<table><tr><th>From:</th><th>Paul Barrett</th></tr><tr><td>Sent:</td><td>Tuesday, September 26, 2017 3:26 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>2 things</td></tr></table>

Hi Jeffrey

Let me know your interest level on the following:

1. Build a $5.10MM portfolio of hard money real estate loans

	a. 1-2 yrs maturity

	b. 11-12% IRR

	c. 50-60% LTV

	d. Loan size commitment in the$500-1MM range=o:p>

	e. Distributions received quarterly

	f. =/li>

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2. Defaulted credit card and auto loan debt (they buy paper at 3c on the=dollar, obtain judgements and garnish wages; recoveries anywhere between 5=-100c on the dollar)

	a. Option 1— provide a 3yr loan at 10% against the portfolio=/o:p>

b. Option 2 — Provide a 3yr loan at 6% with a 20% equit= stake in what gets recovered through years 4-6 (my guess is a 13% IRR ove= the 6 years)

c. Option 3 — No debt, all equity. I=R in the 20%-30% (distributions have very long tails so would negotiate an=end date).

These are both run by a good friend. I have been doi=g both for many years.

Will call to discuss.

Paul

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Paul Barrett

Alpha Group Capital LLC

142 W 57th Street, 11th Floor,=New York, NY 10019