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. :-).