J W

Feb 03, 2017

I am currently invested in four deals totalling $110K at iFunding.  I began investing in March, 2016, choosing new multifamily opprotunities. The initial documentation seemed complete, the terms attractive, and I felt comfortable investing.  However, there has been a very clear decline in the past few months.

1 - Communication.  The "chat now" box has not been monitored since mid December 2016.  The postings come monthly with the distributions, but are generally only announcement of the distribution. (with some exceptions)

2 - Investment opportunities.  There have not been any new investments available since November 2016.  Not a good sign to log on to the site and see "No opportunities availalbe"/ Also, the user experience of the site is pretty low, compared to other CR sites.

3 - Current investments.  For my four investments, all two are current.  However, the other two paid up only until the escrowed interest was exhausted.   I had to call, and the explanation was "we are transitioning from escrow to borrower pay, but also don't wan't to take money from the development funds - you may not receive any more distributions until the units are sold".   I did get much better information on the project progress, and do feel better that the investment will be fully paid - eventually.  

4 - Site future.  Based on the low communication, the fact there are no new deals available, this appears to be a site with no future.  I hope it is around long enough to manage my investments.  :-)

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