Strategic Finance says it's uncertain whether it will make its first repayment early next year, as it struggles to complete some property sales that would result in loans being repaid.
Its 15,000 investors are owed $325 million over five years and it's due to repay about $10 million on 7 January.
In a letter to investors, the company says the current market is making it difficult to know when these loans will be repaid.
Strategic Finance warned investors that they may not get any payment, and if that's the case, that would trigger a review of its repayment plan by the trustee, which could result in receivership.
