BuildersPartnerOverview10-17

Development Partner for Modular Builders October 2017

DisclosuresThis presentation (this “Presentation”) is furnished on a confidential basis to selected homebuilders andothers for the purpose of providing certain information pertaining to Builder’s Partner and potential businessopportunities in the residential modular construction industry. The information contained herein is providedfor informational and discussion purposes only and may not be relied on in any manner as legal, tax orinvestment advice or as an offer to sell or a solicitation of an offer to buy any securities or any interests in anyfuture business venture or transaction. The terms of any venture or transaction between Builder’s Partner andany third party will be contained in definitive agreements to be negotiated and signed by the parties in thefuture.Builder’s Partner does not make any representation as to any information contained in this Presentation.Estimates and projections as to future results, returns or other events, including financial projections,contained herein involve significant elements of subjective judgment and analysis which may or may notprove to be correct. All projections, financial or otherwise, in this Presentation are for illustrative purposesonly and should not be construed as what the actual results of any venture or transaction will be.This Presentation and all of the information contained herein is the property of Builder’s Partner and isconfidential. You may not distribute, copy or disclose all or any part of this Presentation without the expressprior written consent of Builders Partner, LLC.October 2017 Builder's Partner Overview 2

Builder’s Partner: What We Do¨ We provide capital and financial expertise to experienced modular homebuilders.¨  Our participation enables builders to move beyond custom homebuilding to develop their own profitable single-family and multifamily modular projects.October 2017 Builder's Partner Overview 3

Who We AreThe Builder’s Partner management team has decades of experience inbuilding large scale real estate lending and investment companies. ¨ We believe that residential Modular construction is an industry with tremendous unrealized potential but with legacy structural issues that inhibit sales growth. ¨ Selling prospective homeowners a custom modular home is too hard. We created Builder's Partner to implement our new approach. ¨ Builder's Partner has commitments of over $10 million in capital available to fund residential Modular projects.October 2017 Builder's Partner Overview 4

Our Business ModelWe Partner With: ¨  Homebuilders who are committed to modular construction but are frustrated with the custom home sales process. ¨  Our ideal partners recognize opportunities within their locales to profitably invest in Modular-based projects (widely known as “Spec Development”) but do not have sufficient capital to fund projects on their own.For Each Approved Project: ¨  Builder's Partner will provide a comprehensive financing package including both debt and equity. ¨  Builder's Partner invests equity alongside our partners – your money and our money are treated equally. We are true partners. ¨  Builders are compensated for the construction work they undertake. By identifying profitable opportunities, Modular builders can create their own orders and earn the GC fee.October 2017 Builder's Partner Overview 5

How it WorksBuilder's Partner will provide up to 95% of the Capital required to develop each project.Each project will be jointly owned by Builder's Partner and Builder. Ownership isproportional to the amount of equity that is contributed by each party. ¨  For a typical project, 30% of total costs (including land) will be funded by equity capital. Builder can invest as much as 50% or as little as 15% of each project’s required equity and Builder's Partner will provide the remaining equity. ¨  70% of project costs will be funded by debt in the form of a first-lien mortgage provided by a Builder's Partner affiliate. The mortgage will be collateralized by the land and modular units and will be non-recourse to the builder (no personal guarantees).That’s it. No bank underwriting committees, no customers calling in last-minutechanges. Builders can focus on what they do best – building quality homes.October 2017 Builder's Partner Overview 6

How it Works: Sample Project¨  $500,000 total cost, funded with 70% loan and 30% equity.¨  Builder chooses to invest 25% of the equity (15%-50% is permitted).100%   Capital Sources for Project Project Ownership 90%   New Project, LLC 80%   $37,500 Equity 70%   from Builder New SPV created that purchases the 60%   7.5% of Total land and owns the project 50%   25% of Equity 40%   Builder Owns Builder's Partner Owns 30%   $112,500 Equity 25% 75% 20%   from Builder's Partner 10%   0%   22.5% of Total 75% of Equity $350,000 Loan from Builder's Partner affiliate 70% of TotalOctober 2017 Builder's Partner Overview 7

Example of Project EconomicsTotal Project Cost $500,000Sale PriceLess Realtor Commission 3% $585,000 ¨  Modular builders can make money both byNet Sale Price $17,550 creating their own projects from which theyNet Profit - Before Financing $567,450 serve as GC and by investing in those projects $67,450Financing of Project $350,000 ¨  Returns on Equity (IRR) for successful projectsDebt (from BP affiliate) targeted to be in excess of 30% (non- $150,000 annualized)Equity $37,500Equity from Builder $112,500Equity from Builder's PartnerCost of Financing 8.0% % Return Project % Return AnnualizedRate 3.0%Fees 31.7% 228%hold period months 4Debt Cost $9,333Debt Fees $10,500Total Cost Financing $19,833Net Profit After Financing $47,617 8Profit Split to Builder (not includingContractor’s fees) $11,904Profit Split to Builder’s Partner $35,713 October 2017 Builder's Partner Overview

How it Works: The Process1.  Become an approved Development Partner with Builder's Partner ¨  We’re looking for builders who have significant Modular experience and good industry references.2.  Builder identifies project(s) in locales they understand well, and submits proposal to Builder’s Partner ¨  We’ll work together with builder and factory to approve a design and budget and perform due diligence. When Builder's Partner approves project, a special-purpose entity owned by both Builder's Partner and builder is created and project is launched.3.  Builder oversees the construction phase with administrative support from Builder's Partner ¨  Builder performs all GC duties - pulls permits, performs site prep and lays foundation, manages Modular delivery and button-up and the construction of any other external structures.4.  Finished home is marketed by realtors ¨  Builder’s Partner is also open to projects that result in long-term ownership of rental properties.October 2017 Builder's Partner Overview 9

Project ExamplesProject Idea: Single-family starter homes or duplexes/quadplexes on tear-down sites inurban/suburban neighborhoods ¨  Aging housing stock means lots of opportunities to build new Modular homes on existing lots. Starter homes are ~1500 sq ft., 3BR/2BA with price points of $200-300,000 ($175/$200/ft) ¨  While large-scale homebuilders focus on big (100+ home) projects far from city center, higher demand is for homes closer to town.Project Idea: 12 to 20-unit Multifamily on small-footprint existing lots in urban/suburban neighborhoods ¨  Smaller MF projects may be economically feasible for Modular builds but not for traditional builds. Completed projects can be sold or rented and held for investment.Project Idea: Multiple homes on larger tract of developed land ¨  Ability to drive down costs by scaling up size of project and number of units.October 2017 Builder's Partner Overview 10

Additional ProgramsModular builders can also source project ideas from their industryrelationships¨  Local realtors often have a good sense of market dynamics. Builder’s Partner will allow qualifying realtors who identify suitable projects to invest and serve as broker for the finished homes.¨  Builders may know local investors who can source residential Modular projects, but with insufficient capital to provide 100% of the funding. Builder’s Partner will allow for third-party investors in selected projects.Modular builders can create their own GC deal flow, and in some casesnot be required to invest any of their own capital.October 2017 Builder's Partner Overview 11

SummaryBuilder's Partner helps enable Builders to become Developers ¨  Expand your business by creating building projects instead of depending on the difficult custom home sales process. By building homes for resale, there is no client making decisions (and possibly changes) through the process. ¨  Capitalize (as both a builder and as an investor) on profitable development opportunities that already exist in your markets. ¨  Have a reliable partner on every deal that will provide both the equity capital required and a non-recourse, non-personally guaranteed mortgage at reasonable rates and terms. ¨  As an independent developer of Modular projects, your business will grow as the advantages of Modular technology over traditional construction continue to grow.October 2017 Builder's Partner Overview 12

Builder’s Partner Management TeamDavid QuintDavid is a founder of and investor in private companies and a financial services executive. David hasspent more than 20 years building and managing real estate finance businesses both for BayviewAsset Management in Miami and for Lehman Brothers in New York. He is a founding shareholder ofImmunoTek BioCenters, a healthcare real estate development firm. Mr. Quint received an MBA fromPenn and a BS in Physics from UC San Diego. He is the founder and chairman of Children’s WellnessFund, a 501(c)3 operating foundation focused on rural poverty in Latin America.Joanna SchwartzJoanna brings over 20 years experience in commercial real estate finance, real estate technology andentrepreneurial innovation to her role at Builder’s Partner. Prior, Joanna was the CEO ofEarlyShares.com, a leading online commercial real estate investing platform, and the President ofSilver Hill Financial, a small-balance commercial mortgage lender. Joanna led Silver Hill frominception to over $1B in annual origination volume, and was honored as Business Woman of the Yearby South Florida Business Journal. She is a two-time past chair of YPO Miami, holds a BA with honorsfrom University of Vermont and an MBA from Harvard Business School.October 2017 Builder's Partner Overview 13