IMH — 4800 Lofts Apartment Development

4800 LOFTS

371-UNIT MULTIFAMILY PROJECT MURRAY, UTAH

PROJECT INVESTMENT SUMMARY

4800 LOFTS EXECUTIVE SUMMARY

4800 Lofts is a 371-unit multifamily project under construction in a high visibility location in Murray, Utah, approximately 10 minutes south of Salt Lake City. IMH is accepting additional investors into 4800 Lofts.

Each $100,000 investment will earn a 12%* priority return, paid quarterly over the life of the investment and a 0.55% share of IMH’s profit at the time of sale. The investor’s projected multiple on investment capital (MOIC) is 2.2x with a 25% IRR.

§ 4800 Lofts was acquired and assembled by IMH over two years (from two different sellers), received final City approvals in June 2022 and development is underway. § In July 2022 IMH fully capitalized the vertical construction utilizing financing from Bank OZK and an institutional LP partner. § IMH has a fully executed Gross Max Price (GMP) contract with Pentalon, the premier Salt Lake General Contractor specializing in multifamily projects (48 projects / 7,000 units over 20 years). § The project consists of four buildings with 371 apartment units plus community amenities and a free-standing retail building.

Units

371 (market rate)

Location

Murray, UT

Total Project Cost

$119,600,000

Untrended Yield-on-Cost

5.9%

Trended Yield-on-Cost

6.9%

Construction Type

Podium (5 over 2)

General Contract

Pentalon

Architect

Beecher Walker

Amenities

Fitness, Lounge, Pool

Parking

458 (1.2x ratio)

Land Acquisition Date

Aug 2021

Final Approval Date

June 2022

Construction Start

Sept 2022

Project Completion

Q2 2025

*Investments made before or on 12/31/23 will receive a 12% priority return, investments made after will receive our standard 9%.

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PROJECT PROFORMA & WATERFALL PROJECT PROFORMA Annual Cash Flows

TOTAL

Close

1

2

Land Acquisition Development Fees Horizontal / Land Costs Vertical / Construct Costs Soft Costs

$ $ $ $ $

(8,462) (2,000) (91,726) (10,399)

$ $ $ $ $

(8,462) (81) (1,407) (1,842)

$ $ (967) $ $ (42,324) $ (5,181)

$ $ $ $ $

Finance Costs

$

(7,013)

$

(7,013)

$

$ $ $ $ $

4

5

(132) (2,055) (1,087)

$ $ $ $ $

-

$ $ $ $ $

-

$

-

$

-

$

-

$

-

Total Development Costs $ (119,599) Plus: Property NOI $ 21,007 Less: Non-Operating Expense $ (774) Plus Net Sales Price $ 171,450 Total Unlevered FCF $ 72,083

$ (18,805) $ $ $ $ (18,805)

$ (48,473) $ $ $ $ (48,473)

$ $ $ $ $

(49,047) 780 (41) (48,308)

$ $ $ $ $

(3,274) 4,536 (203) 1,059

$ $ $ $ $

7,697 (261) 7,435

$ $ $ $ $

7,993 (268) 171,450 179,175

Funding Debt Service

$ $

68,523 (531)

$ $

-

$ $

16,202 -

$ $

49,047 -

$ $

3,274 (531)

$ $

-

$ $

-

Repayment

$

(68,523)

$

-

$

-

$

-

$ (68,523)

$

-

$

-

Less: Construction Loan

$

(531)

$

-

$

16,202

$

49,047

$ (65,780)

$

-

$

-

Funding Debt Service Repayment

$ $ $

87,666 (11,010) (87,666)

$ $ $

-

$ $ $

-

$ $ $

-

$ $ $

87,666 (2,235) -

$ $ $

(4,412) -

$ $ $

(4,363) (87,666)

Less: Refi Loan

$

(11,010)

$

-

$

-

$

-

$

85,431

$

(4,412)

$

(92,030)

Common Outflow

$

(51,077)

$ (18,805)

$ (32,272)

$

-

$

-

$

-

$

-

Total Inflow

$

111,618

$

$

$

739

$

20,710

$

3,023

$

87,146

Net Project Profit

$

60,542

$ (18,805)

$

739

$

20,710

$

3,023

$

87,146

-

-

3

(820) (45,939) (2,288)

-

$ (32,272)

*000s omitted.

WATERFALL Investor Cash Flow & Return Metrics

Project Level Profit Calculation Sales Price

$

Investor Capital @ Close

$

(100,000)

Priority Return - Year 1 (12.0%)

$

12,000

171,450,000

Priority Return - Year 2

$

12,000

(119,599,000)

Priority Return - Year 3

$

12,000

$

188,467

$

124,467

174,061,000

Less: Selling Costs

$

(2,611,000)

Net Sales Proceeds

$

Less: Total Project Cost

$

Add: NOI (net)

$

8,691,000

Year 4 Sales Proceeds:

Net Project Profit

$

60,542,000

Return of Investment

$

100,000

Institutional LP Profit

$

46,639,000

Priority Return - Year 4

$

12,000

IMH Profit

$

13,903,000

Share of IMH Profits (0.55%)

$

76,467

Net Investor Profit Investor IRR

25%

Investor MOIC

2.2x

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FEATURES AND AMENITIES 4800 Lofts will be the crown jewel of Murray City with creatively designed podium and rooftop level amenities that build a connection with the community. This Class A multifamily community is designed with luxury in mind. From the sparkling pools to the stylish rooftop lounges to the inviting meeting areas, 4800 Lofts will attract working professionals and millennials.

ROOFTOP LOUNGES

LUXURY POOLS

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METRO AREA & MAP

4800 LOFTS

MURRAY – SALT LAKE COUNTY, UTAH § Murray is a city situated on the Wasatch Front in the core of Salt Lake Valley. Known for its central location in Salt Lake County, Murray has been called the Hub of Salt Lake County. § Murray City provides the solid foundation upon which great businesses thrive. With a diverse and stable economy, excellent transportation amenities, an extremely well-educated workforce, and cost-effective services for the residents and commercial businesses, Murray City is an ideal setting for success. § Murray is home to the Intermountain Medical Center, a medical campus that is also Murray's largest employer.

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2nd LOWEST UNEMPLOYMENT RATE IN US Salt Lake City has the 2nd lowest unemployment rate in the US (at 2.1%) and has experienced consistently positive wage growth over the past 30+ years (excluding the 20092010 GFC).

TOP 20 US CITIES WITH LOWEST UNEMPLOYMENT

SOURCE: Statista July 2022

SALT LAKE CITY MACROECONOMIC DATA

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2nd HIGHEST MILLENNIAL POPULATION IN US Salt Lake City has the 2nd highest Millennial population in the US (39%), with the Millennial population forecasted to increase at 5-6% per annum through 2025.

US Cities With Highest Millenial Populations Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

City Madis on, WI Salt Lake City, UT Minneapolis , MN S eattle, WA Fargo, ND Columbus , OH Aus tin, TX Cincinnati, OH Nas hville, TN S t. P aul, MN S t. Louis , MO Lincoln, NE S an Francis co, CA Raleigh, NC Reno, NV Kans as City, MO Indianapolis , IN Des Moines , IA Chattanooga, TN Oklahoma City, OK Omaha, NE S ioux Falls , S D Tuls a, OK S an Jos e, CA Louis ville, KY

% of Population (20-34 yrs) 40.4% 38.8% 38.6% 38.6% 37.6% 36.6% 36.2% 34.7% 34.4% 33.1% 32.9% 32.8% 32.5% 31.8% 31.6% 31.3% 30.7% 30.6% 30.3% 29.6% 29.3% 28.6% 28.5% 27.7% 26.6%

Employment City Income Per Rate Unemployment Capita (20-34 yrs) Rate 86% 85% 84% 83% 87% 81% 81% 77% 83% 82% 80% 84% 84% 79% 85% 83% 77% 82% 84% 76% 80% 89% 78% 80% 77%

1.40% 1.40% 2.20% 3.20% 1.80% 3.00% 3.20% 3.00% 2.60% 2.20% 2.90% 1.10% 3.80% 2.80% 2.90% 2.70% 2.00% 2.60% 2.70% 1.70% 1.50% 1.80% 2.00% 3.20% 3.00%

$64,280 $58,008 $67,214 $80,420 $58,158 $56,252 $64,913 $59,607 $62,076 $67,214 $60,844 $53,057 $111,050 $60,884 $66,075 $58,057 $60,431 $58,076 $49,865 $52,688 $61,040 $67,117 $58,071 $121,619 $55,676

Housing Cost as % of income 23% 24% 22% 28% 17% 22% 27% 17% 23% 21% 17% 21% 23% 24% 22% 21% 18% 20% 21% 21% 21% 17% 18% 23% 20%

Cost of Living Index 97 97.7 103.2 112 94 94.2 101.8 93.5 97 103.2 95.7 93.8 117.4 95.7 98.9 94.7 94.7 94.9 92 93.8 95.3 94.1 92.9 112.1 91.9

# of "Fun" Businesses (2) 1,569 2,563 3,275 7,091 497 3,052 3,537 2,119 2,719 1,289 2,337 777 4,550 2,719 1,240 1,668 2,285 1,214 957 2,104 1,574 603 1,765 4,965 1,924

(1) Source: PolicyGenius - January 24, 2022 (2) "Fun Businsess" include including b ars, restaurants, and other entertainment venues

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RENT VS. BUY: 2x LESS EXPENSIVE TO RENT Renting is ~2x less expensive than buying in Salt Lake City, which has created significant tailwinds for both SFR/BFR and traditional multifamily apartments in the market.

Renting is the easy and economic choice for renters, particularly Millennials, in SLC.

1.8x

2.3x

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9th HIGHEST RENT GROWTH IN US Through July 2022 Salt Lake City had the 9th highest year-over-year rent growth in the US.

YARDI MATRIX - JULY 2022 Top 20 Y/o/Y Rent Growth Markets in US 25% 16.20%

20%

15%

10%

Orlando

Miami Metro

Orange County

Raleigh

Tampa

Nashville

NC Triad

Salt Lake City

Dallas-Ft Worth

Charlotte

Seattle

Tucson

El Paso

Las Vegas

Indianapolis

Inland Empire

Austin

Indianapolis

Albuquerque

0%

SW Florida

5%

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

SOURCE: Yardi Matrix National Multifamily Report July 2022

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CONFIDENTIALITY & DISCLAIMER This confidential investment memorandum (“memorandum”), including the attached exhibits contains confidential, non-public and proprietary information. The company provides the memorandum solely for confidential use by prospective investors. Without prior written permission from the company, prospective investors shall not release, copy, discuss or use the memorandum for any purpose other than evaluating whether to invest in the company. Each recipient agrees to return the memorandum and any other documents or information furnished by the company if the recipient declines to invest. The memorandum was prepared from information provided by the company. The company’s professional advisors did not independently verify any information contained in the memorandum or otherwise made available by the company, and therefore they do not represent or warrant the accuracy or completeness of such information.

The company has not authorized any offering literature or advertising other than the memorandum. No one is authorized to provide any other information or to make any representation except those contained in the memorandum. Do not rely on any information or representation that does not appear in the memorandum. Prospective investors must rely on their own examination of the company, its proposed business and this offering, including the merits and risks involved. Prospective investors should carefully evaluate the “risk factors” described in this memorandum or in the subscription agreement. The memorandum does not offer investment, tax or legal advice to prospective investors. Prospective investors should consult their own counsel, accountant or investment advisor about the legal, tax and related implications of investing in the company. Prospective investors may ask questions and receive answers about the offering, the company or any other relevant matters. The company will provide other information requested by prospective investors if the company possesses such information or can acquire it without unreasonable effort or expense.

The company offers interests only to accredited investors (as defined in rule 501(a) under the securities act of 1933, as amended, including the rules and regulations promulgated thereunder) and without registration under federal and state securities laws. This memorandum does not offer to sell or solicit an offer to buy securities in any jurisdiction where, or to any person to whom, it is unlawful to make such offer or solicitation. The company may withdraw this offering at any time and reserves the right to reject any subscription, in whole or in part, for any reason. The company will hold a subscriber’s subscription funds until the company accepts or rejects that subscription; rejected subscription funds will be promptly returned to the subscriber without interest. Investments in the company will be illiquid. The transferability and resale of the interests are severely limited by the limited liability company agreement, the federal securities act and applicable state securities laws. There will be no public market for the interests and none is expected to develop. Prospective investors should be aware that they must bear the financial risk of this investment indefinitely and may risk loss of their entire investment.

In making an investment decision, investors must rely on their own examination of the person or entity creating the securities and the terms of the offering, including the merits and risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense. No person has been authorized to give any information or make any representations other than those contained in this memorandum, and, if given or made, such information or representations must not be relied upon as having been given by the offerors. Statements contained herein as to the content of any agreement or other document are summaries and, therefore, are necessarily selective and incomplete and are qualified in their entirety by the actual agreements or other documents. The company will make available to any prospective investor prior to the consummation of the sale the opportunity to ask questions of and receive answers from the company or persons acting on behalf of the company concerning the terms and conditions of this offering, the company or any other relevant matters and any additional reasonable information to the extent the company possesses such information or can acquire it without unreasonable effort or expense. The company does not expect to update or otherwise revise this memorandum or other materials supplied herewith unless there is a material change in the information set forth herein prior to the closing or termination of the offering hereunder. The delivery of this memorandum at any time does not imply that the information contained herein is correct as of any time subsequent to the date of this summary. This summary is submitted in connection with the offering described herein and may not be reproduced or used for any other purpose. We reserve the right to reject the subscription of any prospective investor even if such investor satisfies all suitability standards discussed in this memorandum. If the prospective investor receiving this memorandum does not submit an offer to purchase, or if such offer is submitted but not accepted by us, the prospective investor agrees to promptly return this memorandum and all attached documents.

This memorandum does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized, or in which the person making such an offer is not qualified to do so, or to any person to whom it is unlawful to make an offer or solicitation. Neither the information contained herein, nor any prior, contemporaneous or subsequent communication should be construed by the prospective investor as legal or tax advice. Each prospective investor should consult his own legal and tax advisors to ascertain the merits and risks of the transactions described herein prior to subscribing to securities.

In making an investment decision investors must rely on their own examination of the company and the terms of the offering, including the merits and risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense. These securities are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the securities act of 1933, as amended, and the applicable state securities laws, pursuant to registration or exemption therefrom. Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of time.

Securities Disclaimer This memorandum is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the company or any related or associated company. Any such offer or solicitation will be made only by means of the company’s confidential memorandum and/or subscription agreement and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this memorandum does not constitute investment advice or counsel or solicitation for investment in any security. This memorandum does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. The company expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the memorandum, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.

Notice About Forward-looking Statements This memorandum contains forward looking statements and forecasts concerning the plans, intentions, strategies, expectations, predictions and financial forecasts concerning the future activities and results of operations for the company, as well as other future events or conditions. For this purpose, any statements contained herein that are not statements of historical fact are deemed forward looking statements. Without limiting the generality of the foregoing sentence, words such as “believe,” “may,” “will,” “could,” “intends,” “estimate,” “might,” “continue”, their negatives or comparable terminology indicate forward looking statements. Please understand that the company’s actual results or activities or actual events or conditions could differ materially from those estimated or forecasted in such forward-looking statements due to a variety of factors, some of which may be beyond the control of the company. The potential opportunities (pipeline) shown in this memorandum may not be available at the time the fund is deploying capital. The pipeline represents a sample of specific opportunities that were available at the time the memorandum was published.

Although the company believes that the underlying assumptions and the expectations reflected in such forward-looking statements are reasonable, no assurances can be given that such assumptions and expectations are correct because actual results are uncertain and unpredictable. All assumptions, projections and expectations merely represent the company’s considered opinion. To the extent that actual events differ materially from the company’s assumptions and estimates, actual results will vary from the forward-looking statements. Additional factors could cause actual results to differ materially from the expectations disclosed in this memorandum. See “risk factors” for a discussion of some factors that could cause the company’s actual results, actual activities, actual events or actual conditions to differ from those anticipated. This memorandum reflects the company’s knowledge and information on the date of this memorandum. The delivery of this memorandum or the sale of LLC interests shall not imply that the company’s affairs or prospects have not subsequently changed. All written and oral forward-looking statements attributable to the company or its agents are expressly qualified in their entirety by this discussion.

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