I can add to this. I currently have 3 investments with them (as a lender not as a purchaser). To date all the interest payments have been made. One property had previously paid off and I re-invested the funds.
Their institutional controls (especially as it relates to contractor payments) in the past were VERY bad. This led to serious cash losses. To date, I am not aware that any of those losses have flown down to the lender/investors. But that is a real possibility and may require moving the note to another property. Frankly, it will require that the buyers step up; EquityBuild alone cannot make this happen. Supposedly, these controls were fixed/addressed.
On one of my deals, it is NOT clear that the collateral alone would be enough to make the investors whole ie it is very possible that the property is under-water especially given that there are substantial mechanics liens attached to the property. (The standard hard money LTV does not seem to be adhered to.. at least on reasonable ARV valuations.)
I have another deal which is supposedly in similar but not as dire straits and one that supposedly is performing.
The communication has not much improved. The client reps seem to be a revolving door. I have had around a half dozen in roughly 2 years. The reps ARE good about getting back to the investors but the reps typically do not have any detailed information. The single point of contact is supposed to have that information but it seems that he often has to go to someone else in the company to get the requested information.
