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<font style="font-size: 8pt">We report
all ongoing operations in one segment, commercial lending.</font>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><b></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Interest
income generally is recognized on an accrual basis. The accrual of interest is generally discontinued on all loans past due 90
days or more. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against
interest income, unless management believes that the accrued interest is recoverable through liquidation of collateral. Interest
received on nonaccrual loans is applied against principal. Interest on accruing impaired loans is recognized as long as such loans
do not meet the criteria for nonaccrual status.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt"><b>Description
of Business</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Description
of Business</u></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Shepherd’s
Finance, LLC and subsidiaries (the “Company”, “we” or “our”) is a finance company that engages
in commercial lending to residential homebuilders, financing construction of single family homes and residential development.
The loans are extended to residential homebuilders and, as such, are commercial loans. We primarily fund our lending and operations
by continued issuance of Fixed Rate Subordinated Notes (“Notes”) to the general public, which Notes are unsecured
subordinated debt. We currently have six sources of capital:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 2015</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December 31, 2014</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Capital Source</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Purchase and
sale agreement (executed December 24, 2014) with 1st Financial Bank USA (“Loan Purchaser”) which buys portions
of some of our loans (those purchases are accounted for as a secured line of credit)</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 13%; text-align: right"><font style="font-size: 8pt">599</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 13%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Secured line of credit from
affiliates</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured Notes through
our Notes offer</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,668</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,427</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Other unsecured debt</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">375</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Preferred equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,000</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,000</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Common equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,999</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,057</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Total</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">9,266</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">8,859</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Certain features
of the purchase and sale agreement with the Loan Purchaser have added liquidity and flexibility, which have lessened the need
for the lines of credit from affiliates. Eventually, the Company intends to permanently replace the lines of credit to affiliates
with a secured line of credit from a bank or through other liquidity. The Company’s anticipated primary sources of liquidity
going forward are:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">a
purchase and sale agreement with the Loan Purchaser,</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">the
continued issuance of Notes to the general public,</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">interest
income and/or principal repayments related to the loans, as well as,</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">funds
borrowed from affiliated creditors.</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The purchase
and sale agreement became effective on December 24, 2014 and should allow for a significant increase in loan balances.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Basis of
Presentation</u></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The accompanying
(a) condensed consolidated balance sheet as of December 31, 2014, which has been derived from audited consolidated financial statements,
and (b) unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions
to Form 10-Q and Article 10 of Regulation S-X. While certain information and disclosures normally included in financial statements
prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and
Exchange Commission (“SEC”), management believes that the disclosures herein are adequate to make the unaudited interim
condensed consolidated information presented not misleading. In the opinion of management, the unaudited interim condensed consolidated
financial statements reflect all adjustments necessary for a fair presentation of the consolidated financial position, results
of operations and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. The results of operations
for any interim period are not necessarily indicative of results expected for the fiscal year ending December 31, 2015. These
unaudited interim condensed consolidated financial statements should be read in conjunction with the year end 2014 consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2014 (the “2014 Statements”). The accounting policies followed by the Company are set forth in Note 2 - <i>Summary
of Significant Accounting Policies</i> of the notes to the 2014 Statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt"><b>Liquidity
and Capital Resources</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt">Our
operations are subject to certain risks and uncertainties, particularly related to the concentration of our current operations,
the majority of which are to a single customer and geographic region, as well as the evolution of the current economic environment
and its impact on the United States real estate and housing markets. Both the concentration of risk and the economic environment
could directly or indirectly cause or magnify losses related to certain transactions and access to and cost of adequate financing.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt">The
Company’s anticipated primary sources of liquidity going forward are:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">The
purchase and sale agreement with the Loan Purchaser, which became effective on December
24, 2014, and should allow for a significant increase in loan balances;</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">The
continued issuance of Notes to the general public through our public Notes offering,
which was declared effective by the SEC on October 4, 2012, and has been registered and
declared effective in 38 states as of both March 31, 2015 and December 31, 2014. We began
to advertise in March 2013 and received an aggregate of approximately $5,668 and $5,427
in Notes proceeds as of March 31, 2015 and December 31, 2014, respectively (net of redemptions).
We anticipate continuing our capital raising efforts in 2015, focusing on the efforts
that have proven fruitful;</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Interest
income and/or principal repayments related to the loans. The Company’s ability
to fund its operations remains dependent upon the ability of our largest borrower, whose
loan commitments represented 60% of our total outstanding loan commitments as of both
March 31, 2015 and December 31, 2014, to continue paying interest and/or principal. The
risk of our largest customer not paying interest is mitigated in the short term by having
an interest escrow, which had a balance of $141 and $249 as of March 31, 2015 and December
31, 2014, respectively. While a default by this large customer could impact our cash
flow and/or profitability in the long term, we believe that, in the short term, a default
might impact profitability, but not liquidity, as we are generally not receiving interest
payments from the customer while he is performing (interest is being credited from his
interest escrow);</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font-size: 8pt">Funds
borrowed from affiliated creditors.</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt">We
generated net income of $42 and $17 for three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 and December
31, 2014, we had cash on hand of $990 and $558, respectively, and our outstanding debt totaled $6,267 and $5,802, respectively,
which was unsecured. As of March 31, 2015 and December 31, 2014, the amount that we have not loaned, but are obligated to potentially
lend to our customers based on our agreements with them, was $1,344 and $1,745 respectively. Our availability on our line of credit
from our members was $1,500 at both March 31, 2015 and December 31, 2014. Our borrowings under our purchase and sale agreement
were $599 and $0 at March 31, 2015 and December 31, 2014, respectively. The purchase and sale agreement adds liquidity and allows
us to expand our business.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt">Our
current plan is to expand the commercial lending program by using current liquidity and available funding (including funding from
our Notes program). We have anticipated the costs of this expansion and the continuing costs of maintaining our public company
status, and we anticipate generating, through normal operations, the cash flows and liquidity necessary to meet our operating,
investing and financing requirements. As noted above, the three most significant factors driving our current plans are the purchase
and sale agreement, continued payments of principal and/or interest by our largest borrower and the public offering of Notes.
If actual results differ materially from our current plan or if expected financing is not available, we believe we have the ability
and intent to obtain funding and generate net worth through additional debt or equity infusions of cash, if needed. There can
be no assurance, however, that we will be able to implement our strategies or obtain additional financing under favorable terms,
if at all.</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt; text-align: left"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 2015</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December 31, 2014</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Capital Source</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 68%; text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Purchase and
sale agreement (executed December 24, 2014) with 1st Financial Bank USA (“Loan Purchaser”) which buys portions
of some of our loans (those purchases are accounted for as a secured line of credit)</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 13%; text-align: right"><font style="font-size: 8pt">599</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 13%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Secured line of credit from
affiliates</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Unsecured Notes through
our Notes offer</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,668</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,427</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Other unsecured debt</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">375</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Preferred equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,000</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,000</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Common equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,999</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,057</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Total</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">9,266</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">8,859</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Segment Reporting</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">We report all
ongoing operations in one segment, commercial lending.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Use of Estimates
</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The preparation
of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim
condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. It is reasonably possible that market conditions could deteriorate, which could materially
affect our consolidated financial position, results of operations and cash flows. Among other effects, such changes could result
in the need to increase the amount of our allowance for loan losses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Revenue Recognition</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Interest income
generally is recognized on an accrual basis. The accrual of interest is generally discontinued on all loans past due 90 days or
more. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest
income, unless management believes that the accrued interest is recoverable through liquidation of collateral. Interest received
on nonaccrual loans is applied against principal. Interest on accruing impaired loans is recognized as long as such loans do not
meet the criteria for nonaccrual status.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> <b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Advertising</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Advertising costs
are expensed as incurred and are included in selling, general and administrative. Advertising expenses were $7 and $0 for the
three months ended March 31, 2015 and 2014, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Cash and Cash
Equivalents</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Management considers
highly-liquid investments with original maturities of three months or less to be cash equivalents.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Fair Value
Measurements</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company follows
the guidance of FASB ASC 825, <i>Financial Instruments</i>, and FASB ASC 820, <i>Fair Value Measurements</i>. This guidance permits
entities to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting
by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting provisions. This guidance clarifies that fair value is
an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants. Under this guidance, fair value measurements are not adjusted for transaction costs. This guidance
establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). See Note 3.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Loans Receivable</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Loans are stated
at the amount of unpaid principal, net of any allowances for loan losses, and adjusted for (1) the net unrecognized portion of
direct costs and nonrefundable loan fees associated with lending, and (2) deposits made by the borrowers used as collateral for
a loan and due back to the builder at or prior to loan payoff. The net amount of nonrefundable loan origination fees and direct
costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives
of the loans using a method that approximates the interest method. The majority of the Company’s loan balances are secured
by real estate in a suburb of Pittsburgh, Pennsylvania. Accordingly, the ultimate collectability of a substantial portion of these
loans is susceptible to changes in market conditions in that area.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Past due loans
are loans contractually past due 30 days or more as to principal or interest payments. A loan is classified as nonaccrual, and
the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past
due. In addition, a loan may be placed on nonaccrual at any other time management has serious doubts about further collectability
of principal or interest according to the contractual terms, even though the loan is currently performing. A loan may remain on
accrual status if it is in the process of collection or well-secured (i.e. the loan has sufficient collateral value). Loans are
restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for
a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A loan is considered
impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled
payments of principal or interest when due according to the contractual terms of the loan agreement. Impaired loans, or portions
thereof, are charged off when deemed uncollectible. Once a loan is 90 days past due, management begins a workout plan with the
borrower or commences its foreclosure process on the collateral.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Allowance
for Loan Losses</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The allowance
for loan losses is maintained at a level believed adequate by management to absorb probable losses inherent in the loan portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">We establish
a collective reserve for all loans which are not more than 60 days past due at the end of a quarter. This collective reserve takes
into account both historical information and a qualitative analysis of housing and other economic factors that may impact our
future realized losses. For loans to one borrower with committed balances less than 10% of our total committed balances on all
loans extended to all customers, we individually analyze for impairment all loans which are more than 60 days past due at the
end of a quarter. For loans to one borrower with committed balances equal to or greater than 10% of our total committed balances
on all loans extended to all customers, we individually analyze all loans for potential impairment. The analysis of loans, if
required, includes a comparison of estimated collateral value to the principal amount of the loan. For impaired loans, if the
value determined is less than the principal amount due (less any builder deposit), then the difference is included in the allowance
for loan loss. As values change, estimated loan losses may be provided for more or less than the previous period, and some loans
may not need a loss provision based on payment history. For homes which are partially complete, we appraise on an as-is and completed
basis, and use the one that more closely aligns with our planned method of disposal for the property.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">For loans that
are individually evaluated for impairment, appraisals have been prepared within the last 13 months. There are also broker’s
opinions of value (“BOV”) prepared, if the appraisal is more than six months old. The lower of any BOV prepared in
the last six months, or appraisal done in the last 13 months, is used, unless we determine a BOV to be invalid based on the comparable
sales used. If we determine a BOV to be invalid, we will use the appraised value. Appraised values are adjusted down for estimated
costs associated with asset disposal.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Deferred Financing
Costs, Net</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">We defer certain
costs associated with financing activities related to the issuance of debt securities (deferred financing costs). These costs
consist primarily of professional fees incurred related to the transactions. Deferred financing costs are amortized into interest
expense over the life of the related debt. We make estimates for the average duration of future investments. If these estimates
are determined to be incorrect in the future, the rate at which we are amortizing the deferred offering costs as interest expense
would be adjusted and could have a material impact on the consolidated financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following is a roll forward of
deferred financing costs:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Three
Months</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Ended</b><br />
<b>March 31,</b><br /><b> 2015</b></font></p></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended<br /> December 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Three
Months</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Ended</b><br />
<b>March 31,</b><br /><b> 2014</b></font></p></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%; text-align: justify"><font style="font-size: 8pt">Deferred financing costs, beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">737</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">669</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">669</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">68</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><font style="font-size: 8pt">Deferred financing costs, ending balance</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">751</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">737</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">686</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Less accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(164</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(107</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(32</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Deferred financing costs, net</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">587</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">630</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">654</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a roll forward of the accumulated amortization of deferred financing costs:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months<br /> Ended<br /> March 31,<br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended<br /> December 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months<br /> Ended<br /> March 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Accumulated
amortization, beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">107</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">20</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">20</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">57</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">87</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">12</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Accumulated
amortization, ending balance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">164</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">107</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">32</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Income Taxes</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The entities
included in the consolidated financial statements are organized as pass-through entities under the Internal Revenue Code. As such,
taxes are the responsibility of the members. Other significant taxes for which the Company is liable are recorded on an accrual
basis.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company applies
Accounting Standards Codification (“ASC”) Topic 740, <i>Income Taxes</i>. ASC 740 provides guidance for how uncertain
tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements and requires the
evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial
statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax
authority. Tax positions with respect to income tax at the Limitted Liability Company, level not deemed to meet the “more-likely-than-not”
threshold would be recorded as a tax benefit or expense in the appropriate period. Management concluded that there are no uncertain
tax positions that should be recognized in the consolidated financial statements. With few exceptions, the Company is no longer
subject to income tax examinations for years prior to 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company’s
policy is to record interest and penalties related to taxes in interest expense on the consolidated statements of operations.
There have been no significant interest or penalties assessed or paid.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> <b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt"><b>Risks
and Uncertainties</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is
subject to many of the risks common to the commercial lending and real estate industries, such as general economic conditions,
decreases in home values, decreases in housing starts, and high unemployment. These risks, which could have a material and negative
impact on the Company’s consolidated financial condition, results of operations, and cash flows include, but are not limited
to, declines in housing starts, unfavorable changes in interest rates, and competition from other lenders. At March 31, 2015,
our loans were primarily concentrated in a suburb of Pittsburgh, Pennsylvania, so the housing starts and prices in that area are
more significant to our business than other areas if and until more loans are created in other markets.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>Concentrations</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Financial instruments
that potentially subject the Company to concentrations of credit risk consist principally of loans receivable. As of both March
31, 2015 and December 31, 2014, 60% of our outstanding loan commitments consist of loans to one borrower, and the collateral is
in one real estate market.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Recent Accounting
Pronouncements</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><br />
The FASB has issued Accounting Standards Update (ASU) No. 2015-03, <i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying
the Presentation of Debt Issuance Costs</i>. The amendments in this ASU require that debt issuance costs related to a recognized
debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent
with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this
ASU. For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after
December 15, 2015, and interim periods within those fiscal years. The Company is still evaluating the potential impact on the
Company’s consolidated financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Use of Estimates
</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The preparation
of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim
condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. It is reasonably possible that market conditions could deteriorate, which could materially
affect our consolidated financial position, results of operations and cash flows. Among other effects, such changes could result
in the need to increase the amount of our allowance for loan losses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Advertising</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Advertising costs
are expensed as incurred and are included in selling, general and administrative. Advertising expenses were $7 and $0 for the
three months ended March 31, 2015 and 2014, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Cash and Cash
Equivalents</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Management considers
highly-liquid investments with original maturities of three months or less to be cash equivalents.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Fair Value
Measurements</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company follows
the guidance of FASB ASC 825, <i>Financial Instruments</i>, and FASB ASC 820, <i>Fair Value Measurements</i>. This guidance permits
entities to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting
by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting provisions. This guidance clarifies that fair value is
an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants. Under this guidance, fair value measurements are not adjusted for transaction costs. This guidance
establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). See Note 3.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Loans Receivable</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Loans are stated
at the amount of unpaid principal, net of any allowances for loan losses, and adjusted for (1) the net unrecognized portion of
direct costs and nonrefundable loan fees associated with lending, and (2) deposits made by the borrowers used as collateral for
a loan and due back to the builder at or prior to loan payoff. The net amount of nonrefundable loan origination fees and direct
costs associated with the lending process, including commitment fees, is deferred and accreted to interest income over the lives
of the loans using a method that approximates the interest method. The majority of the Company’s loan balances are secured
by real estate in a suburb of Pittsburgh, Pennsylvania. Accordingly, the ultimate collectability of a substantial portion of these
loans is susceptible to changes in market conditions in that area.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Past due loans
are loans contractually past due 30 days or more as to principal or interest payments. A loan is classified as nonaccrual, and
the accrual of interest on such loan is discontinued, when the contractual payment of principal or interest becomes 90 days past
due. In addition, a loan may be placed on nonaccrual at any other time management has serious doubts about further collectability
of principal or interest according to the contractual terms, even though the loan is currently performing. A loan may remain on
accrual status if it is in the process of collection or well-secured (i.e. the loan has sufficient collateral value). Loans are
restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for
a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A loan is considered
impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled
payments of principal or interest when due according to the contractual terms of the loan agreement. Impaired loans, or portions
thereof, are charged off when deemed uncollectible. Once a loan is 90 days past due, management begins a workout plan with the
borrower or commences its foreclosure process on the collateral.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Allowance
for Loan Losses</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The allowance
for loan losses is maintained at a level believed adequate by management to absorb probable losses inherent in the loan portfolio.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">We establish
a collective reserve for all loans which are not more than 60 days past due at the end of a quarter. This collective reserve takes
into account both historical information and a qualitative analysis of housing and other economic factors that may impact our
future realized losses. For loans to one borrower with committed balances less than 10% of our total committed balances on all
loans extended to all customers, we individually analyze for impairment all loans which are more than 60 days past due at the
end of a quarter. For loans to one borrower with committed balances equal to or greater than 10% of our total committed balances
on all loans extended to all customers, we individually analyze all loans for potential impairment. The analysis of loans, if
required, includes a comparison of estimated collateral value to the principal amount of the loan. For impaired loans, if the
value determined is less than the principal amount due (less any builder deposit), then the difference is included in the allowance
for loan loss. As values change, estimated loan losses may be provided for more or less than the previous period, and some loans
may not need a loss provision based on payment history. For homes which are partially complete, we appraise on an as-is and completed
basis, and use the one that more closely aligns with our planned method of disposal for the property.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">For loans that
are individually evaluated for impairment, appraisals have been prepared within the last 13 months. There are also broker’s
opinions of value (“BOV”) prepared, if the appraisal is more than six months old. The lower of any BOV prepared in
the last six months, or appraisal done in the last 13 months, is used, unless we determine a BOV to be invalid based on the comparable
sales used. If we determine a BOV to be invalid, we will use the appraised value. Appraised values are adjusted down for estimated
costs associated with asset disposal.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Deferred Financing
Costs, Net</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">We defer certain
costs associated with financing activities related to the issuance of debt securities (deferred financing costs). These costs
consist primarily of professional fees incurred related to the transactions. Deferred financing costs are amortized into interest
expense over the life of the related debt. We make estimates for the average duration of future investments. If these estimates
are determined to be incorrect in the future, the rate at which we are amortizing the deferred offering costs as interest expense
would be adjusted and could have a material impact on the consolidated financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following is a roll forward of
deferred financing costs:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Three
Months</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Ended</b><br />
<b>March 31,</b><br /><b> 2015</b></font></p></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended<br /> December 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Three
Months</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Ended</b><br />
<b>March 31,</b><br /><b> 2014</b></font></p></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%; text-align: justify"><font style="font-size: 8pt">Deferred financing costs, beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">737</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">669</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">669</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">68</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><font style="font-size: 8pt">Deferred financing costs, ending balance</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">751</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">737</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">686</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Less accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(164</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(107</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(32</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Deferred financing costs, net</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">587</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">630</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">654</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a roll forward of the accumulated amortization of deferred financing costs:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months<br /> Ended<br /> March 31,<br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended<br /> December 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months<br /> Ended<br /> March 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Accumulated
amortization, beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">107</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">20</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">20</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">57</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">87</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">12</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Accumulated
amortization, ending balance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">164</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">107</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">32</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b> </b></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Three
Months</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Ended</b><br />
<b>March 31,</b><br /><b> 2015</b></font></p></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended<br /> December 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Three
Months</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Ended</b><br />
<b>March 31,</b><br /><b> 2014</b></font></p></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%; text-align: justify"><font style="font-size: 8pt">Deferred financing costs, beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">737</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">669</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">669</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">68</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><font style="font-size: 8pt">Deferred financing costs, ending balance</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">751</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">737</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">686</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Less accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(164</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(107</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(32</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Deferred financing costs, net</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">587</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">630</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">654</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months<br /> Ended<br /> March 31,<br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended<br /> December 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months<br /> Ended<br /> March 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%; text-align: left; text-indent: -10pt; padding-left: 10pt"><font style="font-size: 8pt">Accumulated
amortization, beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">107</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">20</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">20</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">57</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">87</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">12</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Accumulated
amortization, ending balance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">164</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">107</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">32</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Income Taxes</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The entities
included in the consolidated financial statements are organized as pass-through entities under the Internal Revenue Code. As such,
taxes are the responsibility of the members. Other significant taxes for which the Company is liable are recorded on an accrual
basis.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company applies
Accounting Standards Codification (“ASC”) Topic 740, <i>Income Taxes</i>. ASC 740 provides guidance for how uncertain
tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements and requires the
evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial
statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax
authority. Tax positions with respect to income tax at the Limitted Liability Company, level not deemed to meet the “more-likely-than-not”
threshold would be recorded as a tax benefit or expense in the appropriate period. Management concluded that there are no uncertain
tax positions that should be recognized in the consolidated financial statements. With few exceptions, the Company is no longer
subject to income tax examinations for years prior to 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company’s
policy is to record interest and penalties related to taxes in interest expense on the consolidated statements of operations.
There have been no significant interest or penalties assessed or paid.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font-size: 8pt"><b>Risks
and Uncertainties</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is
subject to many of the risks common to the commercial lending and real estate industries, such as general economic conditions,
decreases in home values, decreases in housing starts, and high unemployment. These risks, which could have a material and negative
impact on the Company’s consolidated financial condition, results of operations, and cash flows include, but are not limited
to, declines in housing starts, unfavorable changes in interest rates, and competition from other lenders. At March 31, 2015,
our loans were primarily concentrated in a suburb of Pittsburgh, Pennsylvania, so the housing starts and prices in that area are
more significant to our business than other areas if and until more loans are created in other markets.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>Concentrations</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Financial instruments
that potentially subject the Company to concentrations of credit risk consist principally of loans receivable. As of both March
31, 2015 and December 31, 2014, 60% of our outstanding loan commitments consist of loans to one borrower, and the collateral is
in one real estate market.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Recent Accounting
Pronouncements</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><br />
The FASB has issued Accounting Standards Update (ASU) No. 2015-03, <i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying
the Presentation of Debt Issuance Costs</i>. The amendments in this ASU require that debt issuance costs related to a recognized
debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent
with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this
ASU. For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after
December 15, 2015, and interim periods within those fiscal years. The Company is still evaluating the potential impact on the
Company’s consolidated financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">FASB ASC 825,
<i>Financial Instruments</i>, permits entities to measure many financial instruments and certain other items at fair value. The
objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings
caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The
election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or
upon entering into a Company commitment. Subsequent changes must be recorded in earnings.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">FASB ASC 820,
<i>Fair Value Measurement</i>, clarifies that fair value is an exit price, representing the amount that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants. Under this guidance, fair value
measurements are not adjusted for transaction costs. This guidance establishes a fair value hierarchy that prioritizes the inputs
to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has
established a framework for measuring fair value under U.S. GAAP using a hierarchy, which requires the Company to maximize the
use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are an exit price, representing
the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.
Three levels of inputs are used to measure fair value, as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">Level
1 – quoted prices in active markets for identical assets or liabilities;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><font style="font-size: 8pt">Level
2 – quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability;
or</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">Level
3 – unobservable inputs, such as discounted cash flow models or valuations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">A financial
instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value
measurement. The following describes valuation methodologies used for assets measured at fair value:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">At March 31, 2015 and December
31, 2014, the Company had no assets measured at fair value on a recurring basis.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><u>Fair Value Measurements on
a Non-recurring Basis </u></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><i>Impaired Loans</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">A loan is
considered to be impaired when it is probable the Company will be unable to collect all principal and interest payments due in
accordance with the contractual terms of the loan agreement. The analysis of impaired loans includes a comparison of estimated
collateral value to the principal amount of the loan. If the value determined is less than the principal amount due (less any
builder deposit), then the difference is included in the allowance for loan loss. As values change, estimated loan losses may
be provided for more or less than the previous period.  For homes which are partially complete, we appraise on an as-is and
completed basis, and use the one that more closely aligns with our planned method of disposal for the property. For loans that
are individually evaluated for impairment, appraisals have been prepared within the last 13 months. There are also broker’s
opinions of value (“BOV”) prepared, if the appraisal is more than six months old. The lower of any BOV prepared in
the last six months, or appraisal done in the last 13 months, is used, unless we determine a BOV to be invalid based on the comparable
sales used. If we determine a BOV to be invalid, we will use the appraised value. Appraised values are adjusted down for estimated
costs associated with asset disposal, generally between 0% and 5%, dependingon the type of collateral. Fair value estimates for
impaired loans are classified as Level 3.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Assets measured
at fair value on a nonrecurring basis are summarized below:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="18" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31, 2015</b></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Fair
Value</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quoted
Prices in Active Markets for Identical Assets</b></font><font style="font-size: 8pt"><br /> <font style="font-family: Times New Roman, Times, Serif"><b>Level
1</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Other</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Observable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
2</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Unobservable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
3</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Financial Assets</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 35%; text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Impaired loans</font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">    160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">     160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">       –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">        –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">       160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><u>Fair Value of Financial Instruments
</u></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt">ASC
Topic 825, <i>Financial Instruments</i>, requires disclosure of fair value information about financial instruments, whether or
not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The following methods and
assumptions were used by the Company in estimating the fair value of its financial instruments:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"><b>Cash
and Cash Equivalents</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt">The
carrying amount approximates fair value because of the short maturity of these instruments.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"><b>Loans
Receivable and Commitments to Extend Credit</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt">For
variable rate loans that reprice frequently with no significant change in credit risk, estimated fair values are based on carrying
values at March 31, 2015 and December 31, 2014. The estimated fair values for other loans are calculated by discounting the future
cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and the same remaining
maturities and approximate carrying values of these instruments at March 31, 2015 and December 31, 2014. For unfunded commitments
to extend credit, because there would be no adjustment between fair value and carrying amount for the amount if actually loaned,
there is no adjustment to the amount before it is loaned. The amount for commitments to extend credit is zero in the tables below
because there is no difference between carrying value and fair value, and the amount is not recorded on the consolidated balance
sheets as a liability.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"><b>Customer
Interest Escrow </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt">The
customer interest escrow does not yield interest to the customer, but because: 1) the customer loans are demand loans, 2) there
is no way to estimate how long the escrow will be in place, and 3) the interest rate which could be used to discount this amount
is negligible, the fair value approximates the carrying value at both March 31, 2015 and December 31, 2014.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"><b>Borrowings
under Credit Facilities</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt">The
fair value of the Company’s borrowings under credit facilities is estimated based on the expected cash flows discounted
using the current rates offered to the Company for debt of the same remaining maturities. As all of the borrowings under credit
facilities or the Notes are 1) payable on demand, 2) have a variable interest rate, 3) or have interest rates similar rates to
what the Company can borrow funds for today, the fair value of the borrowings is determined to approximate carrying value at March
31, 2015 and December 31, 2014.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><font style="font-size: 8pt">The
table below is a summary of fair value estimates for financial instruments and the level of the fair value hierarchy (as discussed
in Note 2) within which the fair value measurements are categorized at the periods indicated:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b> </b></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="18" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>March 31, 2015</b></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Fair
Value</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quoted
Prices in Active Markets for Identical Assets</b></font><font style="font-size: 8pt"><br /> <font style="font-family: Times New Roman, Times, Serif"><b>Level
1</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Other</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Observable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
2</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Unobservable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
3</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Assets</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Cash and cash
equivalents</font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">990</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">990</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">      990</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">          –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">–</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Loans receivable, net</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">     8,110</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Customer interest escrow</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">201</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">201</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">201</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Notes payable secured</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">599</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">599</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">599</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Notes payable unsecured</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="18" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>December 31, 2014</b></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Fair
Value</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quoted
Prices in Active Markets for Identical Assets</b></font><font style="font-size: 8pt"><br /> <font style="font-family: Times New Roman, Times, Serif"><b>Level
1</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Other</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Observable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
2</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Unobservable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
3</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Assets</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 35%; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">558</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">558</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">      558</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">          –</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Loans receivable, net</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,097</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,097</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">     8,097</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Liabilities</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Customer interest escrow</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">318</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">318</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">318</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Notes payable unsecured</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,802</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,802</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,802</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="18" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>March
31, 2015</b></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Fair
Value</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quoted
Prices in Active Markets for Identical Assets</b></font><font style="font-size: 8pt"><br /> <font style="font-family: Times New Roman, Times, Serif"><b>Level
1</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Other</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Observable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
2</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Unobservable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
3</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt">Financial Assets</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 35%; text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Impaired loans</font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">    160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">     160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">       –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">        –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">       160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b> </b></font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="18" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>March 31, 2015</b></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Fair
Value</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quoted
Prices in Active Markets for Identical Assets</b></font><font style="font-size: 8pt"><br /> <font style="font-family: Times New Roman, Times, Serif"><b>Level
1</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Other</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Observable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
2</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Unobservable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
3</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Assets</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Cash and cash
equivalents</font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">990</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">990</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">      990</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">          –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 8pt">–</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Loans receivable, net</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">     8,110</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Customer interest escrow</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">201</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">201</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">201</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Notes payable secured</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">599</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">599</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">599</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Notes payable unsecured</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="18" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt"><b>December 31, 2014</b></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Amount</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Estimated</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Fair
Value</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quoted
Prices in Active Markets for Identical Assets</b></font><font style="font-size: 8pt"><br /> <font style="font-family: Times New Roman, Times, Serif"><b>Level
1</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Other</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Observable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
2</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 8pt Times New Roman, Times, Serif"><b>Significant</b></font><font style="font-size: 8pt"><br /><font style="font-family: Times New Roman, Times, Serif"><b>Unobservable</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Inputs</b></font><br /><font style="font-family: Times New Roman, Times, Serif"><b>Level
3</b></font></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Assets</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 35%; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Cash and cash equivalents</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">558</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">558</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">      558</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">          –</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Loans receivable, net</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,097</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,097</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">     8,097</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Financial Liabilities</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Customer interest escrow</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">318</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">318</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">318</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Notes payable unsecured</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,802</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,802</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5,802</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Financing receivables
are comprised of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, <br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31,<br />2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left"><font style="font-size: 8pt">Commercial loans, gross</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">8,604</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">8,691</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Less: Deferred loan fees</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(340</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(438</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left"><font style="font-size: 8pt">Less: Deposits</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(124</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(134</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less: Allowance for loan losses</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(30</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(22</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Commercial loans, net</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Roll forward
of commercial loans:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br />
March 31, <br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended <br /> December 31, <br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br />
March 31, <br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; width: 49%"><font style="font-size: 8pt">Beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">            8,097</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">4,045</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">            4,045</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,233</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">7,433</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,669</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Payoffs/Sales</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(1,320</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(3,394</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(463</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Change in builder deposit</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(98</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(68</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Change in loan loss provision</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(8</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(22</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(1</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">New loan fees</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(44</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(343</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(104</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Earned
loan fees</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">142</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">476</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">91</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left"><font style="font-size: 8pt">Ending balance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,169</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>Commercial Construction and Development
Loans </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i>Pennsylvania
Loans</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On December 30,
2011, pursuant to a credit agreement by and between us, Benjamin Marcus Homes, LLC (“BMH”), Investor’s Mark
Acquisitions, LLC (“IMA”) and Mark L. Hoskins (“Hoskins”) (collectively, the “Hoskins Group”)
(as amended, the “Credit Agreement”), we originated two new loan assets, one to BMH as borrower (the “BMH Loan”)
and one to IMA as borrower (the “New IMA Loan”). Pursuant to the Credit Agreement and simultaneously with the origination
of the BMH Loan and the New IMA Loan, we also assumed the position of lender on an existing loan to IMA (the “Existing IMA
Loan”) and assumed the position of borrower on another existing loan in which IMA serves as the lender (the “SF Loan”).
Throughout this report, we refer to the BMH Loan, the New IMA Loan, and the Existing IMA Loan collectively as the “Pennsylvania
Loans.” When we assumed the position of the lender on the Existing IMA Loan, we purchased a loan which was originated by
the borrower’s former lender, and assumed that lender’s position in the loan and maintained the recorded collateral
position in the loan. The borrower’s former lender and the seller of the BMH property are the same independent third party.
The BMH Loan, the New IMA Loan and the Existing IMA Loan are all cross-defaulted and cross-collateralized with each other. Further,
IMA and Hoskins serve as guarantors of the BMH Loan, and BMH and Hoskins serve as guarantors of the New IMA Loan and the Existing
IMA Loan. As such, we are currently primarily reliant on a single developer and homebuilder for our revenues.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In April, July,
September and December 2013, in March and December 2014, and in March of 2015, we entered into amendments to the Pennsylvania
Loans. As a result of these amendments, BMH was allowed to borrow for the construction of homes on lots 204, 205, and 206 of the
Hamlets subdivision and lots 2 and 5 of the Tuscany subdivision, both located in a suburb of Pittsburgh, Pennsylvania, and to
borrow for the purchase of lot 5 of the Hamlets subdivision. The only remaining construction loan from these amendments is for
lot 2 of the Tuscany subdivision in the amount of $660. Each of the construction loans is evidenced by a promissory note and is
secured by a first mortgage on the home or homes financed under such loan. Each of the construction loans is subject to a loan
fee of 5% of the full amount of the loan, and bears interest at a rate of our cost of funds plus 2%. Unlike the development loans
extended pursuant to the Credit Agreement, the release prices paid for each of the lots securing the construction loans are not
applied to fund the balance of the Interest Escrow established pursuant to the Credit Agreement, and interest on the construction
loans is not paid from the Interest Escrow. The outstanding balance of the construction loan for lot 2 of the Tuscany subdivision
is not included when calculating the amount outstanding pursuant to Section 2.05(f) of the Credit Agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">As a result of
these amendments to the Credit Agreement, we converted $1,000 of the SF Loan from debt to preferred equity. The new preferred
equity serves as collateral for the Pennsylvania Loans. There is no liquid market for the preferred equity instrument, so we can
give no assurance as to our ability to generate any amount of proceeds from that collateral. We also reduced the balance of the
SF Loan by $125 which was added to the Interest Escrow, and repaid the remaining $375 with cash. The interest rate on the Existing
IMA Loan was raised to match the New IMA Loan.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Also as a result
of these amendments to the Credit Agreement, we also issued a letter of credit for $155 (which was reduced to $29 in the first
quarter of 2015) to a sewer authority relating to BMH Loan (the “Letter of Credit”), and we issued a cash bond for
development not to exceed $425. We also allowed a fully funded mortgage in the amount of $1,146 to be placed in superior position
to our mortgage, with the $1,146 proceeds being used to reduce the balance of BMH’s outstanding loan with us. The terms
and conditions of the Pennsylvania Loans are set forth in further detail below.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A detail of the
financing receivables for the Pennsylvania loans at March 31, 2015 is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: center; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Item</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Term</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Interest Rate</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Funded
to</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Borrower</b></font></p></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Estimated collateral
values</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>BMH Loan</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 43%; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Land for phases 4, and 5 (25 acres)</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,515</font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lots</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">192</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">445</font></td>
<td><font style="font-size: 8pt"><sup>(6)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Interest Escrow</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">450</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">141</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">750</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Cash Bond</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">385</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"><sup>(9)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">385</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lot 2 Windemere</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Construction loan lot 2 Tuscany</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">585</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">988</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total BMH Loan</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,488</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,600</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>IMA Loans</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (loan fee)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">250</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (advances)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,420</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Existing IMA Loan</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(2)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,687</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,381</font></td>
<td><font style="font-size: 8pt"><sup>(4)</sup></font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total IMA Loans</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,357</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,381</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unearned Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(264</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">SF Preferred Equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,025</font></td>
<td><font style="font-size: 8pt"><sup>(8)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>5,581</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>7,006</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A detail of the
financing receivables for the Pennsylvania loans at December 31, 2014 is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: center; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Item</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Term</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Interest Rate</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Funded
to</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>borrower</b></font></p></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Estimated collateral
values</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>BMH Loan</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 43%; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Land for phases 4, and 5 (25 acres)</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,515</font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lots</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">142</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">374</font></td>
<td><font style="font-size: 8pt"><sup>(7)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Interest Escrow</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">450</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">249</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">750</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Excess Paydown</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(22</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt"><sup>(5)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lot 2 Windemere</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Construction loan lot 5 Tuscany</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">536</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">932</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Construction loan lot 2 Tuscany</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">498</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">739</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total BMH Loan</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,480</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,935</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>IMA Loans</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (loan fee)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">250</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (advances)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,491</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Existing IMA Loan</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(2)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,687</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,484</font></td>
<td><font style="font-size: 8pt"><sup>(3)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total IMA Loans</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,428</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,484</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unearned Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(322</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">SF Preferred Equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,000</font></td>
<td><font style="font-size: 8pt"><sup>(8)</sup></font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">SF Loan Payable</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">375</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>5,586</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>7,794</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">_______________</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 3%; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td><td style="text-align: justify; width: 97%; padding-top: 3pt"><font style="font-size: 8pt">These
are the stated terms; however, in practice, principal will be repaid upon the sale of
each developed lot.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">These
are the stated terms; however, in practice, principal will be repaid upon the sale of
each developed lot after the BMH loan and the New IMA loan are satisfied.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the appraised value of the remaining lots of $2,976, net
of the net estimated costs to finish the development of $217 and the second mortgage
amount of $275.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(4)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the appraised value of the remaining lots of $2,769, net
of the net estimated costs to finish the development of $226 and the second mortgage
amount of $162.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(5)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Excess
Paydown is the amount of initial funding of the Interest Escrow and/or Loan Fee that
has/have been repaid to date. These amounts are available to be reborrowed in the future.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(6)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the lots’ appraised value of $2,336 minus remaining
improvements of $585, net of the outstanding first mortgage of $1,146 and a third mortgage
payoff of $160.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(7)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the lots’ appraised value of $2,336 minus remaining
improvements of $656, net of the outstanding first mortgage of $1,146 and a third mortgage
payoff of $160.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(8)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">In
the event of a foreclosure on the property securing certain of our loans, a portion of
our collateral is preferred equity in our Company, which might be difficult to sell in
order to reduce the loan balance.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(9)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The
cash bond is in place to guarantee to the township that work will be completed on this
project. We will fund this work and expect to cancel the bond upon completion of the
work.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The loans are
collectively cross-collateralized and, therefore, treated as one loan for the purpose of calculating the effective interest rate
and for available remedies upon an instance of default. As lots are released, a specific release price is repaid by the borrower,
with 10% of that amount being used to fund the Interest Escrow (except for the construction funding for homes). The customer will
make cash interest payments only when the Interest Escrow is fully depleted, except for construction funding for homes, where
the customer makes interest payments monthly. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Pennsylvania
Loans created in 2011 had a $1,000 loan fee. The expenses incurred related to issuing the loans were approximately $76, which
were netted against the loan amount. The remaining $924, which is netted against the gross loan amount, is being recognized over
the expected life of the loans using the straight-line method in accordance with ASC 310-20, <i>Nonrefundable Fees and Other Costs</i>.
During 2013 and 2014, eight construction loans to the same customer were executed with $162 in loan fees, which fees are being
recognized over the expected life of each advance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has
a credit agreement with its largest borrower which includes a maximum exposure on all three loans, as described in the chart below.
This limit does not include construction loans or the cash bond.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i>Commercial
Loans – Real Estate Development Loan Portfolio Summary</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for land development as of March 31, 2015. The Pennsylvania loans below are included
as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral<sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; padding-top: 3pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">3</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,892</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,164<sup>(3)</sup></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,134</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">87%</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">$1,000</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>1</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>3</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,892</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,164    </b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,134</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>87%</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>$1,000</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the
appraised value adjusted for remaining costs to be paid and third party mortgage balances. Part of this collateral is $1,025
of preferred equity and unpaid earnings distributions in and from our Company. There is no liquid market for the preferred
equity instrument, so we can give no assurance as to our ability to generate any amount of proceeds from that collateral.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the outstanding amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The commitment amount includes a portion of
the letter of credit which, when added to the current outstanding balance, is greater than the $4,750 maximum commitment amount
per the Credit Agreement, as well as the cash bond, which is not included in the $4,750 maximum commitment amount.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for land development as of December 31, 2014. The Pennsylvania loans below are
included as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral<sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; padding-top: 3pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b><br /><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">3</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,997</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$4,903<sup>(3)</sup></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$4,748</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">79%</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">$1,000</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>1</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>3</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,997</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$4,903    </b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$4,748</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>79%</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>$1,000</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the
appraised value adjusted for remaining costs to be paid and third party mortgage balances. Part of this collateral is $1,000
of preferred equity in our Company. There is no liquid market for the preferred equity instrument, so we can give no assurance
as to our ability to generate any amount of proceeds from that collateral.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the outstanding amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The commitment amount includes a portion of
the letter of credit which, when added to the current outstanding balance, is greater than the $4,750 maximum commitment amount
per the Credit Agreement.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i>Commercial
Construction Loan Portfolio Summary</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for home construction loans as of March 31, 2015. Some of the Pennsylvania loans
are included as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral <sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b><br /><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Colorado</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$1,095</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$767</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$213</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Florida</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">685</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">480</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">477</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Georgia</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">   978</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">770</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">341</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">79%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Louisiana</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,230</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">620</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">621</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">50%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">New Jersey</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">390</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">273</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">273</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">3</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,676</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,102</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,023</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">66%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">South
Carolina</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,220</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">773</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">522</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">63%</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>10</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>19</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$7,274</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$4,785</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$3,470</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>66%<sup>(3)</sup></b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>5%</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the appraised value. </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the commitment amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Represents the weighted average loan to value
ratio of the loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">   </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for home construction loans as of December 31, 2014. Some of the Pennsylvania loans
are included as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral <sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b><br /><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Colorado</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$515</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$361</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$68</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Florida</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">685</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">480</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">404</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Georgia</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">   1,027</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">810</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">79%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Louisiana</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,230</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">861</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">620</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">New Jersey</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">390</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">273</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">259</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,826</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,850</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,463</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">65%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">South
Carolina</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,577</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">900</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">780</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">57%</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>10</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>19</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$8,250</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$5,535</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$3,943</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> <b>67%<sup>(3)</sup></b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>5%</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the appraised value. </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the commitment amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Represents the weighted average loan to value
ratio of the loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Credit Quality
Information</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
table presents credit-related information at the “class” level in accordance with ASC 310-10-50, <i>Disclosures about
the Credit Quality of Finance Receivables and the Allowance for Credit Losses</i>. A class is generally a disaggregation of a
portfolio segment. In determining the classes, the Company considered the finance receivable characteristics and methods it applies
in monitoring and assessing credit risk and performance.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
table summarizes finance receivables by the risk ratings that regulatory agencies utilize to classify credit exposure and which
are consistent with indicators the Company monitors. Risk ratings are reviewed on a regular basis and are adjusted as necessary
for updated information affecting the borrowers’ ability to fulfill their obligations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The definitions of these ratings are
as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 8pt"> </font></td>
<td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">Pass – finance receivables in this category do not meet
the criteria for classification in one of the categories below.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font: 8pt Symbol">·</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">Special mention – a special mention asset exhibits potential
weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future
date, result in the deterioration of the repayment prospects.</font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font: 8pt Symbol">·</font></td>
<td style="text-align: justify"><font style="font-size: 8pt">Classified – a classified asset ranges from: 1) assets
that are inadequately protected by the current sound worth and paying capacity of the borrower, and are characterized by the
distinct possibility that some loss will be sustained if the deficiencies are not corrected to 2) assets with weaknesses that
make collection or liquidation in full unlikely on the basis of current facts, conditions, and values. Assets in this classification
can be accruing or on non-accrual depending on the evaluation of these factors.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Finance Receivables
– By risk rating:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: justify"><font style="font-size: 8pt">Pass</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">7,336</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">7,301</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><font style="font-size: 8pt">Special mention</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">614</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">796</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt">Classified – accruing</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Classified – nonaccrual</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">160</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">   </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Finance Receivables
– Method of impairment calculation:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left"><font style="font-size: 8pt">Individually evaluated, impaired</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">–</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Not impaired</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,950</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Total
evaluated collectively for loan losses</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Of the $7,950,
$6,179 was evaluated individually based on management’s policy and procedures. Of the $8,097, $5,571 was evaluated individually
based on management’s policy and procedures.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">At March 31,
2015 and December 31, 2014, there were no loans acquired with deteriorated credit quality.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Impaired loans</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our impaired nonaccrual commercial construction loans as of March 31, 2015 and December 31, 2014.  All loans
listed have a related allowance for loan losses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left"><font style="font-size: 8pt">Unpaid principal balance (contractual obligation from
customer)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">215</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">          –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Charge-offs and payments applied</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">47</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt">Book value</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">168</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Related allowance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">8</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-bottom: 2.5pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Value after allowance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">160</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt">Estimated collateral value</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">160</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Total charge-offs, payments applied, and allowance (coverage)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">55</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left"><font style="font-size: 8pt">Coverage % (coverage divided by unpaid principal balance</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">26%</font></td><td style="text-align: left"></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, <br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31,<br />2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left"><font style="font-size: 8pt">Commercial loans, gross</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">8,604</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">8,691</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Less: Deferred loan fees</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(340</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(438</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left"><font style="font-size: 8pt">Less: Deposits</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(124</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(134</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Less: Allowance for loan losses</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(30</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(22</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Commercial loans, net</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br />
March 31, <br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended <br /> December 31, <br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br />
March 31, <br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; width: 49%"><font style="font-size: 8pt">Beginning balance</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">            8,097</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">4,045</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">            4,045</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Additions</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,233</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">7,433</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,669</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Payoffs/Sales</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(1,320</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(3,394</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(463</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Change in builder deposit</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(98</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(68</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Change in loan loss provision</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(8</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(22</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(1</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">New loan fees</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(44</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(343</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(104</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Earned
loan fees</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">142</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">476</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">91</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left"><font style="font-size: 8pt">Ending balance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,169</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A detail of the
financing receivables for the Pennsylvania loans at March 31, 2015 is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: center; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Item</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Term</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Interest Rate</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Funded
to</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Borrower</b></font></p></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Estimated collateral
values</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>BMH Loan</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 43%; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Land for phases 4, and 5 (25 acres)</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,515</font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lots</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">192</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">445</font></td>
<td><font style="font-size: 8pt"><sup>(6)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Interest Escrow</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">450</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">141</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">750</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Cash Bond</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">385</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"><sup>(9)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">385</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lot 2 Windemere</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Construction loan lot 2 Tuscany</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">585</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">988</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total BMH Loan</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,488</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,600</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>IMA Loans</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (loan fee)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">250</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (advances)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,420</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Existing IMA Loan</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(2)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,687</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,381</font></td>
<td><font style="font-size: 8pt"><sup>(4)</sup></font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total IMA Loans</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,357</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,381</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unearned Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(264</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">SF Preferred Equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,025</font></td>
<td><font style="font-size: 8pt"><sup>(8)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>5,581</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>7,006</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A detail of the
financing receivables for the Pennsylvania loans at December 31, 2014 is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1pt solid; text-align: center; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Item</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Term</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Interest Rate</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Funded
to</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>borrower</b></font></p></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Estimated collateral
values</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>BMH Loan</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 43%; text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Land for phases 4, and 5 (25 acres)</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 12%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">–</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 8pt">1,515</font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lots</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">142</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">374</font></td>
<td><font style="font-size: 8pt"><sup>(7)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Interest Escrow</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">450</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">249</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">750</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Excess Paydown</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(22</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt"><sup>(5)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Lot 2 Windemere</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">126</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Construction loan lot 5 Tuscany</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">536</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">932</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Construction loan lot 2 Tuscany</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">498</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">739</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total BMH Loan</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,480</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,935</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><i>IMA Loans</i></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (loan fee)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">250</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">New IMA Loan (advances)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(1)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,491</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="text-indent: -10pt; padding-left: 20pt"><font style="font-size: 8pt">Existing IMA Loan</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">Demand<sup>(2)</sup></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt">COF +2% <br />
(7% Floor)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,687</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,484</font></td>
<td><font style="font-size: 8pt"><sup>(3)</sup></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total IMA Loans</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>3,428</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"><b>2,484</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">Unearned Loan Fee</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(322</font></td>
<td><font style="font-size: 8pt">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">SF Preferred Equity</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,000</font></td>
<td><font style="font-size: 8pt"><sup>(8)</sup></font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt">SF Loan Payable</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">375</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td style="padding-left: 10pt; text-indent: -10pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>5,586</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"><b>7,794</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">_______________</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 3%; text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td><td style="text-align: justify; width: 97%; padding-top: 3pt"><font style="font-size: 8pt">These
are the stated terms; however, in practice, principal will be repaid upon the sale of
each developed lot.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">These
are the stated terms; however, in practice, principal will be repaid upon the sale of
each developed lot after the BMH loan and the New IMA loan are satisfied.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the appraised value of the remaining lots of $2,976, net
of the net estimated costs to finish the development of $217 and the second mortgage
amount of $275.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(4)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the appraised value of the remaining lots of $2,769, net
of the net estimated costs to finish the development of $226 and the second mortgage
amount of $162.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(5)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Excess
Paydown is the amount of initial funding of the Interest Escrow and/or Loan Fee that
has/have been repaid to date. These amounts are available to be reborrowed in the future.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(6)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the lots’ appraised value of $2,336 minus remaining
improvements of $585, net of the outstanding first mortgage of $1,146 and a third mortgage
payoff of $160.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(7)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Estimated
collateral value is equal to the lots’ appraised value of $2,336 minus remaining
improvements of $656, net of the outstanding first mortgage of $1,146 and a third mortgage
payoff of $160.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(8)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">In
the event of a foreclosure on the property securing certain of our loans, a portion of
our collateral is preferred equity in our Company, which might be difficult to sell in
order to reduce the loan balance.</font></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left; padding-top: 3pt"><font style="font-size: 8pt"><sup>(9)</sup></font></td><td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The
cash bond is in place to guarantee to the township that work will be completed on this
project. We will fund this work and expect to cancel the bond upon completion of the
work.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for land development as of March 31, 2015. The Pennsylvania loans below are included
as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral<sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; padding-top: 3pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">3</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,892</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,164<sup>(3)</sup></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,134</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">87%</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">$1,000</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>1</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>3</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,892</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,164    </b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,134</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>87%</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>$1,000</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the
appraised value adjusted for remaining costs to be paid and third party mortgage balances. Part of this collateral is $1,025
of preferred equity and unpaid earnings distributions in and from our Company. There is no liquid market for the preferred
equity instrument, so we can give no assurance as to our ability to generate any amount of proceeds from that collateral.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the outstanding amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The commitment amount includes a portion of
the letter of credit which, when added to the current outstanding balance, is greater than the $4,750 maximum commitment amount
per the Credit Agreement, as well as the cash bond, which is not included in the $4,750 maximum commitment amount.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for land development as of December 31, 2014. The Pennsylvania loans below are
included as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral<sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; padding-top: 3pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b><br /><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">3</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$5,997</font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$4,903<sup>(3)</sup></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-top: 3pt"><font style="font-size: 8pt">$4,748</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">79%</font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-top: 3pt"><font style="font-size: 8pt">$1,000</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>1</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>3</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$5,997</b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$4,903    </b></font></td>
<td style="vertical-align: top; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right; padding-top: 3pt"><font style="font-size: 8pt"><b>$4,748</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>79%</b></font></td>
<td style="vertical-align: top; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center; padding-top: 3pt"><font style="font-size: 8pt"><b>$1,000</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the
appraised value adjusted for remaining costs to be paid and third party mortgage balances. Part of this collateral is $1,000
of preferred equity in our Company. There is no liquid market for the preferred equity instrument, so we can give no assurance
as to our ability to generate any amount of proceeds from that collateral.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the outstanding amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The commitment amount includes a portion of
the letter of credit which, when added to the current outstanding balance, is greater than the $4,750 maximum commitment amount
per the Credit Agreement.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for home construction loans as of March 31, 2015. Some of the Pennsylvania loans
are included as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral <sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b><br /><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Colorado</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$1,095</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$767</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$213</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Florida</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">685</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">480</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">477</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Georgia</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">   978</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">770</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">341</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">79%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Louisiana</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,230</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">620</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">621</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">50%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">New Jersey</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">390</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">273</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">273</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">3</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,676</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,102</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,023</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">66%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: rgb(238,238,238)">
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">South
Carolina</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,220</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">773</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">522</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">63%</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: White">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>10</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>19</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$7,274</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$4,785</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$3,470</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>66%<sup>(3)</sup></b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>5%</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the appraised value. </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the commitment amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Represents the weighted average loan to value
ratio of the loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">   </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
is a summary of our loan portfolio to builders for home construction loans as of December 31, 2014. Some of the Pennsylvania loans
are included as part of the Pennsylvania Loans discussed above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>State</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number
of</b><br /><b>Borrowers</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Number</b><br /><b>of
Loans</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Value
of</b><br /><b>Collateral <sup>(1)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Commitment</b><br /><b>Amount</b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 0; text-align: center"><font style="font-size: 8pt"><b>Amount</b><br /><b>Outstanding</b></font></p></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
to Value Ratio<sup>(2)</sup></b></font></td>
<td style="vertical-align: top; width: 1%; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Loan
Fee</b></font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Colorado</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$515</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$361</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">$68</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Florida</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">685</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">480</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">404</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Georgia</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">   1,027</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">810</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">79%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Louisiana</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,230</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">861</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">620</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">New Jersey</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">1</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">390</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">273</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">259</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">70%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Pennsylvania</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2,826</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,850</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,463</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">65%</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr style="background-color: #F2F2F2">
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">South
Carolina</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,577</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">900</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">780</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">57%</font></td>
<td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">5%</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>10</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>19</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$8,250</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$5,535</b></font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"><b>$3,943</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> <b>67%<sup>(3)</sup></b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>5%</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">_______________</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 3%; padding-top: 3pt"><font style="font-size: 8pt"><sup>(1)</sup></font></td>
<td style="width: 97%; padding-top: 3pt"><font style="font-size: 8pt">The value is determined by the appraised value. </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(2)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">The loan to value ratio is calculated by taking
the commitment amount and dividing by the appraised value.</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-top: 3pt"><font style="font-size: 8pt"><sup>(3)</sup></font></td>
<td style="text-align: justify; padding-top: 3pt"><font style="font-size: 8pt">Represents the weighted average loan to value
ratio of the loans.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: justify"><font style="font-size: 8pt">Pass</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">7,336</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">7,301</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><font style="font-size: 8pt">Special mention</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">614</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">796</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt">Classified – accruing</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Classified – nonaccrual</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">160</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left"><font style="font-size: 8pt">Individually evaluated, impaired</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">160</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">–</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Not impaired</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,950</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Total
evaluated collectively for loan losses</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,110</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,097</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left"><font style="font-size: 8pt">Unpaid principal balance (contractual obligation from
customer)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">215</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">          –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Charge-offs and payments applied</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">47</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt">Book value</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">168</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Related allowance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">8</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-bottom: 2.5pt; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Value after allowance</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">160</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt">Estimated collateral value</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">160</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 8pt">Total charge-offs, payments applied, and allowance (coverage)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">55</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left"><font style="font-size: 8pt">Coverage % (coverage divided by unpaid principal balance</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">26%</font></td><td style="text-align: left"></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Purchase
and Sale Agreements</u></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In December 2014,
the Company entered into a purchase and sale agreement with the Loan Purchaser whereby the purchaser may buy loans offered to
it by us, and we may be obligated to offer certain loans to purchaser. Purchaser is buying senior positions in the loans they
purchase, generally 50% of each loan. Purchaser generally receives the interest rate we charge the borrower (with a floor of 10%)
on their portion of the loan balance, and we receive the rest of the interest and all of the loan fee. We service the loans. There
is an unlimited right for us to call any loan sold, however in any case of such call, a minimum of 4% of the commitment amount
of purchaser must have been received by purchaser in interest, or we must make up the difference. Also, the purchaser has a put
option, which is limited to 10% of the funding made by purchaser under all loans purchased in the trailing 12 months. This transaction
is accounted for as a secured line of credit. The balance due was $599 and $0 on March 31, 2015 and December 31, 2014, respectively,
and the related loans which served as collateral had a book value of $1,403 and $0 on the same dates, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Affiliate
Loans</u></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In December 2011,
the Company entered into two secured revolving lines of credit with affiliates, both of whom are members. These loans have an
interest rate of the affiliates’ cost of funds, which was 3.94% and 3.93% as of March 31, 2015 and December 31, 2014, respectively.
They are demand notes. The maximum that can be borrowed under these notes is $1,500, at the discretion of the lenders. The actual
amount borrowed was $0 at both March 31, 2015 and December 31, 2014, leaving $1,500 in potential credit availability on those
dates. There is no obligation of the affiliates to lend money up to the note amount. The security for the lines of credit includes
all of the assets of the Company. The weighted average balance of affiliate borrowings outstanding was $0 for both of the three
month periods ended March 31, 2015 and 2014, and the interest expense was $0 for the same periods.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><i><u>SF Loan</u></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The SF Loan,
under which we were the borrower, was an unsecured loan in the original principal amount of $1,500, of which $0 and $375 was outstanding
as of March 31, 2015 and December 31, 2014, respectively. Interest on the SF Loan accrued annually at a rate of 5.0%. On December
31, 2014, the Company and the Hoskins Group entered into a series of agreements which, among other things, 1) converted $1,000
of the SF Note from debt to preferred equity, 2) repaid $125 of the SF Note and applied those proceeds to increase the Interest
Escrow, and 3) required elimination of the remaining balance of the SF Note with a cash payment upon the repayment of the construction
loan on lot 5, Tuscany. This repayment was made in the first quarter of 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><i><u>Notes Program</u></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Borrowings through
our public offering were $5,668 and $5,427 at March 31, 2015 and December 31, 2014, respectively. The effective interest rate
on the borrowings at March 31, 2015 and December 31, 2014 was 7.32% and 7.26%, respectively, not including the amortization of
deferred financing costs. There are limited rights of early redemption. We generally offer four durations at any given time, ranging
anywhere from 12 to 48 months. The following table shows the roll forward of our Notes program:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br /> March 31,<br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended <br /> December 31,<br /> 2013</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br /> March 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%"><font style="font-size: 8pt">Notes outstanding, beginning of period</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">5,427</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,739</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,739</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Notes issued</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">741</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">4,119</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">923</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Note repayments / redemptions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(500</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(431</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Notes outstanding, end of period</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,427</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,660</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The following table shows the maturity
of outstanding Notes as of March 31, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: justify"><font style="font-size: 8pt"><b>Year Maturing</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Amount Maturing</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">2015</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">168</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2016</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">954</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">2017</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">1,796</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2018</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">2,140</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">2019</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">610</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Total</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">5,668</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br /> March 31,<br /> 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
Ended <br /> December 31,<br /> 2013</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three
Months Ended<br /> March 31,<br /> 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 49%"><font style="font-size: 8pt">Notes outstanding, beginning of period</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">5,427</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,739</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,739</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Notes issued</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">741</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">4,119</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">923</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Note repayments / redemptions</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(500</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(431</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(2</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Notes outstanding, end of period</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,668</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,427</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,660</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: justify"><font style="font-size: 8pt"><b>Year Maturing</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Amount Maturing</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">2015</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">168</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2016</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">954</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">2017</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">1,796</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">2018</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">2,140</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">2019</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0.5in"><font style="font-size: 8pt">610</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Total</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">5,668</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">There are currently
two classes of units (class A common units and series B cumulative preferred units).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The class A common
units are held by two members, both of whom have no personal liability. All class A common members have voting rights in proportion
to their capital account. There were 2,629 class A common units outstanding at both March 31, 2015 and December 31, 2014.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The series B
cumulative preferred units were issued to the Hoskins Group through a reduction in the SF Note. They are redeemable only at the
option of the Company or upon a change or control or liquidation. Ten units were issued for a total of $1,000. The series B units
have a fixed value which is their purchase price, and preferred liquidation and distribution rights. Yearly distributions of 10%
of the units’ value (providing profits are available) will be made quarterly. The Hoskins Group series B cumulative preferred
units are also used as collateral for that group’s loans to the Company. There is no liquid market for the preferred equity
instrument, so we can give no assurance as to our ability to generate any amount of proceeds from that collateral.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">There are two
additional authorized unit classes: class A preferred units and class B profit units. Once class B profit units are issued, the
existing class A common units will become class A preferred units. Class A preferred units will receive preferred treatment in
terms of distributions and liquidation proceeds.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The members’ capital balances
by class are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"><font style="font-size: 8pt">Class</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">B Preferred
Units</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">A Common Units</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,999</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,057</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Members’ Capital</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,999</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">3,057</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"><font style="font-size: 8pt">Class</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">March
31, 2015</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December
31, 2014</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td style="width: 66%; text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">B Preferred
Units</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">A Common Units</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,999</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,057</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
<td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 20pt; text-indent: -10pt"><font style="font-size: 8pt">Members’ Capital</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,999</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">3,057</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b>Notes and
Accounts Payable to Affiliates</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has
a loan agreement with two of our affiliates, as more fully described in Note 5 – <i>Affiliate Loans</i>.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has
loan agreements with the Hoskins Group, as more fully described in Note 5 – <i>SF Loan and Note 4 – Pennsylvania Loans</i>.
Our debt to the Hoskins Group has been extinguished. The Hoskins Group is our largest borrower.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Hoskins Group
has a preferred equity interest in the Company, as more fully described in Note 6.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has
accepted new investments under the Notes program from employees, managers, members and relatives of managers and members, with
$1,462 outstanding at March 31, 2015. The larger of these investments are detailed below:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td rowspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Investor</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Relationship
to Shepherd’s Finance</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Amount
invested as of</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Weighted
average interest rate as of</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td colspan="3" rowspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Interest earned
during the three month period ended March 31,</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March
31,</b><br /><b>2015</b></font></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December
31,</b><br /><b>2014</b></font></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>March
31,</b><br /><b>2015</b></font></p></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2015</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; width: 19%; background-color: #F2F2F2"><font style="font-size: 8pt">Bill Myrick</font></td>
<td style="vertical-align: bottom; width: 1%; background-color: #F2F2F2"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 19%; background-color: #F2F2F2"><font style="font-size: 8pt">Independent Manager</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$148</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$141</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt">7.53%</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$3</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$2</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Eric Rauscher</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Independent Manager</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">500</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">500</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">7.00%</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">9</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Joseph Rauscher</font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Father of Independent Manager</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">186</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">186</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt">8.00%</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font-size: 8pt">R. Scott Summers</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Son of Independent Manager</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">100</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">100</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">7.56%</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Wallach Family Irrevocable Educational
Trust</font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Trustee is Member</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">200</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">200</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt">7.00%</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font-size: 8pt">David and Carole Wallach</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Parents of Member</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">111</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">111</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">8.00%</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td rowspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Investor</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="3" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Relationship
to Shepherd’s Finance</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Amount
invested as of</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>Weighted
average interest rate as of</b></font></p></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td colspan="3" rowspan="2" style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"><b>Interest earned
during the three month period ended March 31,</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March
31,</b><br /><b>2015</b></font></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>December
31,</b><br /><b>2014</b></font></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 8pt"><b>March
31,</b><br /><b>2015</b></font></p></td>
<td rowspan="2" style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2015</b></font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; width: 19%; background-color: #F2F2F2"><font style="font-size: 8pt">Bill Myrick</font></td>
<td style="vertical-align: bottom; width: 1%; background-color: #F2F2F2"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 19%; background-color: #F2F2F2"><font style="font-size: 8pt">Independent Manager</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$148</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$141</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt">7.53%</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$3</font></td>
<td style="vertical-align: top; width: 1%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; width: 11%; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">$2</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Eric Rauscher</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Independent Manager</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">500</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">500</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">7.00%</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">9</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">8</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Joseph Rauscher</font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Father of Independent Manager</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">186</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">186</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt">8.00%</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font-size: 8pt">R. Scott Summers</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Son of Independent Manager</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">100</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">100</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">7.56%</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Wallach Family Irrevocable Educational
Trust</font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2"><font style="font-size: 8pt">Trustee is Member</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">200</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">200</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: center"><font style="font-size: 8pt">7.00%</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">4</font></td>
<td style="vertical-align: top; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; background-color: #F2F2F2; text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr>
<td style="vertical-align: bottom"><font style="font-size: 8pt">David and Carole Wallach</font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom"><font style="font-size: 8pt">Parents of Member</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">111</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">111</font></td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">8.00%</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2</font></td>
<td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">2</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In the normal
course of business there may be outstanding commitments to extend credit that are not included in the consolidated financial
statements. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition
established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment
of a fee. Since many of the commitments are expected to expire without being drawn upon and some of the funding may come from
the earlier repayment of the same loan (in the case of revolving lines), the total commitment amounts do not necessarily represent
future cash requirements. The financial instruments involve, to varying degrees, elements of credit and interest rate risk in
excess of amounts recognized in the consolidated financial statements. The Company evaluates each customer’s creditworthiness
on a case-by-case basis. Unfunded commitments to extend credit, which have similar collateral, credit risk and market risk to
our outstanding loans, were $1,344 and $1,745 at March 31, 2015 and December 31, 2014, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In September
2013, the Company issued a Letter of Credit for $155 which has been reduced to $29 to a sewer authority relating to the BMH Loan.
Refer to the chart in Note 4 – Commercial Loans – Real Estate Development Loan Portfolio Summary for further details
describing this commitment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The property
securing the BMH Loan is subject to a mortgage in the amount of $1,146, which is held by United Bank and guaranteed by 84 FINANCIAL,
L.P. The balance on the loan to which we subordinate is subtracted from the appraised value of the land in the land valuation
detail of the Pennsylvania financing receivables at March 31, 2015 and December 31, 2014 in Note 4.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The property
securing the New IMA Loan and the Existing IMA Loan, as described in Note 4, is subject to a mortgage in the amount of $1,290,
which is held by an unrelated third party. In connection with the closing of the New IMA Loan and the Existing IMA Loan, the holder
of this mortgage entered into an agreement to amend, restate and further subordinate such mortgage. This subordination agreement
also provides that, in the event of a foreclosure on and liquidation of the property securing the New IMA Loan and the Existing
IMA Loan, we are entitled to receive liquidation proceeds up to $2,225, which excludes the collateral securing the BMH Loan, at
which point the holder of this mortgage is entitled to receive liquidation proceeds up to the amount necessary to satisfy its
outstanding mortgage, and we are then entitled to any remainder of the liquidation proceeds. The subordinated mortgage balance
is subtracted from the appraised value of the finished lots in the lot valuation in Note 4.</font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2015</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt"><b>Selling, general and administrative expenses</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 70%"><font style="font-size: 8pt">Legal and Accounting</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">62</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">64</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Salaries and related expenses</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">42</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">17</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Board related expenses</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">19</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">19</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Advertising</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">7</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Rent and Utilities</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Printing</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">3</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Other</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">7</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Total SG&A</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">150</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">115</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following
table displays our SG&A expenses for the three month periods ended March 31, 2015 and 2014:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2015</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2014</b></font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt"><b>Selling, general and administrative expenses</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 70%"><font style="font-size: 8pt">Legal and Accounting</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">62</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 8pt">64</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Salaries and related expenses</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">42</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">17</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Board related expenses</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">19</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">19</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Advertising</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">7</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">–</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Rent and Utilities</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Printing</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">5</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">3</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Other</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">7</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #F2F2F2">
<td><font style="font-size: 8pt">Total SG&A</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">150</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">115</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Printing costs
are both for printing of investor related material and for the filing of documents electronically with the SEC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Management of
the Company has evaluated subsequent events through May 5, 2015, the date these consolidated financial statements were issued.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Under the Notes
offering, the Company issued an additional $32 subsequent to March 31, 2015 and had redemptions of $0. The total debt issued and
outstanding pursuant to the Notes offering as of May 5, 2015 is $5,700. Of the $5,700, $1,471 is from managers, members, and their
respective affiliates.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Under the Purchase
and sale Agreement, the Company has recorded $599 of secured debt as of May 5, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On April 30,
2015, the Company entered into a purchase and sale agreement with the Seven Kings Holdings, Inc. (“7Kings”) as purchaser
and the Company as seller, whereby the purchaser will buy loans offered to it by us, providing that their portions of the loans
always total less than $1,500. Purchaser may adjust the $1,500 with notice, but such change will not cause a buyback by seller.
Purchaser is buying pari-passu positions in the loans they purchase, generally 50% of each loan. Purchaser generally receives
a 9% interest rate on their portion of the loan balance, and we receive the rest of the interest and all of the loan fee. We service
the loans. There is an unlimited right for us to call any loan sold. This transaction will be accounted for as a secured line
of credit. The balance due was $0 on May 5, 2015.</font></p>
599000
0
599000
0
0
0
5668000
0
5802000
375000
0
375000
9266000
8859000
6267000
5802000
1500000
1500000
599000
0
1344000
1745000
751000
686000
737000
669000
17000
14000
68000
587000
654000
630000
599000
599000
0
0
599000
8604000
8691000
340000
438000
124000
134000
30000
22000
1669000
1233000
7433000
463000
1320000
3394000
68000
-10000
98000
1000
8000
22000
104000
44000
343000
91000
142000
476000
3935000
1515000
374000
249000
0
0
126000
932000
739000
0
0
2484000
2484000
0
1000000
375000
7794000
1515000
141000
0
126000
3600000
0
0
2381000
2381000
0
7006000
445000
385000
988000
1025000
1
1
1
1
2
1
1
2
2
10
1
1
2
1
1
2
2
10
3
3
1
2
5
2
1
4
4
19
2
2
5
2
1
3
4
19
5997000
5892000
515000
685000
1027000
1230000
390000
2826000
1577000
8250000
1095000
685000
978000
1230000
390000
1676000
1220000
7274000
4903000
5164000
361000
480000
810000
861000
273000
1850000
900000
5535000
767000
480000
770000
620000
273000
1102000
773000
4785000
4748000
5134000
68000
404000
349000
620000
259000
1463000
780000
3943000
213000
477000
341000
621000
273000
1023000
522000
3470000
0.79
.87
1000000
1000000
0.70
0.70
0.79
0.70
0.70
0.65
0.57
0.67
.70
.70
.79
.50
.70
.66
.63
.66
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
.05
.05
.05
.05
.05
.05
.05
.05
160000
0
7950000
8097000
8110000
8097000
215000
0
47000
0
168000
0
8000
0
55000
0
.26
0
923000
741000
4119000
2000
500000
431000
168000
1403000
0
Independent Manager
Son of Independent Manager
Trustee is a member
Parents of Member
Independent Manager
Father of Indpendent Manager
.0753
.0756
.0700
.0800
.0700
.0800
62000
64000
42000
17000
19000
19000
5000
5000
5000
3000
10000
7000
6000
13000
5668000
5427000
160000
160000
0
0
160000
25000
0
2480000
0
142000
450000
750000
-22000
126000
536000
498000
250000
1491000
1687000
3428000
-322000
0
0
5586000
0
450000
750000
126000
2488000
250000
1420000
1687000
3357000
-264000
5581000
192000
385000
585000
0