEMENT. Encore Capital Management is a diversified, multiple fund, real estate investment and development firm. Encore utilizes its breadth of experience and specialized expertise to execute on strategy, development, and management of investment vehicles. Encore is a vertically integrated firm with land acquisition, entitlement, development, construction sales and marketing capabilities in-house. Encore operates two opportunistic funds and one private REIT with nearly $2B AUM. Encore is developing over 20,000 rental apartments, homes for sale, retail space, and residential lots with sell out revenue of approximately $4 billion. Encore assets under management are approximately $2 billion with committed equity in excess of $1 billion. Encore currently has investments in Miami, Orlando, Jacksonville, Tampa, Los Angeles, San Diego, Sacramento, San Francisco, Portland, Jersey City, and Phoenix. Encore seeks attractive returns in residential, mixed-use, retail and hospitality real estate investments that do not rely on a recovery in U.S. housing. In concert with seeking attractive returns, Encore prioritizes capital preservation through strategies that provide downside risk protection. Team Encore is led by Art Falcone, Bill Powers and Tony Avila Art Falcone has extensive experience in the residential sector, founding Transeastern Properties in 1986 which grew to be one of the largest privately held homebuilders in Florida (Art sold this company in 2005 for $1.6B) Tony Avila has been an investment banker in the real estate and homebuilding industry for over 18 years, completing M&A transactions valued at over $6B and helping to raise ~$10B in debt and equity issuances Bill Powers spent 19 years at PIMCO, managing the global portfolio team. While there, Bill helped grow total assets under management from $28B to over $800B. Over 40 professional staff with significant land development and homebuilding expertise Offices in San Francisco, Miami, Orlando and Los Angeles Rescore $500M private REIT Rescore is developing new multifamily apartment buildings in urban infill locations Current investment markets include: Los Angeles, San Francisco, Portland, Phoenix, Miami, Ft. Lauderdale, Orlando and New Jersey Track Record Fund II $460M in total equity 18 acquisitions to date, across California, Florida, Texas and Arizona Investments in land, bonds, and mixed used sites Developing apartments, master planned communities, urban condominium towers, and retail/mixed use projects Track Record Fund I $160M in total equity, fully deployed 19 acquisitions across California, Florida and Texas 17 investments fully realized Investments in land, bonds, and mixed used sites Developing apartments, master planned communities, urban condominium towers, and retail/mixed use projects Differentiation Strong alignment of interests through significant GP equity commitment in each investment platform In-house land development, construction, and sales and marketing capabilities Local expertise: we invest where we live and work Expert off-market sourcing thanks to extensive experience and broad network of the Principals Not a portfolio strategy: we acquire individual assets in select targeted zip codes Where We Invest Encore targets infill sites in urban locations with high walk scores, job growth, and population growth, including Seattle, Portland, San Francisco, Miami, and New York metro Neighborhood criteria include nearby job centers, transportation, limited new supply, and lifestyle amenities such as shopping, dining, and entertainment Encore continuously monitors new markets for expansion opportunities Investment Approach Acquire assets at significant discounts to peak and current pricing through proprietary sourcing network Optionality: purchase assets which could be sold profitably as unfinished lots, finished lots, completed homes, or combination of the above strategies Leverage in-house development and construction capabilities to opportunistically pursue the exit strategy which yields the best IRR/equity multiple combination Encore Capital Management P: (415) One Town Center Road E: info@encorefunds.com Suite 600 W: Boca Raton, FL 33486

5 KFG RESIDENTIAL INVESTMENT COMPANY KFG Investment Company is a privately owned real estate investment company with a portfolio of residential, commercial and industrial properties in California and other western states. KFG is an active investor in residential infill properties with a reputation for being able to move quickly to take advantage of opportunities in today s real estate environment. Since its inception, KFG Investment Company and Affiliates have built and marketed approximately 50,000 residential units in more than 140 separate communities. Through its affiliate, KFG Residential Investment Company, KFG is focused on identifying, underwriting and acquiring urban infill investment opportunities, and managing/building the investments through joint ventures with local builders and/or operators in California and other emerging markets in Colorado, Washington and other Western States. Deal Structure Joint Venture equity to builders Investment Size and Timing Preferred equity transactions $2 million to $5 million per project Will consider up to $10 million Short term investment 18 months to 30 months Product and Property Types Single family, condo s and multi-family urban infill projects Prefer entitled deals with approved Tentative Maps Target Markets Western United States Timing Arizona California Colorado Nevada Oregon Washington Ability to move fast on deals Private company with no investment committee Terms Determined deal by deal and very market competitive Contact: Aleks Baharlo President Ventura Blvd. Suite 1330 Encino, CA PH: Fax: abaharlo@kfgic.com

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7 STRAND has been recognized since 1976 as a reliable source of debt and equity for real estate acquisitions and developments of all sizes. The Strand organization has acquired, developed and financed a portfolio of real estate assets with a combined value of more than $6 billion. As a result of its financial resources and hands-on business philosophy, Strand has a proven ability to respond quickly to investment opportunities. INVESTMENT STRUCTURE Joint Venture Equity Participating Subordinated Debt Direct Purchase of Assets or Secured Notes INVESTMENT SIZE $1 Million to $20 Million with consideration given to select larger investments TERMS OF FINANCING Terms up to 36 months Long term hold for cash flowing assets (both new development and existing assets) TYPES OF PROJECTS Entitlement Residential for sale Development Residential for rent Construction Mixed-use LOCATION OF PROJECTS California, Nevada, Oregon, Illinois, Washington, Utah and Colorado STRAND PROFILE Established reputation for practical, proactive, user-friendly approach to underwriting, closing, and asset management. Kevin Crosby John Mackay Geno Ferretto Donner Pass Road, Suite West Georgia St, 5595 Kietzke Lane, Suite 102 Truckee, California Vancouver B.C. Canada Reno, Nevada V6B 4N kcrosby@strandadvisors.com gferretto@strandadvisors.com

8 TMC AMERICA PRIVATE, FRIENDLY, INTELLIGENT & RELIABLE CAPITAL Founded in 1993, TMC America is led by a team of industry veterans possessing more than 100 years of combined real estate development and investment experience. Unlike many other financial partners, the executives of TMC America have themselves developed, built and sold a wide variety of real estate asset types including single-family homes, land entitlement projects, office buildings, shopping centers, and apartments. As a result, they speak the builders' language, and understand project issues as they arise in the field. Backed by an array of large domestic and international investors, TMC America possesses the financial strength of a large institutional investor, yet as a private, boutique firm, is small and agile enough to take advantage of immediate opportunity. Type of Financing Deal Size TMC America provides 90% of the project's required equity capital, with the builder co-investing the balance. The typical structure is a single-purpose limited liability company or partnership into which TMC America and the developer each contribute their equity capital. $1 Million to $10 Million of Equity Geographic Location Property Types California, Nevada, Arizona, Utah and other states on a case-by-case basis Single-Family Residential Multi-Family Residential Land Entitlement Mixed Use Commercial Projects (retail, office, industrial) Mortgage Pools Distressed Properties Partner Profile Small to Medium Size Experience in Proposed Product Type and Market Financial Stability Honesty, Integrity and Relationship Oriented TMC America, LLC Mark Ferraro - President One Venture, Suite 230 mark@tmcamerica.com Irvine, CA Nate Chesnie - Vice President P: nate@tmcamerica.com F: Deirdre Spalding - Vice President deirdre@tmcamerica.com

9 Bill Valentine (650) I Affiliate by pcs Private Real Estate Lending We can fund you in 7-10 business days (faster if needed) Property Types ) Non-owner occupied residential ) Multifamily ) Commercial ) Mixed use ) Industrial > Entitled land Loan Terms ) $300,000 to $15,000,000 loan amounts ) 3 to 36 months with extension options ) Purchase, bridge, fix & flip, rehab, cash out, estate settlement, new construction, build to suit ) 70% LTV (75% case by case) ) 7.25% to 9.75% interest rate range Call us for a quote (650) $4.1 million major rehab $5.8 million construction $2.1 million bridge loan $2.4 million major rehab Vale Capital is an affiliate of OneSource by PCS, an experienced equity investor and lender. OneSource and its partners, affiliates and investors have funded nearly $1 billion of loans since Vale Capital, Inc Menlo Avenue, Suite 201, Menlo Park, CA Real Estate Broker - CA DRE License # OneSourcebyPCS.com is an online lending and investor services platform operated by Southland Equities, LLC dba OneSource by PCS, a California limited liability company - California Finance Lender License #603 K204

10 Built for builders Dedicated to meeting the needs of builders Count on Wells Fargo s National Builder Division to provide the people, products, programs, and services you need. We re committed to delivering excellent customer service to help you and your buyers succeed. Let s work together. Visit us at Booth us at nationalbuilderdivision@wellsfargo.com to learn more about what we can do for you and your buyers. CS5106 Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A Wells Fargo Bank, N.A. All rights reserved. NMLSR ID AS Expires 07/2016