Treat a deal-level crowdfunding investment as money you can't reach until the sponsor sells or refinances. Most private offerings have no redemption right at all, so there's nothing to demand in year three.
Two partial exceptions. Some platform funds run a redemption plan, usually quarterly, often with a discount or penalty if you redeem before a stated holding period, and almost always with language letting the manager suspend redemptions when cash is tight. That suspension clause is the whole point of reading it, because the moment lots of people want out at once is exactly when it gets used. Separately, a few platforms host a bulletin board where members can transfer positions. Volume tends to be thin, pricing is whatever a buyer offers, and the operating agreement usually requires sponsor consent for any transfer.
On extensions: read the extension provision itself rather than the summary. Sponsors typically hold the option, sometimes with a fee paid into the deal, and your return keeps accruing under whatever the waterfall says. Two extra years at the same annual return drags the IRR down even when the total dollars go up, since IRR cares about timing. So a deal quoted at 14 percent target IRR on a five year plan is a different number at seven years.
The part people miss is the other direction. Some agreements allow capital calls, meaning the sponsor can ask you for more money mid-hold, and declining can dilute your position. Check whether that clause exists before you size the investment against your reserves.
