ComplaintsforFundrise

• Initial Complaint

  07/11/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We are closing on a our first home and half of our closing funds are tied up with this company. Shares have been sold but funds have not been withdrawn to my account. Our closing date is fast approaching and without funds, we will forfeit the house.

  

  Business response

  07/17/2023

  ******, 

  Thank you for giving us the opportunity to address your concerns and provide more information. 

  Our funds typically review liquidation requests toward the end of each calendar quarter. As such, any request placed between July 1st and the end of the quarter on September 30th should be reviewed and processed at the end of Q3.  Since you requested a liquidation of your shares on July 2nd, your request should be reviewed and processed in early October.

  It is important to note that we have an obligation to treat all investors seeking to liquidate the same, regardless of the circumstances. For the ******* Fund and the ****** Fund specifically, there are strict legal regulations as well as internal Fundrise policies and procedures around repurchases we must operate within. These are documented throughout the offering documents that you signed at the time of investment.

  We strive to make the illiquid nature of our investments clear to everyone by putting this information in all of our offering materials, acknowledgments an investor must attest to at the time of subscription, and through emails directed to investors. The potential for early liquidity is a feature that we chose to include in these funds, which is something many private investment funds do not offer.
  
  That said, you should be able to follow the status of your requests on the Transactions page of your dashboard, and we will be in touch around the expected review date for each fund with additional information regarding your requests. 
  
  Typically, disbursements occur within 6 to 10 business days after the effective processing date.

  Please let us know if there is anything else we can assist with by emailing [email protected].

  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  07/19/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:
  This copy/paste response shows the business doesn’t care for their customers. I’ve used Fundrise before a few years ago and didn’t have issues withdrawing my shares. This is a recently adapted “rule” that doesn’t benefit anyone. My shares are already sold and the funds are literally just sitting and no longer accruing interest or being withdrawn to me. IT’S my money and I need it to purchase my first home. Even 401k’s have a hardship system for accessibility to your own funds. It’s only $5000. It shouldn’t take a company 4 months to produce this “mediocre” amount. It’s all the money I have, on the other hand. 
  
  Regards,
  
  *******************************
  

  

  Business response

  07/27/2023

  Hi ******, 

  Thank you for following up. We appreciate you sharing your position with us. We care deeply about each and every one of our customers, and always seek to do what is in our power to provide our investors with a good experience. The illiquidity of our investments is a feature of our product that we wish for all our investors to understand and be comfortable with. Many investors invest with us specifically because of this illiquidity and its impact on potential returns. 

  Under our liquidation program all redemption requests that occur during any given quarter remain in a pending state until the end of the quarter at which time they are reviewed and given consideration within the context of all other liquidation requests that have been made, the liquidity position of the funds, and the broader macroeconomic conditions. The date that the liquidation request is made during a given quarter does not necessarily have any impact on the eventual review, as we have an obligation to make a determination based upon the facts and information available to us at that time.

  We make an extensive effort to ensure that investors are made aware of this fact by requiring investors to acknowledge the following statement as part of placing an investment: I recognize that my investment is in alternative assets which are fundamentally long-term, illiquid investments; that liquidations, if approved, are paid out quarterly for the eREITs and the funds registered under the Investment Company Act of 1940, and monthly after a minimum 60-day waiting period for the eFund; and, where possible, requests for liquidation may be suspended during periods of financial stress.

  As you can see, we intend to be straightforward about this information and not obscure it in any way. 

  Please keep in mind that during the redemption processing period, your investments are still eligible to accrue dividends. Any dividends accrued during the quarter should be paid to your primary linked bank account mid-month following the end of the quarter.  

  As always, we are available to answer any additional questions and wish you all the best. 
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  06/30/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I opened up an account November 2022 via the app. All was great funds were in the account and biweekly withdrawals from my checking to Fundrise. Then, in 2023, I checked again, the amount said $0.00! I contacted their customer service via email (the only method of communication). Fundrise said they have no account with me that listed my checking account. I showed proof of withdrawals and continued withdrawals from my checking of "Fundrise Real ES ....." to current. They still denied it and are not helpful. Fundrise also claims I am not in their system with the email I initially opened the account with! How is this even happening!? I have the welcome email form 2022 from the email I provided! This is quite the scam they have going on and after review of some other complaints on the BBB, it seems like what is happening to me has happened to other people!

  

  Business response

  07/11/2023

  ****, 

  Thank you for giving us an opportunity to address your concerns.

  A member of our Investor Relations team responded to your email on 7/5/2023 letting you know that we were able to locate your Fundrise account. 

  As mentioned in our email, your Fundrise account was created under a different email address than the one used to contact us. Based on our teams investigation, it appears you were logging into a second account that you created, but did not fund, using a different email address. 

  Our records indicate that you were able to successfully gain access to your funded account. 

  Should you have any further questions or concerns, please feel free to reach out to us at [email protected].

  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  06/06/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I was investing weekly in this fund to achieve the higher level to be able to choose which investments I could put my funds in. As I was approaching that level of investment, they canceled the funds, removed the leveling system and started a monthly/yearly subscription plan to be able to invest in other accounts beyond their basic fund. With their main selling point being the ability to "level up" based on investment amount, this whole investment platform is fraudulent.I immediately requested a liquidation of my account. That was at the end of March. I am still waiting to receive my funds. This investment platform is a scam.

  

  Business response

  06/13/2023

  ***********, 

  Thank you for giving us an opportunity to address your concerns and provide more information. 

   With the introduction of Fundrise Pro, we have made changes to simplify the investment experience. Investors who were previously at our Starter and Basic account levels now have the option to select one of our three investment plans at no additional cost, which allows for greater customization of their portfolio and access to funds beyond the ******** Fund. 
  
  All investors also currently have access to a free trial of Fundrise Pro, where they can create custom investment plans along with access to other features. 

  As you can imagine, these features have higher operational costs that aren't captured by our fees. We wanted to offer a more customized product for those investors who want to utilize it, while not passing these costs along to investors who prefer to invest according to our investment plans. Fundrise Pro is completely optional and we still offer our standard Fundrise platform to investors interested in investing according to one of our plans in a more passive manner. 

  That said, I can confirm that we received your full liquidation request. The ************* reviews outstanding liquidation requests on a quarterly basis. As such, your liquidation request should be reviewed and processed in early July. You can track the status of your request from the transactions page of your Fundrise dashboard. 

  For more details, please see the "Periodic Repurchase Offers section of the ******** Real Estate Fund Prospectus. 

  Please let us know if there is anything else we can assist with by emailing [email protected].  
  
  --
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  04/12/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  In January of 2023 I wrote the company and followed directions to close my account. Their response was that in early April I would receive my money. I have been trying to get someone live to speak with unsuccessfully. They are supposed to give me back $143.86 direct deposit to my bank account. This is money I have invested and should be able to take back. Now I am closing my bank account associated with Fundrise and cannot speak with anyone about how or when this $143.86 will be paid back to me.

  

  Business response

  05/12/2023

  Hi ********, 

  Thank you for giving us an opportunity to address your concerns and provide more information.

  According to our records, you requested a liquidation on 1/18/2023, however the request was rejected by our system when we received a chargeback from your bank.

  Subsequently, we received a new full liquidation request on 4/12/2023 for your ************* shares. The ************* reviews outstanding liquidation requests towards the end of each calendar quarter. As such, your liquidation requests should be reviewed and processed at the end of this calendar quarter (early July). You can track the status of your request from the transactions page of your Fundrise dashboard. Following the effective liquidation date at the end of the calendar quarter, typically disbursements occur within 6 to 10 business days.

  Should you desire to change your primary bank account on file, you can securely update your bank account in your settings under  “Bank Account” and mark the account as primary in order to receive future transactions to that account. 

  For more details, please see the "Periodic Repurchase Offers section of the ************************* Prospectus.

  Please let us know if there is anything else we can assist with by emailing [email protected].

  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  05/16/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***************************
  
  

• Initial Complaint

  03/28/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I cannot log into my account for weeks now. Their message says they are working on it but no response. I tried to change my password and it still gives me the same message. I have gmail not outlook and cannot contact the company and have not found an address or phone number online.

  

  Business response

  05/05/2023

  *******,

  Thank you for giving us an opportunity to address your concerns and we’d be happy to connect with you. 
  Our records show that you spoke with our team on March 28, 2023 and were able to assist you in regaining access to your account then. 
  That said, we tried calling you again on May 1, 2023 at the number you listed, and left a voicemail since we were unable to reach you. Please feel free to call us back if you’d like to speak over the phone with a member of our team. Our business hours are Monday through Friday from 9:00 AM to 5:00 PM ET. 
  You’re also welcome to contact us at any time using this form on our website or emailing us at [email protected]. If you send us an email, a member of our team should reply in the next 1-2 business days.  
  We look forward to connecting with you and helping you regain access to your account. 

  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  03/26/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I tried to remove my bank accounts and closed my account with this company and it’s not letting me . I don’t feel as if my bank accounts should be linked to anything I’m trying to closed almost as if this whole company is a big scam!

  

  Business response

  05/05/2023

  *******,

  Thank you for giving us an opportunity to address your concerns and provide more information. 

  According to our records, we were unable to process your investment from your bank account as the account could not be authenticated and as a result, no funds were withdrawn from your account. 

  That said, per your request, your account was closed on 4/28/2023 and you should have received an email confirmation.

  Please let us know if there is anything else we can assist with by emailing [email protected].

  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  01/14/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  When I had requested liquidation of this account from Fundrise, the balance all of a sudden dropped from $1763.07 on December, 29, 2022 to $1636.72 the next day Dec, 30, 2022 for no apparent reason other than my request to liquidate! I had seen only pluses the whole time Ive had the account open since March, 2022 as you can see in the other photos. I would like my money back they took from me around $126.35.

  

  Business response

  01/31/2023

  ********,

  Thank you for giving us an opportunity to address your concerns and provide more information. 

  To start, we do not have a guaranteed return as all investments on Fundrise involve risk. 

  Transparency is of the utmost importance to us so we would be happy to provide you with more information on your investment. 

  The recent changes in your account balance were driven mainly by the Flagship Fund’s recently updated net asset value (NAV). As you can find in the Flagship Real Estate Fund’s Prospectus: "The NAV of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request." (page 12)
  For context on recent performance, within the Flagship Fund and more generally across the board, Fundrise property income rose in 2022, growing faster than even historic averages. Every key indicator, such as rent growth and occupancy, is performing at or above expectations. However, we still saw NAV declines because cap rates expanded faster than income growth.
  That said, on a relative basis, the fund continues to outperform public stocks (down ~18% for 2022) and public REITs (down ~25% for 2022).  
  While future performance cannot be guaranteed, we remain as confident as ever in our overall strategy and the quality of our assets. Technical factors such as rising interest rates are not something we’d generally expect to impact performance over a longer time horizon. 
  We also published our 2022 Year-End Letter to investors on your dashboard with more information about the performance of our funds and our general thoughts on the market.
  With that said, your account has been closed and any future tax documentation will be mailed to the address we have on file for you.
  Please let us know if there is anything else we can assist with by emailing [email protected]. 
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  02/19/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:
  This company took money out of my account for no reason saying some lame excuse, but in one day they took over $100 out of my account. I had only had additions to my account in a year, but all of a sudden when I want to take money out they steal over $100 due to my cancelling with them!  They also cancelled my account and I do not have access to my account, they did this to hide the fact they took money from me and scammed me!! This company is horrible and I feel I was taken advantage of with their supposed investments. I want the money they took from my account returned to me immediately!
  
  Regards,
  
  *****************************
  

  

  Business response

  03/01/2023

  ********,

  We would be happy to provide you with more information on our valuation process as well as the timing of your liquidation request.

  To start, future performance cannot be guaranteed, and we are unable to predict precisely what the NAV of the Flagship Fund will be in the future. This is something we strive to make clear to all current and prospective investors, including those who request a liquidation, by having this information in our offering documents as well as acknowledgments investors must attest to, among other places.
  It may also be worth noting that the NAV and any adjustments in NAV are the same for all shareholders, regardless of whether they have a pending liquidation request.
  To provide some additional details, the Flagship Fund, which made up 100% of your portfolio, calculates its NAV daily. Our calculation is designed to adhere to the rules and requirements in the Investment Company Act of 1940, such as Rule 2a-4 of the Investment Company Act of 1940 (“Rule 2a-4”) and Rule 2a-5 of the Investment Company Act of 1940 (“Rule 2a-5").
  In calculating NAV, there are certain intervals during the year, including year-end, when we receive a significant amount of new information from both the market and our investments that are utilized as inputs into or which impact the assumptions utilized in the fair value measurements we make. As also noted in the prospectus, it may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of our funds’ investments between valuations, or to obtain complete information regarding any such events in a timely manner. For example, an unexpected termination or renewal of a material lease, a material increase or decrease in vacancies, an unanticipated structural or environmental event at a property, or material changes in the market, economic and political conditions globally and in the jurisdictions and sectors in which a property operates, may cause the value of a property to change materially, yet obtaining sufficient relevant information after the occurrence has come to light and/or analyzing fully the financial impact of such an event may be difficult to do and may require some time. As a result, the fund’s NAV per share may not reflect a material event until such time as sufficient information is available and the impact of such an event on a property’s valuation is evaluated, such that the fund’s NAV may be appropriately updated in accordance with the fund’s valuation guidelines.
  Given the rigorous nature of the NAV process for the Flagship Fund and more fully in our prospectus, we feel confident in the prices at which all investors have had the opportunity to transact on our platform.
  As a reminder, Fundrise investments are intended to be long-term investments, and we maintain a positive outlook on our long-term portfolio strategy. While future performance cannot be guaranteed, we expect the core of our portfolio, primarily residential and last-mile industrial properties in the Sunbelt, to remain resilient and generate positive income growth.
  
  Lastly, your account was closed per your email request to our support team on January 6th requesting that we close your account. 
  
  Please let us know if there is anything else we can assist with by emailing [email protected].
  
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  03/19/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:
    You can try to justify this all you want, but it won't change the fact you stole money from me when I liquidated this account. It was making steady gains, not once decreasing in value, and you stole $125.00 out of my account when I liquidated. I WANT MY MONEY BACK YOU STOLE FROM ME!!! 
  
  Regards,
  
  *****************************
  

  

  Business response

  03/27/2023

  ********, 

  The Flagship Fund’s Net Asset Value is priced daily so it is expected that your account value will fluctuate with adjustments to NAV. As with any investment, there is a risk of loss and no guaranteed return. 
  
  There are certain intervals during the year, including year end, when we receive a significant amount of new information from both the market and our investments that are utilized as inputs into or which impact the assumptions utilized in the fair value measurements we make which is why you saw a change in value at the end of the year. It’s worth reiterating that these changes impact all shareholders in a given fund, regardless of whether or not they are redeeming off the platform. 
  
  Our Flagship Fund’s financial statements, including required statements that disclose our year end NAV calculation as well as activity throughout the year, are audited annually. For supplemental information on the valuation process, feel free to review the Flagship Fund’s prospectus. Additional publicly available information may be found here on the SEC website: ****************************************************
  
  Please let us know if there is anything else we can assist with by emailing [email protected]. 
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  01/10/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I invested in fundrise under the impression that there was transparency with my investment. I recently had an unforeseen financial situation that forced me to pull out my ~$2450. During the liquidation process, they conveniently dropped their net asset value (NAV) and deposited $2313 in my account. I believe that they have committed fraud in this sense and have not consistently updated me on the status of my investments, as means to get me to continue to invest. This lack of transparency has been misleading and forced me to report their action.

  

  Business response

  01/30/2023

  ******,

  Thank you for giving us an opportunity to address your concerns and provide more information. Transparency is of the utmost importance to us. 
  
  The recent changes in your account balance were driven mainly by the ******** Fund’s recently updated net asset value (NAV). 
  
  As you can find in the ******** Fund’s Prospectus: "The NAV of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request." (page 12)
  
  For context on recent performance, within the ******** Fund and more generally across the board, Fundrise property income rose in 2022, growing faster than even historic averages. Every key indicator, such as rent growth and occupancy, is performing at or above expectations. However, we still saw NAV declines because cap rates expanded faster than income growth.
  
  That said, on a relative basis, the fund continues to outperform public stocks (down ~18% for 2022) and public REITs (down ~25% for 2022).  
  
  While future performance cannot be guaranteed, we remain as confident as ever in our overall strategy and the quality of our assets. Technical factors such as rising interest rates are not something we’d generally expect to impact performance over a longer time horizon. 
  
  We published our 2022 Year-End Letter to Investors on your dashboard with more information about the performance of our funds and our general thoughts on the market.
  
  Please let us know if there is anything else we can assist with by emailing [email protected].
  
  ******* ***** 
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  02/04/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because this was the same generic message sent to me via email upon my initial response. Therefore, I can only conclude that you copied and pasted this information with actually looking at my account. In the past, the net asset value of the flagship fund has dropped less substantially and the management has communicated this information in advance. This time, however, as I'm requesting a withdrawal of funds, they conveniently dropped the net asset value substantially without notice, just prior to the company returning my funds. My only conclusion is that they arbitrarily adjusted this value to my account so that they could hold onto the rest of my funds and maintain their own profit. I'm only seeking my original value prior to the adjusted net asset value adjustment back, which was roughly $150.
  
  Regards,
  
  *********************
  

  

  Business response

  02/16/2023

  ******,

  We would be happy to provide you with more information on our valuation process as well as the timing of your liquidation request.
  
  To start, future performance cannot be guaranteed, and we are unable to predict precisely what the NAV of the ************* will be in the future. This is something we strive to make clear to all current and prospective investors, including those who request a liquidation, by having this information in our offering documents as well as acknowledgments investors must attest to, among other places.
  
  It may also be worth noting that the NAV and any adjustments in NAV are the same for all shareholders, regardless of whether they have a pending liquidation request.
  
  To provide some additional details, the Flagship Fund, which made up 100% of your portfolio, calculates its NAV daily. Our calculation is designed to adhere to the rules and requirements in the Investment Company Act of 1940, such as Rule 2a-4 of the Investment Company Act of 1940 (“Rule 2a-4”) and Rule 2a-5 of the Investment Company Act of 1940 (“Rule 2a-5").
  In calculating NAV, there are certain intervals during the year, including year-end, when we receive a significant amount of new information from both the market and our investments that are utilized as inputs into or which impact the assumptions utilized in the fair value measurements we make. As also noted in the prospectus, it may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of our funds’ investments between valuations, or to obtain complete information regarding any such events in a timely manner. For example, an unexpected termination or renewal of a material lease, a material increase or decrease in vacancies, an unanticipated structural or environmental event at a property, or material changes in the market, economic and political conditions globally and in the jurisdictions and sectors in which a property operates, may cause the value of a property to change materially, yet obtaining sufficient relevant information after the occurrence has come to light and/or analyzing fully the financial impact of such an event may be difficult to do and may require some time. As a result, the fund’s NAV per share may not reflect a material event until such time as sufficient information is available and the impact of such an event on a property’s valuation is evaluated, such that the fund’s NAV may be appropriately updated in accordance with the fund’s valuation guidelines.
  
  Given the rigorous nature of the NAV process for the ******** Fund and more fully in our prospectus, we feel confident in the prices at which all investors have had the opportunity to transact on our platform.
  
  As a reminder, Fundrise investments are intended to be long-term investments, and we maintain a positive outlook on our long-term portfolio strategy. While future performance cannot be guaranteed, we expect the core of our portfolio, primarily residential and last-mile industrial properties in the Sunbelt, to remain resilient and generate positive income growth.
  
  Please let us know if there is anything else we can assist with by emailing [email protected].

  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  03/14/2023

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because they are not addressing the misinformation leading up to my devaluation nor the convenience of the devaluation just prior to my withdrawal. Fundrise continues to reply with their own policy and valuation information relative to the market. However, they are neglecting the convenient timing for my transaction, which clearly favored them.
  
  Regards,
  
  *********************
  

• Initial Complaint

  01/04/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Invested $5,000 with Fundrise. I requested to take the money out on 11/25/2022 and they said the request cannot be processed till early January. I was given the $10 promotion for joining and had also earned about $8 then, so I had not "lost" anything. My understanding was that my balance is now LOCKED/FROZEN since I want OUT - should not be earning or losing anything... Suddenly, as January hit (and it was time to process my request), my funds went down to $4,653.74 - There is no number to call and emailing their support, I only received paragraphs and paragraphs of liquidation policy; them basically saying there is nothing they can do. I am requesting for my $346.26 to be refunded.

  Customer response

  01/26/2023

  Full Name: *********************

  

  Business response

  03/01/2023

  ****, 

  Thank you for giving us an opportunity to address your concerns and provide more information on your liquidation value.

  We do not have a guaranteed return as all investments on Fundrise involve risk. 

  The changes in your account balance towards the end of the quarter were driven mainly by the *************s updated net asset value (***). 

  As you can find in the *************s Prospectus: "The *** of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The *** on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request." (page 12)

  For context on recent performance, within the ************* and more generally across the board, Fundrise property income rose in 2022, growing faster than even historic averages. Every key indicator, such as rent growth and occupancy, is performing at or above expectations. However, we still saw *** declines because cap rates expanded faster than income growth.

  That said, on a relative basis, the fund continues to outperform public stocks (down ~18% for 2022) and public REITs (down ~25% for 2022).  

  While future performance cannot be guaranteed, we remain as confident as ever in our overall strategy and the quality of our assets. Technical factors such as rising interest rates are not something wed generally expect to impact performance over a longer time horizon. 

  We published our 2022 Year-End Letter to Investors on your dashboard with more information about the performance of our funds and our general thoughts on the market.

  With that said, your account has been closed and any future tax documentation will be mailed to the address we have on file for you.

  Please let us know if there is anything else we can assist with by emailing [email protected]. 
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  12/24/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I have an online account with a company called Fundrise (****************************************) and I have submitted a request for redemption of funds. Then I plan to deactivate my account. They have frozen my account and are refusing to redeem shares. I have an attorney and general understanding of law. I plan to contact him if they don't comply after my barrage of email requests. They have 3-5 days quoted as how long it takes to redeem shares and it's been 2 weeks or so now. As far as I am aware, if I demand they immediately redeem my shares, they are obligated to comply (not sure what the law states on the time limit from that demand). The amount of funds is small but I have an issue with the principle here. At least you know they don't practice good business, and I think they might be a scam.

  

  Business response

  01/18/2023

  ******, 

  Thank you for giving us the opportunity to address your concerns and provide more information.

  Our Flagship Fund which made up 100% of your portfolio, reviews outstanding liquidation requests towards the end of each calendar quarter. This is due to strict legal regulations as well as internal Fundrise policies and procedures, and is documented throughout the offering documents that you signed at the time of investment.

  We strive to make the illiquid nature of our investments clear to all investors and non-investors by putting this information in all of our offering materials, acknowledgments an investor must attest to at the time of subscription, and through emails directed to investors. The potential for early liquidity is a feature that we chose to include in these funds, which is something many private investment funds do not offer. 

  According to our records, you requested a full liquidation of your shares on 12/18/2022.  Your liquidation request was reviewed and processed in early January 2023 (following the end of Q4 2022). 

  Depending on the *** processing time at your bank, the funds can take up to two weeks to settle. That said, we confirmed the funds settled in your primary bank account on 01/13/2023. 

  Additionally, per your requests on December 15th and December 16th, we scheduled the closure of your account, which is why your account is frozen. Your account will be fully closed once your final dividend payment has settled in your bank account (in the next 5 business days).
  In the meantime, you will have access to your account to retrieve any records or update your information. Once your account has been closed, any future tax documentation will be mailed to the address we have on file for you.

  Please let us know if there is anything else we can assist with by emailing ********************************. 
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer response

  01/27/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  **********************************
  

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