EquityMultiple is worth a look if you are an accredited investor who can put $25,000 into a single private real estate deal, or $5,000 into a short-term note, and leave it alone until it pays off. Skip it if you are not accredited, might need the money back early, or want a platform with a long record under the people running it now.
This is not the EquityMultiple most reviews describe. On August 1, 2026, the company licensed its platform and brand to a subsidiary of Larson Financial Holdings. Larson Capital Management, Larson’s real estate arm, now runs the site day to day and sponsors most of the new deals on it. The original team still manages the investments made before the switch.
EquityMultiple at a glance
Accredited investors onlyEquityMultiple is an online platform for private commercial real estate: short-term notes, debt and preferred equity deals, and equity deals. Since August 2026 it has been operated by Larson Capital Management, which sponsors most new offerings.
The catchYou have to be accredited, and there is no market to sell on. EquityMultiple’s own disclosures say not to invest unless you can hold for at least five to seven years and can afford to lose all of it.
Visit EquityMultipleWe checked the figures here against EquityMultiple’s own site and investor FAQ, its filings with the SEC, the Better Business Bureau and Trustpilot for this update. Still comparing platforms? Start with our list of the best real estate investing apps.
Is EquityMultiple legit?
Yes. EquityMultiple is a real company, not a scam. Equity Multiple, Inc. was founded in February 2015 and is based in New York, and its investment arm, EM Advisor, files public reports with the SEC. Its latest Form ADV brochure, dated March 31, 2026, reports no material legal or disciplinary events, and our search turned up no SEC or state enforcement action against the company as of this update.
Two details are worth knowing. EquityMultiple says it is not registered as a broker-dealer, so the place to look it up is the SEC’s adviser database, not FINRA BrokerCheck. And EM Advisor is no longer a fully registered investment adviser. The SEC record shows that registration ended on May 1, 2026, and that the firm has filed as an exempt reporting adviser since May 14, 2026. That means it relies on an exemption from registration but still files public reports. EquityMultiple’s investor FAQ says the same thing, although the footer of its site still calls EM Advisor registered.
Legit is not the same as safe. Everything here is a private placement. EquityMultiple’s own disclosures say these investments are not bank deposits, are not guaranteed, may lose value, and that you must be able to afford to lose the whole amount.
What investors say
Investor reviews are rough. EquityMultiple’s Trustpilot profile showed a TrustScore of 1.6 out of 5 from 32 reviews when we checked for this update, and 84% of them were one star. Reviewers describe tax forms that arrive months late, payout dates that keep moving, capital calls on struggling deals and total losses on some investments. One said the Alpine Note delivered what was promised.
Keep the sample size in mind. Trustpilot notes that EquityMultiple has not been inviting customers to review it, so the reviews may not be representative, and that the company has not replied to the negative ones. The Better Business Bureau gives EquityMultiple a B- rating and lists one complaint closed in the last three years. It is not BBB accredited.
What changed in 2026: Larson now runs the platform
EquityMultiple announced the change on September 15, 2026. Here is what it and the investor FAQ say.
- Who runs it. Larson Capital Management operates the website and investor dashboard under a license that took effect August 1, 2026. Its parent, Larson Financial Holdings, is a St. Louis wealth management firm founded in 2006. EquityMultiple says Larson has more than $10 billion in assets under advisement and that its real estate arm has about $2.5 billion in total project value.
- Who owns it. Equity Multiple, Inc. says it was not sold. Its existing shareholders still own the company, the platform and the brand, and Charles Clinton is still CEO.
- Existing investments. They were not transferred. The original team, which is taking the name EM Investment Partners, keeps managing and servicing them, and EquityMultiple says their terms, fees, distributions and tax reporting are unchanged.
- New investments. Most new offerings are sponsored and managed by Larson Capital Management, the firm that owns and operates the real estate. EM Investment Partners says it does not select, underwrite or manage those deals.
- Alpine Notes. The short-term notes stay on the platform under an agreement between the two companies.
- Your data. EquityMultiple licensed customer information to Larson, including names, contact details and platform activity. To opt out of marketing, email help@equitymultiple.com with the subject line Do Not Sell or Share My Personal Information.
Here is why that matters if you are new. The old pitch was an independent middleman: EquityMultiple screened deals from outside real estate firms and says it accepted only about 5% of them, a figure its homepage still shows. On most new offerings, the company running the platform is also the company sponsoring the deal. That can mean a more direct line to the people managing your money. It also means no separate firm is screening the deal on your behalf, so the homework is yours.
EquityMultiple says the move was a strategic decision and that it is not in financial trouble. It also says key technology and marketing staff have moved to Larson, and that it is reshaping its own team around the existing portfolio. If you would rather wait and see how the new setup performs, skip to the alternatives. If you want to see what Larson is listing, you can visit EquityMultiple and read each offering’s documents before you commit a dollar.
MoreReal estate due diligence checklist
How EquityMultiple works now
You open an account, confirm that you are accredited, and pick your own investments from the Invest page. Nothing is chosen for you. Each offering is a private placement with its own documents, minimum, fees and timeline.
The public site sorts its products into three groups it calls Keep, Earn and Grow. Here is what each one is, with the figures EquityMultiple publishes.
| Product | What it is | Minimum | Term |
|---|---|---|---|
| Alpine Notes (Keep) | Short-term notes with a fixed target rate. Interest compounds monthly and is paid with your principal at maturity | $5,000 | 3, 6 or 9 months |
| Debt and preferred equity (Earn) | Income-focused deals that get paid before common equity does | $25,000 standard | Set by each offering |
| Equity deals (Grow) | Ownership stakes in single properties, aimed at growth more than income | $25,000 standard | Several years |
| Funds | Pooled vehicles such as the Ascent Income Fund, which holds senior real estate loans | $5,000 or $20,000, depending on the page | Redeemable after 1 year, per the site |
A few notes on that table. The $25,000 standard minimum comes from the investor FAQ that EquityMultiple updated for the Larson change. Older pages on the site still advertise lower numbers, including a $5,000 starting point on the homepage, which today only gets you into Alpine Notes. There is also a special Alpine Note called Basecamp for first-time investors, but we did not find its terms on the public site.
Alpine Notes
Alpine Notes are the easiest way in. When we checked, the target rates were 6.0% APY for three months, 7.2% for six and 7.5% for nine, and EquityMultiple says it charges no fees on them. Your money funds a line of credit that EquityMultiple uses to close its real estate deals. The notes are debt of an EquityMultiple fund, not a bank account. They are not FDIC insured, and the rate is a target, not a guarantee.
EquityMultiple says it buys a slice of every note series in a first-loss position, which means it gets paid only after outside investors do, and that it has never missed or been late on an interest payment. Note holders were sent a separate notice about the Larson change, which we have not seen. Ask for it before you buy.
The Ascent Income Fund and the track record
The Ascent Income Fund is less clear. EquityMultiple’s site still lists it, with a yield figure dated the first quarter of 2025, and the company told Ascent investors to watch for a separate notice about the Larson change. We could not confirm whether the fund is open to new money. Ask before you count on it.
As for returns, EquityMultiple keeps its track record behind a login. The numbers it publishes openly are about scale: more than $478 million in total distributions, a figure that includes returned principal, and more than $3 billion in real estate transactions its investors have taken part in. Its September 2026 press release counts more than 64,000 accredited investors in its community. The site says its figures have not been independently verified or audited. EM Advisor’s SEC brochure puts the assets it manages at about $140 million as of December 31, 2025. None of this tells you what a deal will earn, and past results do not predict future returns.
Who can invest in EquityMultiple
Only accredited investors. Under the SEC’s definition, that generally means one of these is true:
- You earned more than $200,000 in each of the last two years, or $300,000 with a spouse or partner, and expect the same this year.
- Your net worth is more than $1 million, alone or with a spouse or partner, not counting your home.
- You hold a Series 7, Series 65 or Series 82 license in good standing.
EquityMultiple does not usually ask for tax returns or bank statements. You self-certify when you sign up, say how you qualify, and confirm again each time you invest. You also need a U.S. tax identification number.
You can invest as an individual, through a joint account, or through an LLC, partnership or trust that is itself accredited. The platform also accepts money from several self-directed IRA custodians. If you qualify and want more ideas, see our list of high-yield investments for accredited investors.
If you do not qualify, EquityMultiple is closed to you. Fundrise takes investors at any income level, starting at $10.
MoreBest real estate crowdfunding for non-accredited investors
EquityMultiple fees and minimum investment
The minimum is $5,000 for Alpine Notes and a standard $25,000 for everything else. Fees are not one number. They are set in each offering’s documents. The table shows the fee types EM Advisor describes in the brochure it filed with the SEC on March 31, 2026, which covers the vehicles EquityMultiple’s own team manages.
| Cost | Amount | How it works |
|---|---|---|
| Alpine Notes | No investor fee | EquityMultiple says it charges no fees on any Alpine Note investment |
| Annual management fee | 1% to 2% a year, generally | Charged on the amount you put into a single-deal vehicle and taken out of your distributions |
| Annual expense fee | Flat amount, set per deal | Covers tax returns, accounting and state filings. It is owed even when a deal underperforms |
| Share of profits | Set per deal | Performance-based pay on some offerings when the deal hits its targets |
| Sponsor-paid fees | Negotiated per deal | Origination, due diligence, technology and extension fees paid by the sponsor or borrower, which come out of the deal’s economics |
| Interest on idle cash | Kept by EquityMultiple | Interest earned on your money before a deal closes, or before a payout is sent, goes to the company and not to you |
Run the math before you buy. On a $25,000 investment with a 1.5% management fee, about $375 a year comes out before any expense fee or profit share. Not ready to put $25,000 into one deal? Our guide to investing $10,000 in real estate covers smaller starting points.
One caveat. That brochure describes the deals EquityMultiple’s own team manages. New offerings sponsored by Larson Capital Management carry whatever fees Larson sets, and we could not see those without an account. EquityMultiple says every offering’s full fee structure is disclosed on its offering page. Read that section first.
Hold periods, liquidity and taxes
Plan on not touching this money. EquityMultiple’s disclosures call private placements highly illiquid and say not to invest if you cannot hold for at least five to seven years. Individual deals can be shorter. The equity examples on its site show target holds of three years and 53 months, and Alpine Notes run three to nine months.
There is no secondary market. EquityMultiple says to expect to hold until the investment matures or the property is sold, and its FAQ is direct that the Larson change does not create a new right to exit. Alpine Notes can be redeemed early after 30 days, but only to move the money into another offering on the platform. If you may need the cash back on your own schedule, read our guide to real estate vs. stock investing first.
You can also be asked for more money. EquityMultiple says you are never required to answer a capital call, but saying no can shrink your stake, sometimes by more than your share.
Payouts follow each offering’s schedule. Cash-flowing investments typically pay quarterly and a few pay monthly, by direct deposit. Equity deals usually pay about 60 days after the quarter ends, when there is cash to distribute, and debt and preferred equity deals typically pay within 45 days. None of it is guaranteed.
At tax time, expect a Schedule K-1 for equity deals and either a 1099 or a K-1 for debt and preferred equity. EquityMultiple warns that K-1s can run late when it is waiting on a sponsor’s paperwork, and that you may have to file a state return in each state where you earned income. If you hold a deal through a 1031 exchange, the company says the Larson change does not alter its structure.
EquityMultiple pros and cons
- Alpine Notes start at $5,000 with terms of 3 to 9 months
- No investor fees on Alpine Notes, per EquityMultiple
- Notes, debt, preferred equity and equity deals in one account
- Self-directed IRAs, trusts and LLCs accepted
- Accredited investors only
- Standard minimum of $25,000 on most offerings
- No secondary market, and capital calls can dilute you
- New operator, and poor investor reviews on Trustpilot
Who EquityMultiple is best for
EquityMultiple fits when three things are true: you are accredited, you can commit $25,000 to a single deal without needing it back for years, and you are willing to read the offering documents yourself, because EquityMultiple’s original team does not screen Larson’s deals. It can also work as a short-term stop for cash if you want to try an Alpine Note at $5,000 and are comfortable that it is not a bank account.
- Invest in vetted opportunities across debt, equity, and preferred equity
- Get started with just $5,000 to diversify your portfolio
- Every deal is carefully analyzed to reduce risk
- Easily monitor performance through an intuitive dashboard
- Equity investments offer the highest upside
It is the wrong fit if you are not accredited, if $25,000 is most of what you have to invest, or if late tax forms and long waits for your money would be a dealbreaker. New to this? Start with real estate investing for beginners, then look at the alternatives below.
EquityMultiple alternatives: how it compares
Two platforms cover most readers who decide EquityMultiple is not for them. Fundrise takes investors who are not accredited. Crowd Street, formerly CrowdStreet, is the closest match if you are accredited and would rather buy funds from large asset managers than single deals from one sponsor.
| Platform | Who can invest | Minimum | Fees | |
|---|---|---|---|---|
| EquityMultiple | Accredited investors | $5,000 for notes, $25,000 for most deals | 1% to 2% a year is typical, plus expenses | Visit EquityMultiple |
 Fundrise | No accreditation needed | $10 | 1% a year on real estate funds | Visit Fundrise |
 Crowd Street | Accredited investors | $5,000 typical | 1.5% to 3.5% sales load, plus fund fees | Visit Crowd Street |
Fundrise
Best if you are not accreditedFundrise does not require accreditation. You buy into its real estate, private credit and venture funds from an app, and Fundrise says more than 2 million people use it.
The catchIt is still a long-term investment, and you own shares of funds, not deals you pick yourself. Its venture fund charges a higher 1.85% fee.
Start with $10 at FundriseCrowd Street
Best if you are accreditedCrowd Street is a marketplace of private market funds from outside managers: real estate, private credit, private equity and venture capital. It says it has more than 300,000 members.
The catchAccredited investors only, and the sales load comes off the top. Its history also includes a sponsor who defrauded CrowdStreet investors of more than $62.8 million in 2022.
Visit Crowd StreetFor the full picture, read our Fundrise review and our CrowdStreet review.
How to get started with EquityMultiple
Setting up an account takes about five minutes, and it does not commit you to anything.
- Create an account. Sign up on the site, then self-certify that you are accredited and say how you qualify.
- Browse the Invest page. Each offering has its own page, and a status bar shows how much of the deal is already spoken for.
- Read the documents. Check who the sponsor is, what the fees are and when you can expect to be paid back. On new offerings the sponsor will usually be Larson Capital Management.
- Fund it. Link a bank account for ACH, which is verified with two small test deposits, or send a wire or check. The subscription paperwork is completed online.
- Track it. Updates, distributions and tax documents show up in your dashboard. Reporting is typically quarterly.
- Invest in vetted opportunities across debt, equity, and preferred equity
- Get started with just $5,000 to diversify your portfolio
- Every deal is carefully analyzed to reduce risk
- Easily monitor performance through an intuitive dashboard
- Equity investments offer the highest upside
EquityMultiple FAQs
Yes. EquityMultiple says every investor on the platform has to be accredited. That generally means income of more than $200,000 a year, $300,000 with a spouse or partner, or a net worth of more than $1 million not counting your home. You self-certify when you sign up. If you do not qualify, Fundrise has no accreditation requirement and starts at $10.
Yes. EquityMultiple is a real company founded in 2015, and its adviser arm, EM Advisor, files public reports with the SEC as an exempt reporting adviser. Its March 2026 Form ADV brochure reports no material legal or disciplinary events. Legit does not mean risk free. EquityMultiple's own disclosures say you could lose your entire investment, and its Trustpilot profile showed 1.6 out of 5 from 32 reviews when we checked.
$5,000 for Alpine Notes and a standard $25,000 per offering for everything else, according to the investor FAQ EquityMultiple updated in 2026. Older pages on its site still show lower minimums. If $25,000 is more than you want to commit, Fundrise starts at $10.
Equity Multiple, Inc. says it is still owned by its existing shareholders and was not sold. What changed is who runs the platform. Since August 1, 2026, Larson Capital Management, part of Larson Financial Holdings, has operated the site under a license and sponsors most new offerings. The original team, which is taking the name EM Investment Partners, still manages the investments made before the change.
It depends on the offering. EquityMultiple says it charges no fees on Alpine Notes. On the single-deal vehicles its own team manages, its SEC brochure describes an annual management fee that is generally 1% to 2% of the amount invested, a flat annual expense fee and a share of profits on some deals. New offerings sponsored by Larson Capital Management set their own fees, which are listed on each offering page.
Usually not. EquityMultiple says there is no secondary market and that you should expect to hold until the investment matures or is sold. Alpine Notes can be redeemed early after 30 days, but only to move the money into another offering on the platform. Only invest money you can leave alone for years.
A short-term note with a $5,000 minimum and a term of three, six or nine months. When we checked, the target rates were 6.0%, 7.2% and 7.5% APY. Interest compounds monthly and is paid with your principal at maturity. The notes are not bank deposits, are not FDIC insured and can lose value.
It depends on whether you are accredited. If you are not, Fundrise has no accreditation requirement and starts at $10. If you are accredited and want funds from large managers at a lower minimum, Crowd Street typically starts at $5,000.
Advertiser disclosure: We may receive compensation from some of the companies listed on this page. This does not influence how we rank them.
Offerings, fees and minimums change. Confirm the current terms on each platform’s site before you invest. Private real estate investments can lose value, and past performance does not predict future returns.
