Bridging the Gap Between Investors and Secure, High-yield Returns

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 Direct Lending Partners, DLP Real Estate Management, DLP Realty, Brite Homes, Alliance Loan Servicing, and Alliance Property Transfer.

DLP Real Estate Capital has over $850 million in assets under management and has closed over 15,000 real estate transac-tions totaling more than $3 billion. DLP has been ranked in the Inc. 5000 fastest growing companies in the U.S. for seven consecutive years, has earned the top spot eight years in a row for REAL Trends American’s Best Realty Professionals List, Financial Times, Inc. Best Workplaces 2020, and was recognized by The Wall Street 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

dlpcapitalpartners.com directlendingpartners.comdlprealty.com

alliancepropertytransfer.comdlpoffers.com

britehomes.comallianceloanservicing.com

DLPRealEstateManagement.com

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

Direct Lending Partners 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 between investors, managing 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 DLPRealEstateCapital.com to see all of the DLP companies and websites.

Don Wenner | Founder and CEO don@dlpcapitalpartners.com | 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 experienced in scaling high growth entrepreneurial companies through the utilization of the DLP Elite Execution System (EES).

Since DLP’s founding in 2006, Don has closed more than 15,000 real estate transactions totaling over $3 billion. He has built a successful track record of generating consistent profits in all market conditions and cycles and is ranked by The Wall Street Journal 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 named to both the 40 Un-der 40 list and the Ultimate CEO list as well as being a finalist for the EY Entrepreneur of the Year Award.

Don studied Finance and Marketing at Drexel University, 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. Don is pas-sionate about fitness and health, devours books on a weekly basis, and enjoys many outdoor activities and discovering new places with his family.

Holly Hill, FL Office1501 Ridgewood Ave. Suite 217

Holly Hill, FL

St Augustine Beach Office4299 S A1A

St. Augustine, FL

Southeast Headquarters605 Palencia Club Dr.

St. Augustine, FL

OUR OFFICES

Pocono Office529 Seven Bridges Rd.East Stroudsburg, PA

Brite Home Office7345 Greenbriar Parkway

Orando, FL

Northeast Headquarters95 Highland Ave Bethlehem, PA

Asheville Office 16 Church Street

Asheville, NC

ABOU

T DL

P

Our PurposeDREAM. LIVE. PROSPER.

Passionately Creating Prosperity through Real Estate.

Our MissionTo lead and inspire the building of wealth and prosperity

with our partners, through the relentless execution of innovative real estate solutions.

Goal & Target for 2025100,000 solutions provided for & from real estate

Our Core Values

Driven for GreatnessWe are driven to seek knowledge and pursue growth and greatness each day in both our personal and professional lives.

LeadershipWe influence and impact our community, clients, and ourselves by exemplifying integrity, positivity, and humble confidence.

Perseverance & Passion for Long-term Goals: GRITWe have the endurance and unshakable commitment necessary to achieve our visionary long-term goals.

Enthusiastically Delivering WOWWe go above and beyond, delighting and amazing everyone we encounter.

Living FullyOur quest for excellence and the pursuit of our passions applies to all aspects of our lives – business, family, personal, and faith. We strive to live life to the fullest.

Innovative Solutions FocusWe do not simply talk about problems; we drive ourselves to create solutions that produce new, previously thought to be unimaginable results for our clients.

Twenty Mile MarchWe consistently hit targets, day after day, year after year, regardless of the prevailing conditions.

Execution & ExcellenceWe establish and surpass expectations that can only be achieved through a clear focus, commitment, and engagement on completing the most critical priorities.

Humble ConfidenceWe exude confidence without arrogance, projecting humility and warmth to empower others and emphasize collaboration.

StewardshipWe are maximizing the resources entrusted to us in order to deliver positive returns.

20112011 We flipped over 80 investment properties in 2011,

sold 339 homes, and launched our sister company, DLP Builders, which now sits under DLP Real Estate Capital.

The DLP Equity Fund II was launched, which focuses on acquiring, improving, and managing multi-family

communities, primarily throughout the Southeast. Ad-ditionally, we launched our first Reg A Fund. DLP Capital

Partners generated more than $60 million in capital investments and in turn, we acquired more than 2,500

apartments for over $150 million, while also funding over 300 loans for over $60 million. DLP Real Estate

Capital generated $375M in AUM, over 4,700 units were managed in our portfolio, we originated over 250 loans,

and grew to a company of over 230 team members. DLP Capital Partners’ investor base grew to over 325 investors, with zero principal losses to any investors.

OUR HISTORY

2013

We kicked off 2013 by adding DLP Capital Partners to the DLP family of

companies. With the founding of DLP Capital Partners, we opened up our

first investment fund, the DLP Equity Fund I LLC, to provide investors with

the option to invest in distressed real estate as passive equity investors.

This year, DLP Realty sold 660 homes and we purchased over 150 homes.

We successfully expanded our portfolio with extensive acquisitions,

including commercial and multi-family properties.

In 2018, DLP Capital Partners launched the DLP Preferred Returns Equity fund, DLP’s third Equity Fund and a unique fund in which all investments are in a preferred position. In January, we launched the DLP Positive Returns Foundation, which focuses on two American epidemics–the need for affordable housing and the job epidemic. DLP Real Estate Capital acquired over 4,000 units, sold over 1,200 properties, and funded over $225 million in loans through DLP Direct Lending Partners. DLP Real Estate Management successfully managed 9,200 apartments and homes. Our DLP family grew to a company of 280 team members.

The DLP Equity Fund I officially closed in March 2019 and returned 196.5% of invest-

ed capital for initial investors. More than 90% of the returned capital was reinvested

into other DLP Funds. We acquired over 3,000+ units and sold over 2,400+. In 2019, we also acquired Brite Homes, funded over

$420M in loans and lines of credit, raised over $135M of new capital, sold over 2,050

homes, and grew to a company of over 350 team members.

ACCOLADES:Real Trends/Wall Street Journal

- #9 Real Estate Team in the US - #1 Real Estate Team in PA & NJ

INC. 5000 #785 Fastest Growing Private Company

Lehigh Valley Business 45 Fastest Growing Companies: #6

Jacksonville Business Journal Don named to LVB 40 Under 40 Award

ACCOLADESINC. 5000#785 Fastest Growing Private CompanyCFO of the yearTop WorkplaceThe Wall Street JournalTop 15 RE Teams in the US

ACCOLADESReal Trends/Wall Street Journal

#11 WSJ top RE Team & #1 in PA & NJ INC. 5000 | 7th straight year! #5 Fastest

Growing Company out of those who have made the list 7+ years

Jacksonville Business Journal Don named 40 under 40 and Ultimate CEO

Top Workplace AwardsForbes Real Estate CouncilDon Named to the Council

Collective Genius Real Estate MastermindWon Collective Genius Presentation Award

IREM® for Corporate InnovationFinalist for the 2019 REME AwardLehigh Valley Business Journal

#1 Fastest Growing CompanyEY Entrepreneur of the Year

Don named a Finalist

ACCOLADES:Real Trends/Wall Street Journal #8 Real Estate Team in the US#1 Real Estate Team in PA & NJ Top Workplaces in Lehigh Valley: #5INC. 5000#840 Fastest Growing Private Company #22 in PALehigh Valley Business 45 Fastest Growing Companies: #2

ACCOLADES:Real Trends/Wall Street Journal

#25 Real Estate Team in the US#1 Real Estate Team in PA, NJ & NY

INC. 5000 #1838 Fastest Growing Private Company

#48 Fastest Growing Real Estate Company#44 in PA

2006Our CEO, Don Wenner, started the journey of building his real

estate empire when he obtained his Real Estate License.

Don flipped about 20 homes and sold 200 homes.2008

2009In 2009, Don founded DLP Realty, sold 250 homes, and flipped approximately 40 homes.

20102010 We expanded into Florida and launched Short Sale Company- IRES. This year, we flipped about 50 homes and sold 250 homes through DLP Realty. We grew to a company of 25 team members.

2012

In 2012, we launched DLP Real Estate Management. This marked the year DLP Real Estate Capital began building its rental portfolio. We acquired over 120 single, multi-family, and commercial properties. Our DLP family grew to about 80 team members, we sold 507 homes, and flipped over 60 investment properties.

2014

DLP Capital Partners originated two additional funds, the DLP Fixed Fund and the DLP Lending Fund. In 2014, we focused expansion into class B & C multi-family and private “hard money lending”. We grew to a company of about 100 team members, sold 739 homes, managed about 500 units, and acquired well over 150 multi-family and commercial properties. Additionally, DLP Direct Lending Partners joined the DLP family of Companies.

ACCOLADES:Real Trends/Wall Street Journal#15 Real Estate Team in the US#1 Real Estate Team in PA & NJINC. 5000#2115 Fastest Growing Private Company

2015

DLP Direct Lending Partners experienced tremendous

growth and we continued expanding our multi-family

portfolio. DLP Realty sold 1,017 homes and we purchased over

100 homes this year.

ACCOLADES:Real Trends/Wall Street Journal

#14 Real Estate Team in the US#1 Real Estate Team in PA & NJ

Top Workplaces in Lehigh Valley: #1INC. 5000

#2737 Fastest Growing Private Company#107 Fastest Growing Real Estate Company #97 in PA

2016

In 2016, our assets under management more than doubled. DLP Capital Partners launched the DLP Income & Growth Fund, more than $50M in investments were secured, and our investment funds were approved for more than 90% of the major custodial platforms. We sold 1,126 homes, purchased more than 60 homes and a property management company in Daytona Beach, and acquired over 800 apartments. Our lending company experienced a growth of over 400% this year and DLP Real Estate Capital grew to a company of about 150 team members.2017

2018

2019

2020

ACCOLADESFinancial Times#142 Fastest Growing Company in the AmericasReal Trends #8 Fastest Growing Brokerage in AmericaParade of HomesBest Feature | Ethan Model FloorplanStevie AwardsGold Winner | E.O.Y | Real EstateSilver Winner | Achievement in Growth

In 2020, DLP Capital Partners launched the Positive Notes Fund and the $1B Evergreen Hybrid REIT, DLP Housing Fund, LLC.

DLP REAL ESTATE CAPITAL EXECUTIVE TEAM

Robert Peterson | CFO and PartnerRobert has 35 years experience in the commercial, retail, and multi-family residential real estate industry as an accounting and finance professional with extensive asset management experience. He has additional experience with high-end multi-family residential properties and condo conversion projects. Prior to joining DLP, Robert

served for 10 years as the VP of Finance and Information Technologies at the Buckeye Companies, the largest full-service commercial office building owner, contractor, prop-erty management, brokerage, and automobile parking group of companies in Beverly Hills, CA. Robert has a Bachelor’s of Science Degree in Accounting.

Barry DeGrootSVP/Chief Legal Counsel & PartnerBarry’s areas of practice include residential and commercial real estate, landlord representation, litigation, land acquisitions/development/zoning matters, construction matters, business formations, and general business issues. He also serves as an expert witness on issues relating to the stan-

dard of care of real estate brokers in real estate transactions. He is admitted to practice in PA, the U.S. District Court for the Eastern District of PA and the Third Circuit Court of Appeals, and is a member of the Bucks County Bar Association. He earned his Bachelor of Arts in Letters, Arts and Sciences from Penn State University and his J.D. from The Dickinson School of Law.

Oren Segev | Founder & CEO of Brite HomesOren Segev is a serial entrepreneur who has had success launching multiple businesses in a variety of industries. His extensive experience as a Real Estate Professional has provided him with crucial knowledge in Property Management, Acquisition, Renovations, Retail Disposi-tions, and Wholesale Dispositions. Oren holds a Bachelor’s Degree in Business Management with a Minor in Finance and an IT degree from Wilmington University.

Patrick O’Donnell | Chief Experience OfficerPatrick has 20 years of experience in marketing and is a best-selling 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 8-figure real estate firm, he more than tripled its annual revenue and became #1 in its niche market. Patrick graduated from Georgia Tech

with a Bachelor of Science in Management, with a focus in Marketing and Entrepre-neurship. He completed additional coursework with UCLA and Worcester College at the University of Oxford, UK.

Jason Battestelli | Chief of StaffJason holds over 20 years of experience in real estate management, He served as President of Real Estate Management and Chief Operating Officer, before moving into role as Chief of Staff. Previously, he served for over a decade as the Director of Leasing and Marketing at Ingerman where he was a key driver in the growth of a residential portfolio of 8,000 units. Jason has an MBA from the Fox School of Business at Temple University with a concentration in Marketing Management.

Robert Kociecki | President of Brite HomesWith his national business background and leadership roles, Robert is able to use his vast experience to help integrate and grow DLP to even higher achievement levels. He relentlessly practices the philos-ophy of constant and never-ending improvement, which continues to help him develop new techniques for leading and motivating an organization. He earned a Bachelor of Science degree in Business Management from DePaul University.

Nathan TrunfioPresident of Direct Lending PartnersNate has spent his entire career in the lending industry where he’s had experience as a director of operations, top sales producer, sales manager and trainer, and credit officer. In 2017, Nate joined DLP Direct Lending Partners and has since led the company in achieving

exponential growth. His current list of clients includes former professional athletes, stock brokers, and Fortune 500 executives. Nate graduated with a double major in Business Management and Marketing from Eastern University.

Melanie French President of Real Estate ManagementMelanie has held executive-level leadership positions in multi-family over the last 15 years. In the past five years alone, she has helped complete more than 40,000 interior renovations and has grown a management company from 9,000 units to more than 50,000 units. Melanie is a Certified

Property Manager through the Institute of Real Estate Management, is certified as a Master Trainer and Facilitator by Development Dimensions International, and is certified as a Senior Professional of Human Resources from the Society of Human Resource Management.

Corey Donahue | President of RealtyCorey built his businesses and career by utilizing his strong relationship and leadership skills. In 2003, Corey entered the real estate investing market full-time after the sale of his IT company and became a sought-after speaker and equity partner throughout the area. From 2007 to 2012, Corey purchased, rehabilitated and rented or sold over 900 single-family or small

multi-family assets. In July 2012, he joined Invitation Homes as the Regional President of Central Florida. He has been in leadership roles in several other institutional level businesses, such as B2R Finance, OfferPad, CJ National Title, and Rising Realty.

Larry Greenberg | SVP of ConstructionLarry has over 30 years of experience in new construction and project management, and has built more than 2,000 homes. He has complet-ed more than $200M in residential and commercial construction and has a wealth of knowledge and experience in achieving maximum re-sults out of a construction crew while holding to budget and a timeline.

Frank Simotics | SVP of RedevelopmentFrank is driven for greatness and has a passion for creating systems and processes that improve DLP’s bottom line. His desire to help team members be the best they can and giving them the tools to improve their careers is what makes him a great leader and mentor. Frank strives to have a positive attitude, an optimistic outlook, and is always striving to improve himself. Frank studied design and

business at Ohio University and Kent State University and is currently taking courses in Scottsdale, AZ and Southern California in business and entrepreneurial studies.

Mary Conlan | SVP of Asset Management and Property Management OperationsMary has a passion for building an excellent quality of life for DLP’s tenants while building a profitable business organization. With 20 years of experience, she has worked in many aspects of the market and enjoys the challenge of effectively running, 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 earned her CPM Designation with IREM.

Amy Barricelli | SVP of Revenue Acceleration for Property ManagementAmy brings over 15 years of experience in the multifamily sector, serving most recently as VP of Leasing and Marketing. She is responsible for maximizing revenues at all residential assets, creating and implementing marketing plans, and management of leasing operations. She earned

her Bachelor’s Degree in English and Literature from St. Joseph’s University and has been a committee level member of several property management organizations.

Matthew John | SVP of OperationsMatt is goal-driven in all aspects of his life. He finds it extremely important to not only visualize his goals but also, to document them. Matt prides himself on daily and weekly progress towards accomplishing his goals. “I enjoy problem solving; finding solutions that simplify the process and refine the desired results,” Matt says. It’s no surprise that

his favorite part of his job is tackling the new tasks and new issues that can surface daily, demanding new problem-solving techniques and new ways of thinking to resolve.

Scott Jones | SVP of TechnologyScott graduated from the University of Memphis with a B.B.A. degree in Information Technology, Masters of Information Technology from Auburn University and a Masters Certificate in Business Analytics. Prior to DLP, Scott was Vice President of IT at both Ram Realty Advisors and EdR Collegiate Housing, where he led all major IT initiatives and capacity planning for

enterprise applications, program development teams, project managers and business analysts. Scott has experience with multiple ERP and Property Management Systems including extensive experience with JD Edwards, Hyperion, Yardi and most major database platforms.

Scott Meyers | SVP of SalesScott Meyers is a proven sales leader with more than 18 years of diversified real estate experience. Under his management, his teams in residential property investment, default loan servicing, and private lending have contributed to upwards of 4000 real estate transactions. Scott holds a degree in Operations and Information Systems Manage-ment from Pennsylvania State University.

Rick Montgomery SVP of Construction & Service QualityRick joins DLP as the Senior Vice President of Construction & Service Quality. Having worked with some of the largest companies in the property management industry, Rick brings many years of property management experience with him. His motto of “go build

something”, reflects his earnest belief that building the best team results in the best outcomes and the most satisfying careers. Prior to joining DLP, Rick filled the role of SVP/Chief of Field Operations for Streetlane Homes / Rootstock. He was responsible for all physical aspects of Streetlane Homes’ operations where his main focus was reducing inefficiencies, increasing the use of technology, and improving the quality of work. Throughout his career Rick has enjoyed developing Maintenance, Construction, CapEx, and Risk Management departments of several national property industry leaders. As an EVP he was one of the original architects of Progress Residential’s platform. Rick’s past responsibilities include filling leadership roles in both single-fam-ily and multi-family organizations such as Resource Residential, AIMCO, Avalon Bay Communities, and Aspen Square Management. As an alumnus of Northern Michigan University has made industry-focused education a continuing pursuit, earning several certifications and master designations.

Kevin Aschman SVP of Marketing for Direct Lending PartnersKevin earned his Bachelor’s degree in International Marketing from American University in Washington D.C. Spanning nearly two decades, Kevin has spent his career leading marketing teams for growth-stage 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 career focusing on the real estate industry. Kevin helps define the marketing strategy in an effort to efficiently and effectively support the growth of each business.

Shana WhiteheadVP of Property Management OperationsShana Whitehead’s residential property management experience encompasses over 28 years of demonstrated accomplishments in fee managed and owner operated multifamily and single family portfolios. She has extensive experience in acquisitions, new construction, lease-ups, re-positioning, renovations, community associations,

and stabilized management operations. Shana began her career in 1992 with Sentinel Real Estate in Atlanta, Georgia. Over the next 26 years she leveraged her talents with Trammell Crow, Archstone-Smith, and Invitation Homes. During these years of intensive acquisition activity she successfully managed re-stabilizations, renovations, and lease-ups throughout the Northeast and Southeast.

Maggie Mulvihill | VP of FinanceHaving worked in the real estate field for over 30 years, Maggie has an unshakable passion for this industry. She also has six years of experience in private equity under her belt. Maggie has a bachelor of science degree in accounting from City University of New York and a master of business administration degree from Cornell University.

Brion Yarnell VP of Funding PartnershipsBrion is passionate about enabling his clients to achieve their dreams through the powerful medium of real estate investing. He loves working with other lenders to empower them to grow their business and influence. His focus is on providing clients with sound, unbiased marketing and advertising services. Brion received his Bachelor’s Degree in Education.

Jonathan Campbell VP of Sales, DLP RealtyJonathan has been selling real estate in the Lehigh Valley for over 10 years with 500 plus home sales. He has assisted families to buy homes, sell homes, and assist investors with acquiring investment assets. Jonathan is a certified negotiation expert in the fields of residential sales, investment properties, multi-family and land acqui-sitions, and is currently using his successful background to assist and recruit other top sales professionals. He is passionate about providing as much value as possible.

DLP REAL ESTATE CAPITAL EXECUTIVE TEAM

Rich Delgado | Managing DirectorRichard is DLP Capital’s first-ever Managing Director. Mr. Delgado is a highly accomplished leader with a record of achievement in the structured finance, capital markets and mortgage industries over the past 25+ years. He served for 5 years as Senior Vice President, Portfolio Investments and Structured Finance with Nationstar Mortgage (dba Mr.

Cooper), the 3rd largest mortgage servicer with more than $600 billion in servicing under management, where 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 assets and corporate development. Earlier, Mr. Delgado added significant value for nearly 19 years at the Ocwen Financial Corporation family of companies. With two other executives, Mr. Delgado launched Home Loan Servicing Solutions, Ltd. (HLLS), an Ocwen affiliate that operated 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. Mr. Delgado’s work was instrumental in growing the firm’s market cap to $1.6B. Mr. Delgado completed his Bachelor of Business Administration in Accounting from Iona College.

Anthony RubenSenior Director of InvestmentsAnthony possess a wealth of knowledge & extensive experience over the course of his 15-year career in complex finance and commercial real estate investing. In Mr. Ruben’s short tenure with DLP he has transacted over $1B worth of acquisitions, dispositions, equity and

debt investments. Prior to DLP, Anthony was the Vice President of Investments for Lloyd Jones Capital, responsible for acquiring $140M+ in market rate and senior hous-ing 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. Preceding to that he was with Greenstreet Real Estate Partners, where he acquired over $1B worth of commercial real estate assets. Anthony obtained his B.S. degree in Finance with a concentration in Real Estate Studies from the University of St. Thomas.

Larry Hickernell Jr.Senior Investor Success ManagerLarry 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 roles, including residential and commercial lending, private banking, wealth management, insurance and retirement planning,

and team leadership at organizations including PNC Wealth Management, TD Bank, Amer-ican Heritage Federal Credit Union, and Penn Community Bank. Larry attended Marywood University for Music Education and is currently pursuing an advanced degree in Business Administration from DeSales University in Center Valley, PA.

Evan Brody | Corporate ControllerEvan started his career as an analyst with an investment bank, and then moved on to work in the corporate accounting department of a large privately held family office in New York City for 10 years. Afterward, he spent two years with a consumer lending firm, helping transition and grow the department. Most recently, he was the CFO/Corporate Controller

for one of the largest privately held residential loan originators in Eastern Pennsylvania. Evan earned a bachelors of science degree in accounting from Binghamton University and is a licensed Certified Public Accountant in Pennsylvania and New York.

DLP CAPITAL PARTNERS TEAM

Rich Delgado | Managing DirectorRichard is DLP Capital’s first-ever Managing Director. Mr. Delgado is a highly accomplished leader with a record of achievement in the structured finance, capital markets and mortgage industries over the past 25+ years. He served for 5 years as Senior Vice President, Portfolio Investments and Structured Finance with Nationstar Mortgage (dba Mr. Cooper), the 3rd

largest mortgage servicer with more than $600 billion in servicing under management, where 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 assets and corporate development. Earlier, Mr. Delgado added significant value for nearly 19 years at the Ocwen Financial Corporation family of companies. With two other executives, Mr. Delgado launched Home Loan Servicing Solutions, Ltd. (HLLS), an Ocwen affiliate that operated 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. Mr. Delgado’s work was instrumental in growing the firm’s market cap to $1.6B. Mr. Delgado completed his Bachelor of Business Administration in Accounting from Iona College.

Megan Dubbs | Marketing DirectorMeg Dubbs has spent over 20 years in the marketing and design industry since obtaining her B.A. in Graphic Design and completed her Master’s in Design Manage-ment through Savannah College of Art and Design. Her experience includes extensive experience in advertising and marketing, developing and teaching college-level design courses, and developing a top-notch online educational products and marketing.

Larry Hickernell Jr.Senior Investor Success ManagerLarry 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 roles, including residential and commercial lending, private banking, wealth management, insurance and retirement

planning, and team leadership at organizations including PNC Wealth Management, TD Bank, American Heritage Federal Credit Union, and Penn Community Bank. Larry attended Marywood University for Music Education and is currently pursuing an advanced degree in Business Administration from DeSales University in Center Valley, PA.

Robert SchimeneckInvestor Success ManagerBob is passionate about doing what is right for his clients and strives to build long-lasting relationships with them. His drive to form relationships and dedication to follow through has propelled him int success. Bob attended DeSales University where he studied finance.

Michael KrawchukInvestor Success ManagerMichael helps our investors realize their financial goals by correlating our unique, modern approach to investing and communicating it to them in a personalized manner. This approach motivates clients to deepen their relationships with DLP and provides them the comfort they are seeking for their financial success.

Mandy Danish | Investor CoordinatorMandy 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 custodian to another, even when road bumps and challenges occur,” Mandy says.

Lisa Metzger | Investor CoordinatorLisa loves working with clients to help them solve challenges they may be having while providing an excellent level of customer service. “I want a client to feel supported, important and valued in every interaction that they have with me, and knowing that I achieve this is very gratifying,” she says. Lisa earned her bachelor’s degree in political science from Bloomsburg University.

Julia Movchaniuk | Executive AssistantJulia’s main goal is to assist our current and future investors by offering them the five-star customer experience and to help ensure all their transactions are executed as efficiently and smoothly as possible.

Daniel CocchimiglioPortfolio, Fund & Treasury AnalystDaniel is driven to helping clients and colleagues succeed. This drive to help others is rooted in his constant search for self-improvement. “I always strive to be the best at what I do, and DLP does the same; never accepting anything less than greatness,” states Daniel. He graduated from Albright College with a bachelor’s degree in finance.

Joanna CocchimiglioCapital Accounting Team LeaderJoanna is passionate about giving 100% towards her professional goals and enjoys the daily challenges she faces at DLP. She strives to live fully everyday.

Stephanie Farkas | Junior DesignerAs our Junior Designer, Stephanie brings a wealth of corporate brand and design knowledge to DLP Capital Partners. She earned an AAS degree in Communication Design with a concentration in Print and Web from Northampton Community College in 2015, and in 2018 went on to earn her BFA degree in Communication Design

with a concentration in Interactive and Graphic Design from Kutztown University. Prior to joining the DLP team Stephanie worked for Cardinal Systems, Inc. as their in-house designer, gaining in-depth 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 and personally.

Anthony Ruben | Senior Director of InvestmentsAnthony possess a wealth of knowledge & extensive experience over the course of his 15-year career in complex finance and commercial real estate investing. In Mr. Ruben’s short tenure with DLP he has transacted over $1B worth of acquisitions, dispositions, equity and debt investments. Prior to DLP, Anthony was the Vice President of Investments for Lloyd Jones Capital, responsible for acquiring $140M+ in 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. Preceding to that he was with Greenstreet Real Estate Partners, where he acquired over $1B worth of commercial real estate assets. Anthony obtained his B.S. degree in Finance with a concentration in Real Estate Studies from the University of St. Thomas

Ken Gross | Director of Underwriting & Due DiligenceKen’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 LanniSenior 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.

Sterling Garcia Real Estate Investment Analyst Sterling is passionate about creating and identifying value in real estate investment opportunities. He enjoys the ability his career gives him to develop his skills in multiple aspects, as well as the freedom it gives him to be creative in his generation of business plans. Sterling studied entrepreneurship at Babson College.

Constance LiuReal Estate Investment Analyst Constance earned a bachelor’s degree in finance from Sichuan University in China and a master’s degree in economics from Duke University.

INVESTMENTS & ASSET MANAGEMENT

Investment Leadership Team

Asset Management Leadership Team

Mary Conlan | SVP of Asset Management and Property Management OperationsMary has a passion for building an excellent quality of life for DLP’s tenants while building a profitable business organization. With 20 years of experience, she has worked in many aspects of the market and enjoys the challenge of effectively running, 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 earned her CPM Designation with IREM.

Daniel Tucker | Asset Management Director Daniel has an extensive real estate and mortgage servicing background; including asset management, risk assessment, compliance, foreclosures, vendor relations, crowdfunding, investing, process improvement, etc. He has worked for several large financial institutions to help improve policies and procedures and has represented 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.

Jack Zhao | Senior Asset Analyst Jack is eager and willing to learn any chance he gets. He holds a bachelor’s degree in credit management from Shanghai Lixin University of Commerce and a master’s degree in finance from Syracuse University.

Tyler Hendrick | Asset ManagerTyler 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 of San Diego. Tyler enjoys working with real estate and solving the many complex challenges he is faced with as an asset manager. He is passionate about contributing to the community by improving the built environment and providing people with places to live, work, and play. He feels a great sense of accomplishment when taking an underperforming project and turning it around.

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.

REAL ESTATE MANAGEMENTPROPERTY MANAGEMENT DIVISION

Melanie French President of Real Estate ManagementMelanie has held executive-level leadership positions in multi-family over the last 15 years. In the past five years alone, she has helped complete more than 40,000 interior renovations and has grown a management company from 9,000 units to more than 50,000 units. Melanie is a Certified Property Manager through the Institute of Real Estate Management, is certified as a Master Trainer and Facilitator by Development Dimensions International, and is certified as a Senior Professional of Human Resources from the Society of Human Resource Management.

Amy BarricelliSVP of Revenue AccelerationAmy brings over 15 years of experience in the multifamily sector, serving most recently as VP of Leasing and Marketing. She is responsible for maximizing revenues at all residential assets, creating and implementing marketing plans, and management of leasing operations. She earned her bachelor’s degree in english and literature from St. Joseph’s University and has been a committee level member of several property management organizations.

Mary Conlan | SVP of Asset Management and Property Management OperationsMary has a passion for building an excellent quality of life for DLP’s tenants while building a profitable business organization. With 20 years of experience, she has worked in many aspects of the market and enjoys the challenge of effectively running, operating, and managing multi-family and single-family communities. She graduated from University of Texas San Antonio with a bachelor’s degree in business and earned her CPM Designation with IREM.

Shana Whitehead | VP of Property Management OperationsShana Whitehead’s residential property management experience encompasses over 28 years of demonstrated accomplishments in fee managed and owner operated multifamily and single family portfolios. She has extensive experience in acquisitions, new construction, lease-ups, re-positioning, renovations, community associations, and stabilized management operations. Shana began her career in 1992 with Sentinel Real Estate in Atlanta, Georgia. Over the next 26 years she leveraged her talents with Trammell Crow, Archstone-Smith, and Invitation Homes. During these years of intensive acquisition activity she successfully managed re-stabilizations, renovations, and lease-ups throughout the Northeast and Southeast.

Irene Saulino | Property ControllerIrene has over 20 years of experience fulfilling various accounting roles in both Pennsyl-vania and New Jersey. She holds a bachelor of science degree in business management from Rutgers Business School in New Brunswick, NJ, completed courses and seminars in taxation, and is currently taking accounting courses needed to acquire enough credits to sit for the CPA exam. Born and raised in Colonia, NJ, Irene has been living in Bethlehem for 15 years. She is passionate about providing property investors with accurate and timely information so that they can make informed decisions. She has always been interested in the construction and real estate sector of accounting.

Tameka Woods | Director of OperationsTameka earned a bachelor of science in computer information systems and a master’s degree in elementary education. She enjoys transforming apartments into amazing communities with teams who are also determined and invested in DLP’s vision. Tameka’s certifications include being a Certified Apartment Portfolio Supervisor and an Accredited Residential Manager. She is also a Certified Occupancy Specialist and a Certified Manager of Housing.

Leadership Team

Larry Greenberg | SVP of ConstructionLarry has over 30 years of experience in new construction and project management, and has built more than 2,000 homes. He has completed more than $200M in residential and commercial construction and has a wealth of knowledge and experience in achieving maximum results out of a construction crew while holding to budget and a timeline.

Frank Simotics | SVP of RedevelopmentFrank is driven for greatness and has a passion for creating systems and processes that improve DLP’s bottom line. His desire to help team members be the best they can and giving them the tools to improve their careers is what makes him a great leader and mentor. Frank strives to have a positive attitude, an optimistic outlook, and is always striving to improve himself. Frank studied design and business at Ohio University and Kent State University and is currently taking courses in Scottsdale, AZ and Southern California in business and entrepreneurial studies.

Rick Montgomery | SVP of Construction & Service QualityRick joins DLP as the SVP of Construction & Service Quality. Having worked with some of the largest companies in the property management industry, he brings years of property management experience. His motto of “go build something”, reflects his earnest belief that building the best team results in the best outcomes and the most satisfying careers. Prior to DLP, Rick filled the role of SVP/Chief of Field Operations 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 developing Maintenance, Construction, CapEx, and Risk Management departments of several national property industry leaders. Rick’s past responsibilities include filling leadership roles in both single-family and multifamily organizations. As an alumnus of Northern Michigan University has made industry-focused education a continuing pursuit, earning several certifications and master designations.

Richard Lehr | Construction ManagerRichard is passionate about working in excellence as a team player. A DLP core value he resonates with is Driven for Greatness, as Richard is always moving forward to obtain more professional and personal growth. He is driven to help others succeed and enjoys giving back to both his work team and the community. Richard attended Lincoln Technical Institute and Lehigh Valley College (formerly known as Allentown Business School). He has also completed specialized training courses related to his industry.

Melissa Faust | Construction ManagerMissy has over 25 years of experience in the construction business. She is passionate about working hard to get the job done and conveys that message everyday. This passion is reflected in her desire to find solutions to problems, and getting each of her day-to-day tasks accomplished.

Carlos Chirino | Senior Acquisition, Renovation, and Maintenance Project LeaderCarlos has spent over 20 years working in retail and with high-end multifamily residential property management Industries as a Capital Projects & Senior Project Manager for the Renovation division, Maintenance division and Capital division for construction companies. Carlos brings 23 years of experience as an Investigator where he managed company assets for construction companies.

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

REAL ESTATE MANAGEMENTCONSTRUCTION MANAGEMENT DIVISION

Corey Donahue | President of RealtyCorey built his businesses and career by utilizing his strong relationship and leadership skills. In 2003, Corey entered the real estate investing market full-time after the sale of his IT company and became a sought-after speaker and equity partner throughout the area. From 2007 to 2012, Corey purchased, rehabilitated and rented or sold over 900 single-family or small multi-family assets. In July 2012, he joined Invitation Homes as the Regional President of Central Florida. He has been in leadership roles in several other institutional level businesses, such as B2R Finance, OfferPad, CJ National Title, and Rising Realty.

Jonathan Campbell | VP of SalesJonathan has been selling real estate in the Lehigh Valley for over 10 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. He is passionate about providing as much value as possible.

Don Wenner, Sr. & Lisa Wenner Inside Sales ManagersDon 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.

Leadership Team

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, a , 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 to selling properties and innovative programs like the Guaranteed Sale Program, Elite Preferred Buyer Program, 24-Month Love it or Leave it Guarantee, and Immediate Buyout Program.

DLP REALTY

#1 Real Estate Team in PA and NJ#11 Real Estate Team in the US

Top 5000 Fastest Growing Company in the US seven years in a row#5 Out of All Companies Who Have Made the List for the 7+ years

#910 Fastest Growing Company in the US#3 Fastest Growing Company in the Lehigh Valley Region

#8 Fastest Growing Brokerage in America

BRITE HOMES

DLP Realty and Brite Homes offer the future of energy efficiency and smart technology in an affordable package for today’s eco-conscious homebuyers. Our modern and beautiful homes come with an ecosystem that makes them Zero Energy Ready and includes: smart home automa-tion, stainless steel energy-star kitchen and bath appliances, LED lighting, and more. They are available in four beautiful floor plans.

Leadership Team

Oren Segev | Founder and CEOOren Segev has a successful history as a serial entrepreneur who founded multiple businesses in a variety of industries. Oren is an experienced real estate professional who is responsible for thousands of real estate transactions over a wide scope of the industry, giving him crucial knowledge in property manage-ment, acquisitions, renovations, retail dispositions, and wholesale dispositions. Oren obtained his bachelor’s degree in business management with a minor in finance and his IT degree from Wilmington University in Delaware.

Robert Kociecki | PresidentWith his national business background and leadership roles, Robert is able to use his vast experience to help integrate and grow Brite Homes to even higher achieve-ment levels. He relentlessly practices the philosophy of constant and never-ending improvement, which continues to help him develop new techniques for leading and motivating an organization. He earned a bachelor of science degree in business management from DePaul University.

Navin Sugrim | Director of Operations & ConstructionNavin’s responsibilities include interviewing and hiring new employees, training new and existing employees, and planning, assigning, and directing on-site and off-site work. Additionally, Navin addresses employee performance and implements corrective action plans, and develops employee motivation and reward programs.

MULTI-FAMILY PROPERTIES

PROSPER Gulfport Gulfport, MS426-unit apartment complex

PROSPER FairwaysColumbia, SC419-unit apartment complex

PROSPER Orange Beach Orange Beach, AL300 unit apartment complex

PROSPER Azalea City Valdosta, GA300 unit apartment complex

PROSPER South BendSouth Bend, IN739-unit apartment complex

PROSPER Jackson Jackson, MS280-unit apartment complex

Warner Robins Warner Robins, GA197 unit apartment complex

The Village at Glenhaven Greenwood, SC200-unit apartment complex

Bellemont Victoria II Apts Baton Rouge, LA198-unit apartment complex

Park East I Apartments Baton Rouge, LA190-unit apartment complex

PROSPER Spartanburg Spartanburg, SC 176-unit apartment complex

DREAM Space CoastTitusville, FL182 unit apartment complex

Bellemont Victoria I Apts Baton Rouge, LA195-unit apartment complex

PROSPER Pleasant Valley Little Rock, AR450 unit apartment complex

LIVE Shreveport Shreveport, LA248 unit apartment complex

DREAM Aspen CreekBroken Arrow, OK240 unit apartment complex

PROSPER Sierra Vista Sierra Vista, AZ192 unit apartment complex

Citation Club Columbus, OH 240 unit apartment community

Snow White VillageKissimmee, FL 340 unit apartment community

Wexford Village at DevonshireScott Depot, WV 340 unit apartment complex

LIVE FlorenceFlorence, SC144-unit townhome complex

DREAM Mountain Hollow East Stroudsburg, PA139-unit townhome complex

The Village at Rankin Greensboro, NC130 unit apartment complex

Park East II Apartments Baton Rouge, LA104 unit apartment complex

LIVE Gate City Apts Greensboro, NC100 unit apartment complex

LIVE Garrett Woods Phenix City, AL135 unit townhome complex

The Village at Valencia Titusville, FL96 unit apartment complex

PROSPER Senatobia Senatobia, MS80 unit apartment complex

The Village at Holly Park Columbus, GA66 unit apartment complex

LIVE Marathon Apartments Columbus, GA64 unit apartment complex

LIVE Cedar Grove Apts Augusta, GA126 unit apartment complex

LIVE Charlestowne Apts Augusta, GA120 unit apartment complex

PROSPER RiverdaleLittle Rock, AR124 unit apartment complex

PROP

ERTI

ESLIVE Port Coral Port Richey, FL 80 unit apartment complex

PROSPER Ashley Creek Village I & II | Vernal, UT 168 unit apartment community

PROSPER Willow ParkVernal, UT 128 unit apartment community

COMMERCIAL PROPERTIES

DLP Professional BuildingEast Stroudsburg, PAA true corporate center that can accommodate many different uses and sizes from 350 to 35,000 sq. ft.

1132 Hamilton Street Allentown, PA28,750 sq. ft. office building with spaces available from 400 to 5000 sq. ft.

95 Highland AveBethlehem, PA72,923 sq. ft. office building in Bethlehem

DLP North Building East Stroudsburg, PA12,735 sq. ft. Class A office space in great location overlooking a stream

564 & 604 Market Street St. Augustine, FL OfficeCommercial storefronts and residential units minutes from downtown St. Augustine

6 Meridian Home Lane Palm Coast6,666 sq. ft. prime Class A contemporary, beachside office building.

912 Main Street Stroudsburg, PA Office23,876 sq. ft. office building with spaces available in downtown Stroudsburg

4299 S A1A Office St Augustine, FLPrime corner lot property in the heart of St. Augustine Beach.

DLP Ormond Beach Office Ormond Beach, FL17,000 sq. ft. Pennysaver office building

1050-1054 Route 206 St Augustine, FLRetail and professional plaza with main thoroughfare frontage.

701 W Broad Street Bethlehem, PA20,000 sq. ft. office building a few blocks from downtown Bethlehem

VACATION PROPERTIESLuxury & Beachfront Vacation Rental Properties

Beachfront Sapphire9341 Old A1A, St. Augustine, FL6 bedroom & 4 bath intracoastal and oceanfront home with a boat dock.

Beachfront Pearl9337 Old A1A, St. Augustine, FL4 bedroom & 4 bath oceanfront home with beautiful views in a serene location.

Ocean Breeze 1172 Beach Walker Rd, Fernandina Beach, FL3 bedroom & 2 bath condo in beautiful Amelia Island Plantation offers all the amenities of relaxation.

16 Church St Asheville NC1 or 2 bedroom & 1 1/2 bath apartments located on an idyllic, quiet street, steps away from Asheville’s best restaurants, retail stores, and attractions.

Atlantic View 5447 Atlantic View, St. Augustine FL8 bedroom & 8 bath beach home with plenty of space and 2 oceanview balconies and a private pool.

Sea Gate 1015 Beachview Dr., St. Simons Island, GAA premium island location of 24 luxurious condo suites ranging from 1-4 bedrooms.

Aloha Oasis 7504 Ocean Ave., Unit 101, Wildwood, NJ3 bedroom & 2.5bath condo with a pool and only a block from the beach.

Sea Palms Golf ResortSt. Simons Island, GA102 condos, banquet facilities, a full-service restaurant, 18-hole golf course, and tennis courts.

52 St. George StreetSt. Augustine, FLThree-story, 1700s-era Casa Rodriguez property.

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.

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.

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 economy-

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.

WHY WE INVEST EQUITY IN MULTI-FAMILY PROPERTIES

We focus primarily on income producing multi-family properties in secondary & tertiary markets with strong job and population growth.

Multifamily Acquisition Criteria:

Multi-Family Asset Class: ..............................................A- to C+Situation: ......................................................................Value-Add Price Range: ..........................................................$15,000,000+Number of Units: ..................................................................250+Markets: .......................Southeast, Northeast, & Midwest U.S. Primary Focus: FL, GA, NC, PA, and SC (broad focus Southeast)Acquisition Cap Rate: ...........................................................6%+

Pro-Forma Cap Rate: ............................................................8%+Cash-on-Cash at Pro-Forma: .............................................12%+Leverage: .......................................................................... 65-80%Hold Period: .....................................................................3+ YearsIRR Based on 5-7 Year hold: ...............................................18%+Existing Occupancy: ........................................................0-100%Capital Improvements: .....................................$5-8k+ per unit ST

RATE

GIES

We focus our investments in affordable residential income- producing properties, ensuring strong management to produce consistent double-digit monthly cash flow. We believe that apartments and residential homes provide consistency and stability even when the market is in a recession; especially when purchased at distressed or undervalued pricing. We focus on buying properties that we project will be able to generate 12%+ annual cash-on-cash returns within 15 months of acquisition.

Nationally, rentership is on the rise, homeownership is on the decline, family formation is happening later in life, and those who do buy a home are doing so later in life.

Why Class B and C Multi-Family?We primarily focus on affordable multi-family properties. Class B and C refers to properties that are not “luxury” in quality. Typically built prior to the early 2000’s, these properties do not have the amenities of newer communi-ties and usually command much lower rents. We focus on these assets for a number of reasons:

Cash flow. Typically Class B and C properties sell at significantly higher cap rates and better cash-on-cash returns than Class A properties.

Supply and demand. Class B or Class C products are not being built. Instead, there is currently a concentration of high-end, luxury apartment developments underway. In many markets, the average 1-bedroom rent is $1,500-$2,000 per month, while the average 1-bedroom rent in a Class B/C community ranges between $650 and $900 per month. In addition to little new inventory, there is a growing demand for affordable housing.

Declining market protection. We believe that in a re-cession people will still need a place to live and that many people living in Class A communities will be forced to move to Class B or C communities. We anticipate occu-pancy will remain strong in a recession.

How We Mitigate RiskDisciplined BuyingThe demand for apartment communities is very high. Investors are often willing to pay low 5 to low 6 cap rates for Class B and C communities. Bidding frenzies can make it easy to get caught up in “the market” and over-pay, even for sophisticated institutional quality investors who are consistently being outbid by other investors. Our discipline ensures we never get attached to a deal. We also believe in a conservative investment approach to factors we control and are even more conservative in the expectations we do not control such as interest rates, rent growth, etc. We believe that when we buy assets that generate strong double-digit cash flow based on current market rents, we will be in the best position to weather market changes.

Strong In-House Management DLP Real Estate Management provides DLP Capital Partners with the significant advantage of having a topnotch, in-house management team whose interests are aligned with investors and the Fund. DLP Real Estate Management has been able to drastically beat industry benchmarks in terms of physical occupancy, effective occupancy, tenant retention, and collected revenue.

Long-term, Non-recourse Debt A key factor in real estate investments is the utilization of debt. DLP focuses on utilizing debt in a relatively con-servative manner, typically with a maximum leverage of 75% of costs at the time of purchase. As a whole, DLP’s real estate holdings have an LTV of about 55%. In addition to utilizing leverage conservatively, DLP focuses on locking in long-term debt with no recourse to investors. This allows cash flow and investor returns to have no direct effect from rising interest rates.

*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.

Multi-Family Value Add Investing: Investment StrategyDLP 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 15,000 real estate acquisitions.

Multi-Family AcquisitionDLP primarily acquires value-add B class multi-family 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

WHY MULTI-FAMILY?

ACQUISITION PROCESS

300-500 deals reviewed each month

• Offering memorandums received• 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

• Financials analyzed and deal underwritten to our acquisition guidelines

• Rent rolls, operating statements, and leases• Investment analysis completed• CoStar underwriting reports pulled and valuated

($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 10-30% of the units and meet and evaluate the management team with the goals of evaluating the quality of asset, location, condition, screening processes, tenant quality, and management inefficiencies

• Inspect competitive communities with the goal of determining how the subject asset compares on location, condition, desirability, etc. and evaluate occupancy, rents, quality of management, etc.

5-20 offers submitted

• Full Offer Package sent offering strong straight forward offer with short due diligence period and proof of ability to execute

2-3 offers accepted

• Request all items on attached Due Diligence not already provided• Schedule In-depth site visit• Inspection of every single unit: photos, comments, and notes• Full lease audit with manager• Lease audit: evaluate all financials provided against the actual

source documents or leases• Stop at police station to get insight from police on community• Stop at codes offers to check on permits, violations, etc. • Submit Investment Package to lenders for proposal of terms• Finalize Capital Improvement Plan• Finalize rent projections and expectations• Title insurance• Insurance bids• Flood certification• Purchase excellent property, liability, and flood as needed• Renegotiate based on findings

1-2 offers that pass due diligence process

• 3rd party appraisal completed• Phase 1 report completed• Financing terms negotiated• Survey ordered• Asset onboarding booklet• On-site management and maintenance hired• Deal closed• On-boarding team on-site to transition the asset and on-site

management and maintenance team

Onboarding

• On-boarding team on-site to transition the asset and on- site management and maintenance team

• Distribute announcement to residents• Add property to website and sign up residents for online

payment portal• Perform final lease audit and post close inspections• Change property name and replace signage

Throughout this process

• Weekly investment committees• We discuss: findings of each step through-out the process,

evaluate any red flags opportunities, and finalizing projections

300-500 deals reviewed each month

40-50 deals per month are taken into full evaluation

10-30 deals per month site visit scheduled

due diligence process

5-20 o�ers submitted

ACQUISTION CASE STUDIES

Property: Wexford Village at Devonshire Scott Depot, WV

Acquisition Price: $43,000,000

Total Units: 340

Stories: 3

Lot Size: 10.65 acres

Rentable Square Feet: 365,568

Average Unit Size: 1,075

Year Constructed: 2008 and 2016

Description: Resort-style apartments that afford a convenient lifestyle in the Teays Valley area, directly between Huntington and Charleston, West Virginia. Residents enjoy an unparalleled amenity package among modern, spacious floor plans. The property includes a resort style swimming pool, 24 hr. fitness center, widescreen movie theater, dog park, tennis court, billiards parlor, and more.

Business Strategy: This major acquisition marks DLP Real Estate Capital’s first footprint into “The Mountain State.” Constructed in two phases (2008 and 2016), Wexford Village presents an attractive value-add opportunity in Phase I of the community by upgrading to stainless steel appliances, granite countertops, and updated cabinets, aligning it with finishes present in Phase II of the property.15%. Total monthly rent revenue is up from $63,000 at closing to nearly $72,000 per month. The property was sold for $7.05 million (December 2019) 25 months after purchase for $4.6 million (November 2017) providing an annual IRR of about 66%.

MITIGATING RISK

DLP Capital Partners is focused on mitigating risk while attempting to generate high-yield returns. In order to produce high yields, without taking significant risk of principal, processes and controls need to be in place. Detailed below are some of the primary ways we mitigate risk:

Loan to Value Ratio: When originating real estate loans, one of the most important metrics is the loan to value. Requiring significant equity in the investment allows in-vestors to account for unforeseen changes in the econo-my or the property. At DLP Capital Partners, for most of our loans, we limit the LTV to 65% or less.

Cash Invested by borrower IE Loan to Cost: Arguably, the #1 determination of the success of a loan is the cash invested by the borrower. We believe strongly in the “old school” principles of lending: 20% down by the borrower drastically decreases the risk of default. On average, DLP funds less than 75% loan to cost, requiring the borrower to invest 25% of the purchase price plus 25% of the renovation costs out of his/her pocket at the purchase of the property.

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.

Hazard Insurance: Our private note investors are secured through hazard insurance in the event anything happens to the property, such as a fire or flood. The insurance pay-out goes to the investor before the property owner can receive the funds.

Escrow of Rehab Funds: When DLP Capital Partners lends money to any borrowers outside of DLP Capital Partners and its executive team, all rehab funds are held in escrow with DLP Capital Partners and are only released after each stage of the renovation is complete.

Professional Project/Renovation Management: DLP Capital Partners controls the renovation by employing professional project management and/or third party inspectors to oversee the renovation, ensuring the work is completed to our satisfaction and that our investors are exposed to very little risk.

Strong Borrowers: When DLP Capital Partners lends capital to investors, a thorough financial and credit analysis is performed. DLP Capital Partners focuses on lending to experienced, seasoned, and financially stable borrowers.

How We Mitigate Risk When Making Loans

Through DLP Capital Partners sister company, Direct Lending Partners, DLP provides real estate investors with capital, knowledge, and resources to assist them with purchasing and renovating distressed properties; either selling or refinancing DLP Capital Partners out of the property, with a permanent source of financing.

The majority of these loans are on single family homes, typically 6 months in duration, and provide capital for the purchase and renovation. They are first-position loans and typically range between 50 and 65% of the repaired value (and 70-80% of the total cost), which means the borrower is investing significant capital into the property.

Private Lending to Real Estate Investors

DIRECT LENDING PARTNERS

Direct Lending Partners 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. Direct Lending Partners handles all of the loan underwriting, processing, and management of loans originated. Direct Lending Partners 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 Direct Lending Partners DoesDirect Lending Partners originates short-term real estate loans for the purpose of acquiring and renovating distressed residential real estate. Direct Lending Partners is not a broker or middleman. Instead, we fund all deals directly. 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.

Why Direct Lending Partners?Direct Lending Partners provides bridge financing for real estate investors, which allows them to purchase and renovate properties within a 6-12 month time frame. Direct Lending Partners is a funding source that investors can count on to close and fund. Direct Lending Partners has a few value propositions that separates itself from the com-petition through it’s practical “common sense” underwrit-ing, the speed to deciding and closing, and with the Line of Credit products offered to active investors. Additionally, Direct Lending Partners offers significant training, resourc-es, and relationships to its borrower partners through the vertically integrated companies and through DLP’s expe-rience of having executed more than 1,000 successful in-vestments as the operator. Short-term bridge purchase and renovation loans are impossible to obtain at most banks.

Target Borrower Our target borrower has significant real estate investment experience, particularly in owning and rehabbing properties. Typically, our borrowers have credit scores above 700, $1 million to $10 million in net worth, and $500,000+ in liquidity.

Why Investors Are Buying Real EstateThe Real Estate market is extremely “hot” with the enor-mous demand for “move in” ready homes. Many markets have all-time low supplies. Due to aging house supply and increasing sales prices, there is a significant volume of opportunities to purchase distressed properties and create value. In addition, many investors are capitalizing on the strong residential rental market and growing market rents, and are aggressively building rental portfolios.

Nathan Trunfio | PresidentNate Trunfio has spent his entire career in the lending industry where he’s had experience as a director of operations, top sales producer, sales manager and trainer, and credit officer. In 2017, Nate joined DLP Direct Lending Partners and has since led the company in achieving exponential growth. His current list of clients includes former professional athletes, stock brokers, and Fortune 500 executives. Nate graduated with a double major in business management and marketing from Eastern University.

Kevin Aschman | SVP of Marketing for Direct Lending PartnersKevin earned his bachelor’s degree in international marketing from American University in Washington D.C. Spanning nearly two decades, Kevin has spent his career leading marketing teams for growth-stage 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 career focusing on the real estate industry. Kevin helps define the marketing strategy in an effort to efficiently and effectively support the growth of the lending business.

Scott Meyers | SVP of SalesScott Meyers is a proven sales leader with more than 18 years of diversified real estate experience. Under his management, his teams in residential property investment, default loan servicing, and private lending have contributed to upwards of 4000 real estate transactions. Scott holds a degree in Operations and Information Systems Management from Pennsylvania State University.

Brion Yarnell | VP of Funding Relationships Brion is passionate about enabling his clients to achieve their dreams through the powerful medium of real estate investing. He also loves working with other lenders with the tools and services offered to empower them to grow their business and influence. Brion grew up in Center Valley and received his bachelor’s degree in education from Northland International University.

Nader Hack | Director of FundingNader 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.

Neil Campbell | Director of Capital MarketsBorn and raised in western Pennsylvania, just north of Pittsburgh - Neil’s family still lives in the same house he grew up in. After receiving his Bachelor’s Degree in Mechanical Engineering from Penn State in 2004, Neil began a career in commercial real estate with Trammell Crow Company in Washington, DC. He served as a construction and development manager for two large luxury condominium projects, an apartment development, and several office developments in the metro area. In 2010 Neil 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 in the Debt and Equity Placement group, and executed construction and acquisition closings on several apartments, hotels, office buildings and retail centers. In early 2016 Neil was offered a production/VP role in the Philadelphia office and had been there since, working on all asset classes placing bridge, CMBS, Life Company, Mezzanine and Bank Financing.

Hans Gildein | Director of Inspections & Joint VenturesHans has been in real estate for 10+ years and served in a variety of roles in real estate brokerage 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.

Brandy Seyferth | Operations ManagerBrandy started as a contract analyst for a real estate investment rehabilitation company based in San Diego, quickly advancing in skill and knowledge, and was promoted to a Regional Market Manager for Florida and Georgia regions while managing investor relationships.

Joanie Cooper | Processing & Pipeline ManagerJoanie, a Florida native, has worked in the real estate industry for over 17 years as a licensed real estate agent, property manager, marketing coordinator, and most re-cently, a closing coordinator for two major national builders. She graduated from the University of South Florida with a bachelor’s degree in education and a concentration in history. Currently, she is pursuing a degree in anthropology. Joanie also taught mathematics at the middle school level and has a passion for ancient history.

Charmaine Hammel | Senior Underwriter Charmaine has nearly 25 years of experience in the lending industry and has learned through trial and tribulation that it is a career that keeps you on your toes. She started as an inside sales rep, working her way up. She holds an associate degree in letters, art and

DIRECT LENDING PARTNERS LEADERSHIP TEAM

Lending Leadership Team

Alliance Loan Servicing Team

Alexis Anterola | Director of Loan ServicingWith 13 years of experience under her belt, Alexis has been a part of just about every aspect in lending. She has a strong understanding of the entire process from the beginning all the way to the closing of a loan, making her an excellent asset. Alexis holds a bachelor’s degree in institutional leadership from Temple University.

Kate Bianchini | Asset Servicing ManagerKate loves helping people, whether it’s a client for Direct Lending Partners or a fellow employee, she is ready and willing to help. This desire to help others also reflects her passion to continually learn and gain skills that will help her excel, both personally and professionally.

Frank Morales | Asset & Valuation ManagerFrank is currently enrolled at Bucks Community College, where he is studying busi-ness administration. One of his biggest professional accomplishments was building a department from scratch. He partnered with several business units and worked to develop a pilot team of only seven employees, into a fully-functioning department with about eighty employees in five locations. Frank is passionate about people and quality and believes excellence is not a mere act, but a way of life.

UNDERWRITING & GUIDELINES

LOAN RATES AND FEES The target rates charged by Direct Lending Partners are:• 9%-14.99% interest rate• 2+ origination points• $500-$1,500 in transactional fees

LOAN TYPE, PROPERTY TYPES, TERMSLoans terms will generally be 6 to 12 months with the borrower making interest-only payments each month. The properties are pri-marily single-family and multi-family assets. The loans are primarily 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-age, the loans are under 60% Loan to value and 75% loan to costs.

PRO LINE OF CREDIT• 2 origination points per loan funding• 9-13% annual interest rate on the cumulative outstanding

principal balance of all notes• Can be used for residential 1-4 family investment property

purchases throughout the East Coast for the purpose of flipping or renting and refinancing

• Use credit to fund the lesser of 60-70% of the after repair value (ARV) *80-85% loan to cost of any property purchased depending on tier of borrower

• Ability to cross-collateralize properties already owned

BORROWER UNDERWRITING Our process is similar to banks in terms of the types of information utilized and the importance placed on verifiable cash flow sufficient to cover existing and proposed debt. However, the process goes much deeper into the evaluation of the proposed project to determine what the true value of the property is at the time of purchase and what the after rehab value (ARV) will be based on projected improvements. The process of underwriting the borrower will include obtaining a current credit report from the three major credit reporting agencies. Gathering the following from the borrower(s):

• Application• 2 years of their Federal tax returns• 2 months bank and brokerage statements• 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 determine whether they have sufficient cash flow to support their existing debts as well as the loan requested.

PROPERTY UNDERWRITING Direct Lending Partners evaluates the transaction based on the current value and the after repair value (ARV) with a focus on both values. We evaluate a detailed scope of work for the proposed improvements to the property. Most importantly, we conduct our own physical inspection of the property and/or have a third party inspector evaluate the scope and the proposed rehab to determine if the project makes sense and the numbers are realistic.

CONTRACTOR UNDERWRITING The contractor is a critical piece of the process and will often determine the success or failure of a rehab project. All contrac-tors are required to provide a copy of their license and current insurance. In addition, we may require references and on-site in-spections of their current projects if we are not familiar with their work. Local codes require all contractors to obtain permits and municipal inspections. A signed contract with a draw schedule between the borrower and the contractor must be signed before any work begins on the property.

LENDING GUIDELINES 1. Title Insurance on First Mortgage loans

2. Paid insurance policy naming the Direct Lending Partners, LLC as mortgage holder matching the term of the loan

3. Builder’s Risk Policy if the borrower is also performing the improvements to the property

4. Agreement of Sale

5. Identification of Borrowers/Guarantors

6. Contractor’s estimate of improvements/or borrower’s estimate if borrower will perform the work

7. Use of our approved title insurance agents

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

9. Inspections before each advance based on contractor’s draw schedule

10. In cases where the borrowers are doing their own renovations, they will purchase the materials and submit receipts for materials

11. Photographs of the property

12. Evaluate environmental risks

Purchase price: $145,000

Renovation expenses: $35,000

Purchase expenses: $10,500

Total costs: $190,500

After repair value: $240,000

Direct Lending Partners loan:

$156,000 (65% of ARV)

Amount of loan released at closing: $121,000

Amount of loan retained for renovations: $35,000

Amount of capital buyer invests at closing: $34,500

A TYPICAL DEAL...

CLOSING REQUIREMENTS

A borrower finds a great opportunity to purchase a single-family home for $145,000, which is in need of renovation. The borrower es-timates, based on comparable sales in the area, that the prop-erty would be worth $240,000 if it were completely updated. The borrower’s contractor esti-mates the cost of the rehab to be approximately $35,000. The borrower must settle on the property in 30 days.

The borrower obtains a loan from Direct Lending Partners for $156,000, (65% of the after repair value (ARV), based on an appraisal to purchase and rehab the prop-erty. At settlement, the borrower buys the property for $145,000. $121,000 is provided by this private loan, and $35,000 is held in escrow by the Direct Lending Partners for the rehab. As the rehab progresses, the work is inspected and funds are released based on a prearranged draw schedule with the contractor.

If the borrower plans to sell the property, he pays off the loan upon the sale. If the borrower plans to retain the property as a rental unit, the borrower refinances the property and obtains a long-term conventional mortgage. Banks are much more likely to refinance an existing mortgage on a rehabbed property when the tenant is paying the mortgage.

COLLATERALThe loans will be secured with a first mortgage on the subject property with title insurance and Special Forms Coverage Hazard Insurance. In some cases, collateral may be one or more second mortgages where a borrower has substantial equity in one property and is using that equity to support the purchase of another project. The personal guaranty of the borrower will be required.

REHAB AND DRAW INSPECTION PROCESSDirect Lending Partners holds the rehab funds until work is completed and releases those funds based on the draw schedule. When the borrower is ready for a draw payment, they schedule an inspection, and our in-house or a licensed inspector/appraiser will inspect the property before any funds are released. Typically, there are 3-4 draws over the course of the renovation.

MORTGAGE AND RECORDINGEach loan made by Direct Lending Partners, LLC is fully secured with a mortgage recorded against a property or properties collateralizing the debt. These mortgages are recorded by an attorney or title company in the respective counties where the collateral is located. Then the original recorded mortgage is held with the rest of the loan documents until the loan is paid in full. These documents are prepared in compliance with state laws to maximize the legal protection for our investors.

PROMISSORY NOTE The promissory note is the standard instrument of debt signed by borrowers. Direct Lending Partners requires the signing of a promissory note by all borrowers before any funds are advanced. We use an attorney prepared note incorporating all of the states required terms and conditions necessary to protect our investors and comply with state laws.

PERSONAL GUARANTYThe personal guaranty is a pledge on the part of the owners of an entity (LLC, partnership or corporation) to make payment if the borrower defaults on a loan. Requiring the entity owners to sign a personal guaranty gives the lender some additional assurance 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.

TITLE INSURANCETitle insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Title insurance is principally a product developed and sold in the United States as a result of an 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 property against loss due to title defects, liens, or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.

SPECIAL FORMS HAZARD INSURANCESpecial forms hazard coverage provides additional protection for both the lender and the borrower against such things as falling objects, weight of snow, ice or sleet, water damage, collapse, theft, and risk of direct physical loss.

REHAB ESTIMATE AND CONTRACT WITH LICENSED GENERAL CONTRACTORAn executed construction contract is required. The contract must list specific details of the work to be completed and the draw schedule. The general contractor must be licensed and insured. These renovation estimates are verified by our inspector.

VERIFICATION OF VALUEIn-house inspectors physically visit each property to evaluate the scope of work and repairs needed.

EQUITY REQUIREMENTSThe borrower on average will have 20%-25% of the total project cost invested in the property.

VERIFICATION OF PROPERTY CONDITION AND RENOVATION COSTSIn-house inspectors physically visit each property to evaluate the scope of work and repairs needed.

LOAN INVESTMENT CASE STUDIES

LocationAustell, GA5 Bedroom3 Bathroom2718 sq. ft.

The BorrowerBorrower Experience Level: Top tier borrower. We provided purchase and renovation money to borrower. Borrower has exited 8 loans in 2019 from DLP Borrower purchased for $161,000 with $25,400 in renovations.

The LoanLoan Amount: $132,000After Repair Value: $220,000Loan to Value: 60%Loan to Cost: 71%Interest Rate: 10%Length of Loan: 3 months

The ResultThe property at 6966 Bonnes Blvd., Austell, GA sold for $220,000.

LocationSummersville, SC5 Bedroom3 Bathroom2892 sq. ft.

The BorrowerBorrower Experience Level: Top tier borrower. We provided a cash-out refinance so the borrower could continue to rehab the property he already owned as well as purchase other investment properties. Borrow-er has completed 7 deals with DLP.

The LoanLoan Amount: $190,400After Repair Value: $297,500Loan to Value: 64%Loan to Cost: 85%Interest Rate: 10.49%Length of Loan: 9 months

The ResultThe borrower paid off the loan in full and the property at 4836 Law Blvd, Summersville, SC is currently on the market for $297,900.

Before: After:

Before: After:

The BorrowerBorrower Experience Level: At the time of funding, this mid-dle-tier borrower had successfully flipped 16 homes

The LoanLoan Amount: $207,825Loan to Value: 85%Interest Rate: 11.99%Purchase to Sell Length: 10 months

The ResultAfter extensive renovations and value add upgrades ($168,000), the borrower had a successful exit, selling the property for $380,000; $135,000+ profit.

The BorrowerBorrower Experience Level: Diamond Real Estate Solutions had moderate experience, but recently exited 2 properties financed by Direct Lending Partners.

The LoanLoan Amount: $116,250Loan to Cost: 75%Interest Rate: 13.99%Length of Loan: 6 months

The ResultThis unique 2 bedroom, 2 bathroom property needed a substantial amount of renovations. However, the result was a fresh and open layout with contemporary design. Diamond Real Estate Solutions exited this property in February of this year, selling the property for $180,000. This project is just one of the 4 properties Direct Lending Partner has financed for them.

The BorrowerBorrower Experience Level: At the time of funding, this mid-dle-tier borrower had successfully flipped 16 homes

The LoanLoan Amount: $207,825Loan to Value: 85%Interest Rate: 11.99%Purchase to Sell Length: 10 months

The ResultAfter extensive renovations and value add upgrades ($168,000), the borrower had a successful exit, selling the property for $380,000; $135,000+ profit.

Before: After:

Before: After:

FUND

S

Fund TypeReal Estate Equity & Direct Lending Fund

Fund InvestmentsDirect Real Estate Ownership & First Position Secured Real Estate Loans

Direct/Indirect SecurityEquity Ownership in Real Estate & Mortgages

Inception Date January 2020

Fund Term Evergreen

Distribution Frequency

Monthly (Pref), EDC Distributed to Investor Accounts Annually

Targeted Monthly Distributions

6% Annualized

Preferred Return 6% Net, Paid Before 1.5% Management Fee

Management Fee1.5% Subordinate to Preferred Return

Targeted Annual Return Net to Investor

12%+ Net

Return Split

80/20 Upon Achieving 6% Preferred Return & 60/40 Upon Achieving 12% Net IRR to Investors

Redemptions Annual

Benefits of Leverage Yes

IRA Investment Option Yes

Tax Shelter through Depreciation

Yes

Target Fund Size $1 Billion

Target Minimum Investment

$250,000

Manager Co-investment

Minimum 5% Committed Capital

Must Be Accredited Yes

Audited Financials Yes, CohnReznick

Legal Counsel Seward & Kissel, LLP

Institutional Option Yes

Reporting Frequency Quarterly

DLP Capital Partners introduces its latest fund, the DLP Housing Fund: A $1 billion hybrid “evergreen” private REIT.

FUND OVERVIEW:

As the company’s eighth investment fund, the DLP Housing Fund will allow for key benefits including the maximization of:

1. Liquidity

2. Monthly distributions

3. A tax-advantaged evergreen hybrid REIT fund structure

4. And, Targeted 12%+ equity returns

All leveraging DLP’s proven direct residential real estate lending and equity strategies.

Additional highlights include:

• Open-ended, private real estate investment fund that enables the manager to acquire longer hold assets designed to provide greater returns to investors

• Industry-first “hybrid” structure combines DLP’s Multi-Family Investment and Direct Lending strategies into a single fund

• Annual valuation of DLP Housing Fund assets allows for consistent growth and the ability to invest based on the most current value of Fund and assets

• Annual redemptions provide the ability to exit/redeem in whole or in part based on investors’ timing without a long-term commitment or forced wind-down of Fund to achieve targeted returns.

FUND INFORMATION

Debt Funding

Equity Investments

DLP HybridREIT

+ =

DLP HOUSING FUND, LLC

DLP Capital Partners, LLC | 610.488.2375 | dlpcapitalpartners.com

DLP LENDING FUND, LLCAccredited Investors only*

DLP HOUSING FUND, LLC

DLP Capital Partners, LLC | 610.488.2375 | dlpcapitalpartners.com

FUND INFORMATION

Inception Date 10.22.2014

Fund Term Evergreen

Fund AUM $150,049,539

Equity Commitments $111,650,423

LTV Average 54%

LTC Average: 70%

Annualized Return Since Inception

13.78%

Target Return 10%

Preferred Return 10%

Periods of Missed Preferred Return

0 Months

Management Fee1%, subordinate to preferred return

Management Promote 20%

Redemption Notification 90 days

Management DLP Capital Partners, LLC

The DLP Lending Fund is a direct real estate backed fund focused on originating 1st position loans to professional real estate investors.

FUND STRATEGY:

MONTHLY FUND OVERVIEW AND FUTURE OUTLOOK

Year Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Annualized

2020 12.04% 12.09% 11.22% 11.39% 11.68%

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%

MONTHLY RETURN PERFORMANCE ANNUALIZED (Net of Fees & Expenses)

SINCE INCEPTION: 13.78%

April 2020 was a great start to Q2 for DLP Lending Fund as it crossed

over the major milestone of $100 million in Member’s equity! The Fund

exceeded its 10% targeted return with an annualized net return to investors of 11.39%. The year-to-date annualized return is 11.68%. The

Fund closed out the month with more than $150 million of net assets

and has more than $14.5 million cash on hand.

The DLP Lending Fund originated $3,713,183 in new loan volume throughout the month to 15 different borrowers. At the close of April,

the loan portfolio consisted of 303 loans totaling $162,685,438 with

an average interest rate of 10.18%.

Preferred Return

Targeted Return

Actual Return

DLP POSITIVE NOTE FUNDAccredited Investors only*

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 financial advisor before investing. Past performance does not guarantee future performance. Please see fund offering documents for full details & disclosure.

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

Direct/Indirect Security Primarily Notes, and Personal Guarantee from Borrowers 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 $50,000

Audited Financials Yes

Reporting Frequency Monthly

Annualized Rates Current Term Tiers

Note Principal Tiers 90 days 1 year 3 years 5 years

$50,000 - $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.

FUNDS CLOSED TO NEW INVESTORS

DLP Equity Fund II, LLC was DLP Capital Partners second equity fund. The Fund was designed to provide investors with a passive, limited partnership in the core activities of DLP Capital Partners’ direct investments. This Fund primarily focuses on investing in value-add multi-family properties, mainly 100-300 unit apartment communities. The Fund will leverage DLP’s in-house property

management and construction/maintenance divisions to maximize the value and cash flow of the assets under management. The Fund has a 7-10 year investing perspective, focused on generating double- digit asset level cash flow, increasing asset value, and providing a tax shelter to investors.

DLP Equity Fund II, LLCCurrently closed to new investors

DLP Equity Fund I, LP was DLP Capital Partners first equity fund. The fund was designed to provide investors with a passive, limited partnership in the core of DLPCapital Partners’ direct investment activities. This Fund focused on finding and acquiring the best deals–primarily residential homes, renovation of the properties, rentaland property management, financing/leverage, as well as the ultimate sale of the assets, all while the limited partners receive the majority of profits. This Fund was focused on investing in income-producing properties, purchased at 30-50% under current market values.

These properties were improved in order to maximize their value. After improvements were made, DLP Real Estate Management successfully produced maximum annual returns and increased the long-term value of these assets. The Equity 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.

DLP Equity Fund I, LPCurrently closed to new investors

The DLP Fixed Fund, LLC primarily provides loans (in ad-dition to select preferred equity investments) to affiliates of DLP Capital Partners, including holding entities of the DLP Equity Fund I, DLP Equity Fund, Good As New Ven-tures LLC, and other entities. The Fund is a hybrid fund, offering both Equity and Debt participation options. On average, just 70% of the repaired value of the properties

is lent to the borrower, providing equity of more than nearly 50% of the note amount. Most of the investments made by the DLP Fixed Fund are private notes to affili-ated entities of DLP Capital Partners for the purpose of buying, improving, and reselling or refinancing primarily residential and multi-family properties, with the largest asset class being single family homes.

DLP Fixed Fund, LLCCurrently closed to new investors

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 saw 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.

UTILIZING YOUR RETIREMENT ACCOUNT

The Individual Retirement Account (IRA) is one of the most powerful long-term investment vehicles available to investors because of the tax-deferred or tax-free nature of either a traditional IRA or a Roth IRA. Either type of IRA can be invested in our Funds, allowing your high-yield returns to add up even faster. While the concept of investing IRA funds in real estate related investments have been around for more than 30 years, it has not received a great deal of attention. Most custodians that offer IRAs (banks and brokerage firms) focus on mutual funds and CDs because they have a vested financial interest in having you select those investments. Because the majority of IRA in-vestors focus on stocks and CDs, there is a misconception that these are your only investment options for retirement plans, but this is not the case.

A self-directed IRA is unique because of the investment options available. Most IRAs only allow approved stocks, bonds, mutual funds, and CDs. A truly self-directed IRA allows those types of investments along with real estate, notes, private placements, tax lien certificates, and much more.

The process is easy. We handle the paperwork to get your account set up with a qualified asset custodian company and roll your investment into one of our funds. The cus-todian company handles all legal requirements to ensure your IRA complies with IRS regulations. The Internal Revenue Code sets high standards for a qualified custodian of IRA accounts, which includes banks, trust companies, and ap-proved brokerage firms. By law, their governing bodies are mandated to conduct regular audits of trust companies performed by state auditors.

Invest Through Your Retirement Account

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!

Investment Portal: DLPCrowd.com

48%

31%

13%

8%

Area Based on Amount of Capital

DLP Owned Assets

DEMOGRAPHICS OF DLP CAPITAL PARTNERS CAPITAL INVESTED

Property Type Based on Amount of Capital

77%

16%7%

20%

14%

8%16%5%

2%

7%

6%4%

18%

Alabama/Mississippi

Florida

Georgia

Indiana

Lousiana

Mississippi

New Jersey

North Carolina

Pennsylvania

South Carolina

PROPERTY LOCATIONS

4%

81%

15%

DLP Loans

LOAN LOCATIONS (percentage by loan number)

Southwest

Southeast

Midwest

Northeast

Loans Based on Location

Loans Based on Asset Type

PROPERTY TYPES

Single-family

Multi-Family

Commerical/Mix

LOANS BY TERM

6 Month

9 Month

12 Month

ASSET TYPE BY %(based on loan volume)

Multifamily LoansSingle-family Loans

Construction LoansCommercial Loans

Loans Based on Term

Version 5-20

CONTACT US

Don Wenner | CEO don@dlpcapitalpartners.com | o: 610.488.2375 | d: 484.542.2868

Robert Peterson | CFO & Partner bobp@dlpcapitalpartners.com | o: 484.695.4004 | d: 484.241.4958

Barry DeGroot | SVP/Chief Legal Counsel & Partner barry@dlpcapitalpartners.com | o: 610.488.2375 | d: 215.589.5102

Rich Delgado | Managing Director richarddelgado@dlpcapitalpartners.com | d: 706.223.0071 | m: 561.628.1331

Larry Hickernell, Jr. | Senior Investor Success Manager lhickernell@dlpcapitalpartners.com | o: 610.488.2375 | d: 484.292.4781

Robert Schimeneck | Investor Success Manager robertschimeneck@dlpcapitalpartners.com | o: 610.488.2375 | d: 484.821.5878

Michael Krawchuk | Investor Success Manager mkrawchuk@dlpcapitalpartners.com | o: 610.488.2375 | d: 484.505.0040

Mandy Danish | Investor Coordinator mdanish@dlpcapitalpartners.com | o: 610.488.2375 | d: 610.365.1705

Lisa Metzger | Investor Coordinator lisametzger@dlpcapitalpartners.com | o: 610.488.2375

Julia Movchaniuk | Executive Assistant jovchaniuk@dlpcapitalpartners.com | d: 904.373.7401