Investment Overview

iCredit Income Fund, LP

Private Credit Strategy in High Yield Small Business Loans
STRICTLY CONFIDENTIAL

August 2015

Introduction
Our fund, iCredit Income LP is a specialty finance fund that purchases business loans
originated from business lending websites and crowd funding platforms.
There are over 65 web sites (Lending Sites) currently offering loans to small
businesses currently operating in North America today and more launching every
month.
The Lending Sites generally originate business loans in the amount ranging from
$50,000 to $450,000. The interest rates vary from 12% to 29%. With terms of 6
months to 36 months in duration. These loans pay daily, weekly and to a much lessor
extent monthly.
The Lending Sites originating loans have been using raised venture capital to fund
their loans. This type of capital is dilutive and very expensive to be used to fund loans.
They have started to sell a participation interests in their loans to investors and fund
and retain the collection and loan servicing.

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Opportunity

Our fund is in the business of buying loans or loan participation interests from the
Lending Sites to help them free up capital while the lender retains 10% to 25% of
their loans and maintaining their collection of the loans assets (Loans).

By acquiring the lenders Loans, it frees up capital for them to make additional loans
to their borrowers. While they still maintain their relationships with their borrowers.
iCredit Income Fund, LP will acquire the Loans and produce a yield for LP investors in
the range of 11% to 12%, payable monthly, allowing regular liquidity for investors
with a 35 day notice of LP redemption of units.

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Sample Lending Sites

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Our Strategy
We have vast experience in acquiring loan portfolios, structuring transactions, asset
securitizations, developing technology to perform due diligence and Master Servicing
loan assets. We have the technological and know how to acquire and purchase loans
while helping Lenders continue extraordinary growth.
Our loan acquisition program starts by working with the Lending Sites to structure flow
loan purchase agreements. We generally purchase a 85% interest in the loan allowing the
Lender to keep 15% and continue to collect the Loan. Our goal is to have the lenders 15%
interest be the first loss component in the event of default.
We have an interim servicing agreement with the Lender. In the event the Lender can no
longer collect the Loan we are in the position to take control of the loan collection and
serving the loans. We serve as the Master Servicer monitoring the real-time servicing and
collections.
As part of our loan acquisition process we perform due diligence on each individual loan
that contains no less than 220 data points. Review credit and run an additional credit
score. Review the legal documents and collateral value. Agree on the loans potential
default risk

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Our Due Diligence Strategy On the Lenders Lending Program

Create a full credit guide from each lender we acquire loans from to complete a
quantitative understanding of the Lenders origination process and techniques.
Monitor the loans performance on a daily basis. Any loans that goes delinquent will be
immediately reviewed and follow up with the Lender to determine any action that may
need to be taken to maximize investors return .

Score

Review our 220 data point in each loan file.

Re run Credit Scores.
Kick out lower scores of 30 point reductions

Asset

Review Asset Valuation

Review Loan file security filing
Create guideline in database for each lender

Compliance

Review fields and Loan origination for local, state, Federal guidelines.
Loan Purchase and Sale contract has representation made from out of compliance loan
originations.

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Typical Loan Portfolio available for purchase

ID

Credit rating

Interest rate

Principal

Funding date

Industry

State

Years of operation

Term

FICO score

Asset coverage ratio

Debt coverage ratio

Borrower IC-2014-102

17.49%

175,000

10/7/2014

Wholesale Trade

FL

60 Months

714

3.36x

1.31x

Borrower IC-2014-102

20.99%

178,000

10/8/2014

Accommodation and Food Services

AZ

60 Months

712

(0.25x)

0.39x

Borrower IC-2014-102

17.49%

120,000

10/8/2014

Manufacturing

TX

13

60 Months

751

3.17x

1.05x

Borrower IC-2014-102

18.49%

75,000

10/9/2014

Landscaping Services

NV

10

36 Months

627

-0.03x

1.33

Borrower IC-2014-102

17.49%

150,000

10/9/2014

Offices of Dentists

CT

14

60 Months

696

8.22x

2.18x

Borrower IC-2014-102

17.49%

185,000

10/10/2014

Finance and Insurance

NJ

107

60 Months

675

3.66x

1.41x

Borrower IC-2014-102

18.49%

140,000

10/10/2014

Finance and Insurance

MN

22

36 Months

641

-0.51x

2.76x

Borrower IC-2014-102

15.99%

150,000

10/14/2014

Other Gasoline Stations

MA

48 Months

702

5.40x

1.28

Borrower IC-2014-102

14.74%

168,000

10/14/2014

Professional Services (Information Security)

OR

16

60 Months

751

3.26x

2.44

Borrower IC-2014-102

14.99%

36,000

10/14/2014

Tour Operators

GA

36 Months

679

1.50x

2.26x

Borrower IC-2014-102

13.99%

70,000

10/14/2014

All Other Specialty Trade Contractors

OH

24 Months

662

6.78x

1.14x

Borrower IC-2014-102

14.74%

150,000

10/14/2014

Food Services and Drinking Places

IL

14

60 Months

807

1.06x

1.50x

Borrower IC-2014-102

14.99%

30,000

10/15/2014

Furniture Stores

OH

21

36 Months

697

9.72x

1.21x

Borrower IC-2014-102

17.49%

150,000

10/15/2014

Machine Shops

MN

18

60 Months

626

1.15x

1.52x

Borrower IC-2014-102

18.49%

125,000

10/17/2014

Residential Remodelers

NY

10

36 Months

686

-0.22x

1.37x

Borrower IC-2014-102

20.99%

165,000

10/17/2014

New Single-Family Housing Construction (except For-Sale Builders)

AL

60 Months

661

2.47x

2.41x

Borrower IC-2014-102

20.99%

100,000

10/20/2014

Full-Service Restaurants

NY

60 Months

639

1.29x

1.32x

Borrower IC-2014-102

15.99%

90,000

10/20/2014

All Other Professional, Scientific, and Technical Services

TX

48 Months

704

-0.97x

1.66x

Borrower IC-2014-102

15.40%

200,000

10/20/2014

Offices of Certified Public Accountants

FL

22

48 Months

726

0.33x

2.37x

Borrower IC-2014-102

14.99%

200,000

10/20/2014

Retail Trade

NC

36 Months

778

4.19x

1.46x

Borrower IC-2014-102

17.49%

150,000

10/20/2014

Process, Physical Distribution, and Logistics Consulting Services

GA

60 Months

665

4.06x

2.72x

Borrower IC-2014-102

13.99%

50,000

10/20/2014

All Other Miscellaneous Manufacturing

CA

24 Months

707

14.10x

1.08x

14.99%

100,000

10/20/2014

Grocery Store

MA

36 Months

647

6.52x

1.13x

17.12%

2,957,000

Borrower IC-2014-102
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Our Due Diligence Strategy Include Review

Beacon score
Personal Credit scores
Vantage score 3.0
Open credit lines

Revolving debt balances

Years in business
Recent inquiries
Personal mortgage debt
Current value of house as collateral
Delinquencies last 2 years
Earliest credit line

Google street view

Over 220 total data points
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Loans are Geographically Diverse

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The effect of Loan defaults on the return to investors

One of the most important is Credit Score of the borrower. The Credit score we use is
a Vantage 3.0 Credit Score which is more accurate than traditional FICO scores.
We have the ability to select the loans we purchase. Our criteria is based on our
proprietary methodology that reduces potential for defaults. We also have a
repurchase clause in our Purchase agreement that will put the loans back to a Lender
in the event of early default.
The Funds accounting policy for delinquent Loans is to aggressively write down
Loans as they become delinquent.

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Fund Accounting Policies for Defaulted Loans

Fund Accounting Policy

Loan Days in Default
GAAP Financial Reporting

Days

30 Days
60 Days
90 Days

Loan Write
Down %

10%
30%
60%

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Cumulative
Write Down

10%
40%
100%

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Defaulted Loans and deterioration of yield

Yield and Default Analysis

Loan Interest Rate

Loans Outstanding

Loan Default Rate ("CDR")

Loan Portfolio

18.54% 100,000,000

7.00%

(7,000,000)

Numb of
Loans
909

Avg Size
110,000

Annual Interest
18,540,000

Write Down

93,000,000
Interest Rate after Default

17.24%

Actual Fund Admin

-0.24%

Performance Fee

-3.45%

Asset Manage Fee

-2.00%

Investor Return

12.03%

18.54%

17,242,200

20%

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Defaulted Loans Deterioration of Yield

Default Rate Sensitivity Analysis

Reduction of Return

Constant Default Rate %

5%

6%

7%

8%

9%

10%

12.30%

12.15%

12.00%

11.86%

11.71%

11.56%

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Our Access to Loan Information after Purchase

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Lenders that sell their loans can grow their business faster

Lending Volume Before Fund

Lending Site Equity

Financing Facility

Lending Volume Selling Loans To The Fund

Lending Site Equity

Financing Facility

Selling Loans to iCredit

Selling Loans to the Fund Extends the Lender's Capacity

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The Duration of the Opportunity

The banking industry has not been lending to small businesses since the financial
crisis of 2009. Many small businesses have been getting business credit from the Web
Lending Site that we buy our loans from.

We have no indication form the banking community that they wish to lend to small
business in the next 5 years. Especially, in the $50,ooo to $450,000 loan balance
market .

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This federal reserve graph shows the lack of business loans being
originated in the $1,000,000 below market.

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Custodian and Administrator selection is the biggest step to be taken for investor
security.
Full Transparency with our Fund Administrator - Opus Fund Services
The Opus One single technology platform fully integrates Portfolio, Reconciliation,
General Ledger and Investor Accounting in a highly automated and controlled
environment.
The Opus system gives our clients direct real-time access into the heart of our
operations platform. Our you-see-what-we-see approach puts our clients in control
of the information needed to monitor the progress of our service delivery.
Recent news
Opus Fund Services named Best Administrator Small & Startup Funds by
HFMWeek October 27, 2014
We will not permit any person employed by the Manager have the ability to move
client funds.
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Funds Flexibility - Liquidity for Investors

No Lockup
Excellent Liquidity
2% management fee
20% performance fee
Pays dividends monthly
No lockup period. 35 days liquidity foe each quarter redemption period
Regular and IRA accounts

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Management Team
George Luburich II Chief Executive Officer
George Luburich II founded our company and currently serves as our President and Chief Executive
Officer. Mr. Luburich founded three previous companies that originated and purchased business and
mortgage loans. Great Lakes Capital Partners, LLC was formed in July of 1998, and exclusively
purchased residential first lien whole loan mortgages. The second company, Great Lakes Capital
Acceptance, LLC (GLCA) was formed in March 2000, and purchased and managed residential
mortgages, business relationship loans, lines of credit and Real Estate Owned (REO).
In February 2004, GLCA sold substantially all of its assets to a California regional bank. After that sale,
ALTA Capital I, LLC was formed to purchase distressed business loans and mortgage loans with an
emphasis on actively managing the non-performing business and mortgage loan assets in order to
complete liquidations and seek the highest, risk-adjusted returns.

In aggregate the three companies managed by Mr. Luburich, purchased in excess of $220 million in
loan assets.
In 2000, Mr. Luburich also founded and served as chairman of Great Lakes Loan Centers. The company
was a residential mortgage banker that originated mortgage loans from leads sourced almost
exclusively from the internet and website marketing. The company grew to originate over $30 million
a month in mortgage loans.

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Management Team
George Luburich, II Chief Executive Officer - Continued
including residential mortgage whole loans, single-family homes, REO and residential mortgagebacked securities (RMBS). Mr. Luburich started to focus on acquiring assets in 2009 investing his
capital in undervalued real estate and single-family homes in a company named GL II Holdings, LLC.
That company purchased, renovated and rented over 30 single-family and commercial properties in
the Chicagoland area and in Florida.

Prior to operating his own businesses, Mr. Luburich also served as the National Sales Manager for
BayView Financial Trading Group, LP in Coral Gables, Florida. In this position, he traded several
hundred million dollars of whole loan mortgages.
Mr. Luburich was also in the Structured Finance Department with McDonald & Company Securities in
Cleveland, Ohio, where he was responsible for the issuance of in private label commercial mortgage
offerings (CMOs) and commercial MBS products and worked on several initial public offerings
(IPOs) and secondary offerings for several property REITs.
Mr. Luburich started his career at Inland Real Estate Group, Oak Brook, Illinois, where he was
responsible for financing the company's multi-family portfolio of over 117 properties. Inland at that
time was the largest landlord in the City of Chicago. We several billion dollars in assets under
management. He also became a Registered Investment Advisor in the state of Illinois in 2008.

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This material is not intended as and does not constitute an offer to sell any securities or a solicitation of any offer to
purchase any securities. Such an offer or solicitation may be made only by the confidential private placement
memorandum of iCredit Income Fund, LP If you are considering whether to invest in iCredit Income Fund, LP
(iCredit) you should rely not on the information in this material, but instead on the information in the private
placement memorandum, which you may obtain from iCredit Capital Management, LLC. No part of this material
may be copied or duplicated in any form or by any means, or redistributed, without the consent of iCredit Capital
Management, LLC.
Past performance is no guarantee of future performance. Investments may lose value over time and no return is
guaranteed.

The Fund buys 6 to 48 month amortizing loans, and including pre-payments approximately 15-18% of principal is
returned monthly. In the event redemptions exceed cash from turnover in any month, some portion of the
redemption may be deferred until the succeeding months when funds are available.
Please read the Risk Factors section of the PPM for more details on all risks to which investors are exposed.

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Legal and Professional Support

Team
Accounting and Audit
Partner, Managing Director, CPA
Baker Tilly
205 North Michigan Avenue
Chicago, IL 60601-5927
Legal Professionals
Brent S. Gillett, Esq. 404-607-6940
Investment Law Group of Davis Gillett
Mottern & Sims LLC
1230 Peachtree Street, NE
Suite 2445
Atlanta, Georgia 30309
www.investmentlawgroup.com
Fund Administrator
Opus fund Services
401 South LaSalle, Suite 1200 D
Chicago, Illinois, 60605 USA
Tel : 312.374.1614

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Company Contact Information

George Luburich II
Chief Executive Officer
iCredt Income Fund, LP
3600 N. Lake Shore Drive
Suite 2315
Chicago, IL. 60613
312.559.2990
gluburich@icredit-us.com

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