Can i sue a home builder(i was the investor) for Heavy delays 2+

[Harry Lopes]

I invested in a new construction house w/ builder(friend of mine) who would build the house(1 year timeframe) since i was new, we never wrote any terms in the contract that the builder would finish(and me being a newbie i assumed he would complete). The builder took just under 3 years to build which scratched all my profits and i actually ended up losing money(10k).

We had a buyer and when the buyer released some of the money as a down-payment, the builder used that money for his personal use rather than finishing the house. He said he would have money coming in shortly but never came and our houses got dragged while he was investing in other projects.

Reason for his delays:
1. He took to many other jobs 
2. He may have used our funds and might have invested in other properties that he was building with other lendor/investos

Do i have a base to sue him?