Complaints

This profile includes complaints for Fundrise's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Fundrise

  11 DuPont Cir NW Fl 9 Washington, DC 20036-1207

  
• 

  Fundrise

  1519 Connecticut Ave NW Ste 200 Washington, DC 20036-1121

  
• 

  Fundrise

  1601 Connecticut Ave NW Ste 300 Washington, DC 20009-1076

  

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:01/03/2024

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On September 6, 2023, I invested $1,000 in Fundrise, a REIT. Immediately the value of the investment began to diminish, even though I was not made aware that this was how their business worked. With other REITs, like ***********, the principal stays stable while dividends are paid. I inquired about this with Fundrise but did not receive a satisfactory answer. I frequently checked the value of the investment & it continued to decrease. By October, seeing no return on my investment, I requested a liquidation. They insisted that they could only process liquidation requests once per quarter (not before mid-January), & during this time, the value of my investment continued to decrease. As of this moment, the amount is finally being processed for $930.32. My complaints are multi-fold:1) Is there an independent, impartial, financially disinterested party valuing these investments? Or is it an internal party who indicates that my investment has decreased? If the latter, then how is that not a conflict of interest? With this kind of financially interested, self-dealing arrangement in which an internal party assesses the running value of an investment, what is to stop them from undervaluing said investment in their favor? I ask this since it is an entirely different business model than other REITS. Fundrise did not make this clear prior to my investment. 2) If this method is legal, why is their management so incompetent as to allow their funds & properties to perform so poorly during that time? As such, why did I pay $70 for the privilege of their holding my money for 4 months? By comparison, my *********** investment gained that amount of value in the same period of time--approximately $79.00. 3) Lastly, why did it take them three months to process the liquidation? As such, the value continues to decrease, allowing them to further devalue the remaining funds to be remitted to me upon liquidation. What modern, financial company needs 3 months to process a transaction?

  

  Business Response

  Date: 01/26/2024

  ***,
  
  Thank you for giving us the opportunity to address your concerns and provide more information.
  
  We do not have a guaranteed return as all investments on Fundrise involve risk.
  
  The changes in your account balance were driven mainly by the ****** Fund’s updated net asset value (NAV).
  
  For context on recent performance, within the *********Fund and more generally across the board, over the past 12 months, the historic change in interest rates in terms of speed and magnitude drove asset values down across nearly the entire investment real estate industry, including many assets in the Fundrise portfolio.
  
  That said, the Federal Reserve has signaled an end to rate hikes and we believe that inflation is beginning to ease. Just as rising interest rates can drive real estate values down, we believe that falling interest rates will likely propel real estate values higher.
  
  While, of course, we cannot guarantee future performance, we believe that the hard part is over, and falling rates should lead to stronger performance for real estate investors going forward.
  
  For the ******** Fund, our NAV is calculated daily. Our calculation is designed to adhere to the requirements for computing a current net asset value in Rule 2a-4 of the Investment Company Act of 1940 ("Rule 2a-4") which requires accounting recognition and measurement of the funds investments, among other assets and liabilities. The requirement for a funds investments states that portfolio securities with respect to which market quotations are readily available shall be valued at current market value, and other securities and assets shall be valued at fair value as determined in good faith by the board of directors of the registered company. Rule 2a-5 of the Investment Company Act of 1940 (“Rule 2a-5”) requires us to select and apply in a consistent manner an appropriate methodology or methodologies for determining the fair value of fund investments. In order to be appropriate, the selected methodology must be consistent with the principles of the valuation approaches laid out in Financial Accounting Standards Board Accounting Standards Codification 820: Fair Value Measurements (“ASC 820”).

  As described in the prospectus provided to you prior to making your investment, the majority of the investments our funds hold do not have readily available market quotations and so, in accordance with the requirement in Rule 2a-4, these investments are fair valued in good faith. Rule 2a-5 established a consistent, principles-based framework for boards of directors, or their designee, to use in creating their own specific process in order to determine fair values in good faith. We have used this framework to develop a robust process to determine the fair value of our funds investments. We determine such fair value measurements generally using proprietary models that rely on what the fair value hierarchy, defined in ASC 820, calls level 3 inputs. Level 3 inputs may include information derived through extrapolation or interpolation that cannot be directly corroborated by observable market data, and as such, may ultimately be determined on a different timeframe than is obvious based on observed timing of related market events, including because information from multiple external sources may be utilized to conclude upon the appropriate input that management believes a market participant would use. We monitor relevant and reliable market and investment specific information as it is available to us, and utilize that information to determine appropriate inputs used in our fair value measurements.
  
  We also want to make clear that the annual financial statements of the ******** Fund, as well as all of our funds, are audited annually by a PCAOB registered audit firm. You may find our audited financial statements filed on the SEC’s website for all historical periods for which audits are complete. For the ******** Fund, the annual audited financial statements are filed on Form N-CSR and include the required statements covering activity throughout the year, including the financial highlights that include our year end NAV calculation as well as the fair value measurement disclosures required by U.S. GAAP.
  
  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.
  
  Fundrise investments are intended to be long term investments, as you know, and we maintain a positive outlook on our long-term portfolio strategy.
  
  In regards to our liquidation process, our ******** Fund reviews outstanding liquidation requests towards the end of each calendar quarter. Since you requested a liquidation in October (Q4), your request was reviewed in early January (end of Q4).
  
  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.
  
  You may find our Year-End Letter to investors helpful (found on the newsfeed located in your dashboard). This provides further detail about the performance of our funds and our general thoughts on the market.
  
  If you have any further questions, please reach out to our team at [email protected].
  
  ******* *****
  Senior Vice President of Investor Relations & Investor Operations

  Customer Answer

  Date: 02/01/2024

  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, given the current conditions. 

  I still believe that some of the terms of Fundrise's investment were not made sufficiently clear--in layman's terms--prior to the start of investing.  The system is rigged against people who do not have attorneys on retainer.  Still, I accept the extensive response by the company. 
  
  Regards,
  
  *************************
  

• Initial Complaint

  Date:12/08/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  They continue to praise their transparency but have repeatedly sent me generic responses to any questions I have. Everything in this account has continued to decline. I have real estate investments trust, REITs in other brokerage accounts which have NOT declined to this degree. Im thinking this is a fraudulent business who Will complicate the liquidation process in order to fraud the public.

  

  Business Response

  Date: 12/27/2023

  Rich,

  Thank you for allowing us to address your concerns. At Fundrise, we strive to set an unparalleled standard for transparency and reporting. All material updates on our assets and the performance of our funds are publicly available on the SEC ***** site. This is something we take very seriously. 

  It is certainly not our intention to make the liquidation process complicated. 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. This illiquidity is a feature of our product that we wish for our investors to understand and be comfortable with. The vast majority of our investors seek out our investment product specifically for the stability that comes with an illiquid, non-tradable asset such as real property.

  In regards to your returns, I confirmed that a member of our Investor Relations team was able to connect with you on Oct 02, 2023 about your recent account performance. To summarize, your portfolios recent performance was driven mainly by the ******** Funds NAV decrease. For additional context, we have continued to see cap rates increase in many of our assets, which has led to property valuations decreasing. These cap rate increases are generally a result of broadly softening market conditions and increasing interest rates. Even though the fundamentals, such as rent growth and occupancy, have continued to remain strong across the portfolio, increases in interest rates generally lead to a decrease in property valuations. While there may be additional movements in the near term in share price (both up or down), the underlying fundamentals of the assets themselves remain strong, which is what we focus on for our long-term strategy. 

  All that said, if you wish to discuss this further or have additional questions concerning the liquidation process, please feel free to reach out to our Investor Relations team at [email protected].
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  Date:09/28/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Fundrise took money ($1200) out of my account without authorization. I have never heard of this company before. The do not have a phone number that you can talk to someone.

  

  Business Response

  Date: 10/09/2023

  Mark, 

  Thank you for reaching out and bringing this to our attention. Our Investor Relations team would be happy to look into this for you. 

  Please email our team at [email protected] and we will get back to you within the next business day.
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  

  Business Response

  Date: 10/24/2023

  Hi ****, 
  Thank you for reaching out and bringing this to our attention. 
  We unfortunately cannot find an account associated with your name or email address in our system but our team would be happy to look into this for you further with some additional assistance from you. Please email our team at [email protected] with more information on the transactions you are seeing, including a bank statement and your personal information associated with the account.
  Once we receive more details, we will get back to you as soon as possible, typically within the next business day. 
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer Answer

  Date: 11/03/2023

  You ask for additional personal information and you have this stated listed directly underneath your request

  The text of your complaint may be publicly posted on BBBs Web site (BBB reserves the right to not post in accordance with BBB policy).

  So if I send you the bank records and personal identification information then it will be out there for everyone to see. I'm not THAT stupid!!!!

  Customer Answer

  Date: 11/07/2023

  I'm unable to provide the bank statement as it was compromised and closed.  It was under ***************************** (wife) name.

  

  Business Response

  Date: 11/14/2023

  ****, 

  Thank you for the additional information and for confirming the name on the account. 
  
  We were able to locate the referenced transactions. The chargebacks issued on September 25th were successful and your bank was able to reverse the transactions, meaning the money was returned to your account in early October (our records show October 4, 2023). Additionally, the associated account on Fundrise has been disabled and barred, preventing any further access. 
  
  If you have any further questions, please contact our team at [email protected]. 
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  Date:09/25/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  After holding an account with fundrise for sometime, I requested liquidation of my shares. I originally made a request in early July for a portion of my funds but have since then requested the entire account be closed. I was informed by customer service that it takes nearly 3 months to return funds to holders. Three months is an excessive amount of time to refund shares. Typically a transaction of this nature takes no more than 7 days. It is almost the 3 month mark and the funds remain in the account without being refunded. I am requesting my refund be expedited due to excessive processing time and no follow up.

  Customer Answer

  Date: 10/02/2023

  The account which was supposed to be closed for liquidation is now losing value. My original request in July was to redeem my shares. The system indicated that the account was closed due to redemption but as of October the 2nd, the account is losing value and my original request for redemption still hasnt been processed.

  

  Business Response

  Date: 10/09/2023

  ********, 

  Thank you for giving us the opportunity to address your concerns and provide more information. Our Flagship Fund reviews outstanding liquidation requests towards the end of each calendar quarter. Since you requested a liquidation in July (Q3), your request was reviewed in early October (end of Q3) and should be processed in the next five business days. You can follow the status of your requests on the Transactions page of your dashboard. 

  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.  
  

  Additionally, 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." 
  

  You may find our recent letter to investors helpful (found on the newsfeed located in your dashboard). This provides further detail about the performance of our funds and our general thoughts on the market.
  

  If you have any further questions, please reach out to our team at [email protected].

  *************************

  Senior Vice President of Investor Relations & Investor Operations

• Initial Complaint

  Date:07/11/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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 Answer

  Date: 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

  Date: 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

  Date:06/30/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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

  Date:06/08/2023

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  When circumstances made the Fundrise owned and controlled single-family rental home (********************) no longer suitable for my family to continue residing in, we gave written notice that we would continue to pay the agreed upon rent amount as it became due during the time it took the landlord to find a new tenant and until that new tenant moved in and started paying rent. As we have documented, the property was relet on or before May 5, 2023 - which was less than a week after our April 30, 2023 move out from the property. Shockingly, rather than follow legal obligations placed upon it as an entity afforded the privilege to conduct business as a housing provider, Fundrise instead attempted to victimize my family by demanding that we pay it nearly $5,000.00 as opposed to its actual damages which consisted of any lost rent. This was especially disappointing as we had paid Fundrise more than $45,000.00 during the eighteen months that we rented and lived in their asset. Our requests (which subsequently became a formal demand) for an accurate accounting and accurate amount owed were not answered. Instead, Fundrise and/or its agent, ******** ***********, wrongfully seized and retained a deposit entrusted to the company and threatened to harm our credit standing. For more than a month, we have requested that our former housing provider tell us the actual number of days it took to put a new rent-paying tenant in place as well as the actual amount of lost rent that we are required to pay and how that amount should be tendered. The filing of this complaint is our last attempt to resolve this matter without the involvement of state and federal regulatory agencies which we will pursue based on the unfair and deceptive trade practices (including documented inaccurate and fraudulent accounting practices as well as violations of fair debt reporting and collection laws) if this matter is not timely addressed and satisfactorily resolved by Fundrise.

  

  Business Response

  Date: 06/20/2023

  Hi *******, 

  Thank you for taking the time to share your experience and giving us an opportunity to address your concerns. 

  While Fundrise is the owner of the rental complex you mentioned, we do not directly manage day-to-day operations at the property, meaning we are not directly involved with any sort of lease agreements, negotiations, or disputes. 

  To address your concerns, we encourage you to reach out directly to ******** by calling ************ or emailing ****************************** They have the authority and responsibility to handle lease-related matters and address any questions or issues you may have. 

  Should you have any further questions or concerns, please feel free to reach out to us at [email protected], and we will do our best to assist you.
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations

  Customer Answer

  Date: 07/06/2023

  [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:

  Despite acknowledging that it is the property owner, at its essence, Fundrise's response to the complaint I filed is "although we are the property owners/housing providers who received in excess of $45,000.00 from you over approximately 18 months, we are asserting that because we elect to not actively manage the residential properties through which we make enormous profits, we are not obligated to work with you to resolve the issue of which you complained." Not only is Fundrise's response directing me to engage with its agent, ******** ***********, wholly inadequate, it has no basis in fact or in law. First, as can be seen from the attached lease, I entered into a residential lease contract with **** **** ** LLC - which, via ***************************** initial response, Fundrise has acknowledged is its wholly-owned and controlled subsidiary. ******** *********** is not a party to the contract into which I entered for the rental of ********************. Accordingly, I am not in privity of contract with ******** ***********. ****************** response seems to indicate that Fundrise/**** **** ** LLC has a principal-agent or master-servant agency relationship with ******** ***********. To the extent that is the case and there is a problem that ******** ***********, as Fundrise's agent, has not sufficiently handled on behalf of its principal, it is Fundrise/**** **** *'s obligation and responsibility to ensure that the matter is addressed - either by its agent or through its own action. 
  

  In addition, because of the level of sophistication and savvy that Fundrise/**** **** * represents itself to have, I strongly suspect this company knows that there is nothing under the principles of agency that permits a principal to abrogate responsibilities or duties owed to others by simply asserting that the principal's agent failed to act. In fact, under basic agency principles, a principal is generally responsible for the actions or failures of its agent when such actions are taken within the scope of the agency relationship. 

  Further, I do not accept Fundrise/**** **** *'s response because despite my understanding that Fundrise/**** **** *, as the property owner and party to the rental contract which is the basis of my complaint, is ultimately responsible for resolving this issue, I nevertheless initially attempted to resolve the problem with its agent, ******** ***********. As can be seen from the attached documents, I made numerous attempts to work with ******** ***********, all to no avail. While acting on behalf of Fundrise/**** **** * in what appears to be an agency relationship, ******** *********** is engaging in conduct that appears to violate Tennessee laws (including TN's ***** and case law concerning liquidated damages). Fundrise/**** **** * is ultimately responsible and I do not believe telling me to go back to ******** *********** - which refuses to conduct itself in a lawful manner as it serves as Fundrise/**** **** *'s agent - is an adequate or helpful response. 

  Regards,
  
  ***********************************

  

  Business Response

  Date: 08/22/2023

  Hi *******, 
  
  Thank you for following up and giving us another opportunity to further address your concerns. 
  
  As mentioned, while Fundrise is the owner of the aforementioned property, we do not directly manage day-to-day operations at the property so we are not directly involved with any sort of  lease agreements or negotiations.
  
  Since the agent managing our units is the legal party that engaged the lease agreement with you, they are also responsible for upholding the terms and conditions outlined in the lease.
  
  As the building owner, we must respect the agreements made between the agent and the tenants. We are unable to intervene directly in the enforcement of specific lease terms, including early termination fees. 
  
  To address your concerns, we strongly encourage you to reach out directly to the agent managing our units, ********. They have the authority and responsibility to handle lease-related matters and address any questions or issues you may have. You can reach them by calling ************ or emailing *****************************.
  
  We appreciate your understanding in this matter, and we hope that you can find a satisfactory resolution through direct communication with the agent managing our units. 
  
  Should you have any further questions or concerns, please feel free to reach out to us at [email protected] and we will do our best to assist you.
  
  *************************;
  Senior Vice President of Investor Relations & Investor Operations
  
  --
  *************************;
  Senior Vice President of Investor Relations & Investor Operations
  *************************************** | ************  
  ***************************************************************************************

• Initial Complaint

  Date:06/06/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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

  Date:04/12/2023

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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 Answer

  Date: 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

  Date:03/28/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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