Grays Development Company, Inc #5203-5215 | COLORADO – FUNDED

The collateral for this loan consists of 204 partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 204 lots are part of a larger 725 lot community know as Victory Ridge which the borrower originally acquired about three years ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $430,000. This is the third and final takedown the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so next year. Lokal Homes, the home builder of this project, is averaging six sales per month since sales began. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. The entitlement will allow for the development and ultimate construction of 204 townhome lots, all of which are under contract to be sold to Lokal Communities. The sale is structured where the buyer must acquire a minimum of two units per month starting in July of 2022. Master Loan Amount: $11,832,000 This loan is an acquisition and development tranche loan and therefore the

Grays Development Company, Inc #5051-5056 | COLORADO – FUNDED

The collateral for this loan consists of 61 platted and partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 61 lots are part of a larger 221 lot community know as Victory Ridge which the borrower acquired about two years ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $380,000. This is the third takedown the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so later this year. Lokal Homes, the home builder of this project, is averaging six sales per month so far this year. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. Yield: 10.00% interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period. Term: 9 months with two optional 9-month extension period at maturity.

Grays Development Company, Inc. #4802 | Colorado – FUNDED

The collateral for this loan consists of seven superpads that will allow for the ultimate construction of eight condos per pad (56 condo units in total) which are located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 56 condo units are part of a larger condo project that already has 40 units constructed. Because the project has a stigma as a broken development along with the previously onerous construction defect laws, most developers have steered clear of this project. Lokal Homes has purchased a few of these types of projects throughout the Denver metro area with great success. Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more buildings in the community. A breakdown of the lots is shown on the next page. Yield: 10.00% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: 9 months with an optional 9-month extension period at maturity.

Grays Development Company, LLC #4746 | Colorado – FUNDED

The collateral for this loan consists of 44 partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 44 lots are part of a larger 221 lot community known as Victory Ridge which the borrower acquired about a year ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $340,000. This is the second of three takedowns the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. Master Loan Amount: $3,124,000 Tranche Loan Amount: $71,000 Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page. Yield: 10.00% interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period. Term: 9 months with two optional 9-month extension period at maturity.

Lokal Communities, LLC #4715 | Colorado – FUNDED

The collateral for this loan consists of 20 developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 20 lots are part of a larger 221 lot community know as Victory Ridge which the borrower acquired about a year ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $340,000. All of the lots encumbered by this loan have partially built homes on them that are about 20% complete and will be finished by the end of the year. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. Master Loan Amount: $5,000,000 Tranche Loan Amount: $250,000 Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page. Yield: 10.00% interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period. Term:

Lokal Communities, LLC #4649 | COLORADO – FUNDED

The collateral for this loan consists of 22 developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 22 lots are part of a larger 221 lot community know as Victory Ridge which the borrower acquired part of about a year ago. Townhomes will average 1,500 square feet in size with an anticipated sales prices averaging $330,000. All of the lots encumbered by this loan have partially built homes on them that are about 50% complete and will be finished by July. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest corridor”. Loan Amount: $6,000,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: Nine months with an optional nine-month extensions at maturity.  

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