Upright: Platform Profile

Overview

Upright is the current brand of the business previously known as Fund That Flip.

Its platform focuses on private residential real-estate debt.

Current public product pages describe:

• individual project notes / borrower-dependent notes;
• Pre-Fund;
• Horizon Fund;
• Blueprint Fund;
• pooled residential bridge-note structures.

The 2026 status requires more care than the product menu suggests.

A current investor-update thread says Upright’s strategic priority is the Horizon Fund, that it is exploring ways to reintroduce BDNs, and that it does not plan to use PFNF for new originations in the near future.

At the same time, public marketing pages still display BDN and Pre-Fund product information.

The review must preserve that current-status distinction rather than treating every displayed product as equally open for new investment.

May fit better for

• accredited investors seeking residential real-estate debt exposure;
• investors who prefer short-duration private notes;
• investors who understand borrower and property-level credit risk;
• investors comfortable holding to maturity;
• users seeking pooled as well as project-specific exposure;
• investors willing to monitor servicing and workout risk.

May fit less well for

• non-accredited investors;
• investors who need a secondary market;
• investors who assume “fixed rate” means guaranteed payment;
• users seeking FDIC or SIPC protection for principal;
• investors uncomfortable with loan defaults, foreclosures, REO, or extended workouts;
• investors who need current PFNF liquidity.

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Legal brand and entities

Current legal terms state:

• Legal company: Fund That Flip, Inc.
• Dba: Upright

The rebrand did not automatically replace all legal entities.

Current/established note structure uses:

• Note issuer: FTF Lending, LLC
• Parent: Fund That Flip, Inc.

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Upright is not a registered broker-dealer or adviser

Current legal terms state:

• Registered broker dealer: No
• Registered funding portal: No
• Registered investment adviser: No

Investment services are private placements.

Store these as platform-company status.

Offering entities and trustees remain separate.

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Accredited investors only

Current legal and investment pages:

• Accredited investor required: Yes
• Reg d 506c: Yes
• Non accredited access: No

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Individual project note structure

Current project-note material describes a borrower-dependent-note / project-note structure.

Investor economics depend on payments from an underlying real-estate loan.

The legal structure is not:

investor directly owns the first mortgage.

FTF Lending originates the underlying loan and issues the related notes under the established structure.

An indenture trustee has a security interest in relevant underlying loans and payments for the benefit of noteholders under the governing indenture.

That does not eliminate default risk.

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Current public minimums

Current public product page displays:

• Individual Project Notes:
• Minimum: $5,000
• Term: 3-24 months
• Pre Fund:
• Minimum: $1,000
• Term: 12 months
• Horizon Fund:
• Minimum: $15,000
• Distributions: quarterly
• Blueprint Fund:
• Minimum: $15,000
• Distributions: quarterly

The minimum depends on product.

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Current strategy/status

A current 2026 company update says:

• Current strategy priority: Horizon Fund
• BDN future status: exploring ways to reintroduce
• PFNF new originations near term: No
• PFNF priority: create liquidity and return capital to existing noteholders

This is more specific than older product-menu marketing.

unless a later current offering page and subscription flow clearly establishes that status.

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August 2026 PFNF liquidity issue

Upright’s August 7, 2026 investor update states:

• no meaningful principal paydowns had been received since the prior report for the underlying PFNF portfolio;
• liquidity was expected to be generated during August;
• a distribution would be processed as liquidity became available.

This belongs near the top of any PFNF discussion.

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No secondary market

Current FAQ:

• Secondary market: No

Investors should be prepared to hold to maturity or longer where an underlying loan is extended or in workout.

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Investor fees

Current FAQ states most Upright products have no direct investor fee and that Upright typically earns revenue from the spread between borrower pricing and the rate shown to investors.

Some managed funds and other products charge fees disclosed on deal cards and private-placement memoranda.

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Return claims are historical or targeted

Current public pages display marketing references such as:

• average historical returns above 10%;
• target fund returns in the low double digits;
• product-specific fixed rates.

A fixed note rate is the contractual rate if the payment obligation performs.

It is not insurance against default.

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Payment mechanics

Current individual-note page states interest and principal distributions are made after corresponding payments are received on the associated underlying loan.

Borrower delay, default, foreclosure, property sale, or restructuring can delay or reduce investor cash flow.

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Collateral distinction

Upright states underlying loans are generally secured by first-position liens.

The investor’s note itself is not the same as direct ownership of that lien.

That distinction should be explicit.

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Protection standard

Current disclosures state investments are not:

• bank deposits;
• FDIC insured;
• guaranteed by Upright;
• protected from loss of value.

A first-lien mortgage can reduce loss severity in some outcomes.

It does not make principal guaranteed.

Assessment

Upright’s core proposition is private residential real-estate credit rather than equity crowdfunding.

The most important distinction is structural:

the investor buys a note whose performance depends on an underlying loan; the investor does not simply become the direct mortgage lender of record.

The second distinction is current status.

The public product menu still shows multiple note and fund products, but current company updates prioritize Horizon, contemplate reintroducing BDNs, and focus on returning PFNF capital rather than originating new PFNF loans.

The August 2026 PFNF update makes liquidity risk concrete.

For a new investor, the right question is not just:

“What rate is displayed?”

It is:

• Which product is actually open now?
• What entity issues the security?
• What collateral and trustee rights exist?
• What fees apply?
• What happens if the underlying borrower does not repay on schedule?
• Is there any exit before maturity?