--- title: "RBNF & PFNF: What's the Difference?" description: We are excited to announce the launch of our PFNF, which will allow investors to invest in a line of credit used to pre-fund first-position mortgages. image: https://learn.upright.us/hubfs/pfnf.png --- [![Upright Real Estate Investment](https://learn.upright.us/hs-fs/hubfs/Upright_RGB_PrimaryLogo-2.png?width=175&height=42&name=Upright_RGB_PrimaryLogo-2.png "Upright Real Estate Investment")](https://upright.us/) [![Return Home >](https://no-cache.hubspot.com/cta/default/2129804/90add894-e0b2-4f0c-bc22-7c5b348dd1d7.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/90add894-e0b2-4f0c-bc22-7c5b348dd1d7) [Back to the Blog](https://learn.upright.us/real-estate-investing-blog) # RBNF & PFNF: What's the Difference? July 14, 2020 | By [Upright](https://learn.upright.us/real-estate-investing-blog/author/upright) We are excited to announce the launch of our [Pre-Funding Note Fund (PFNF)](https://www.fundthatflip.com/real-estate-investing/pfnf), which will allow investors to invest in a line of credit used to pre-fund first-position mortgages originated by FTF Lending.   Earlier this year, we launched our [Residential Bridge Note Fund (RBNF)](https://www.fundthatflip.com/real-estate-investing/rbnf), which proved so popular, we had to create a waiting list. With the launch of the PFNF, we wanted to outline the key differences between the two funds so that you can make informed decisions in relation to the fund which best suits your investment criteria. RBNF allows investors to invest via a series note in a portfolio of whole mortgages and borrower dependent notes, BDN’s, rather than directly and individually in a loan. The mortgages and BDN’s that RBNF hold are representative set of the book of business of FTF Lending. To date, we have issued eight series notes for RBNF and raised circa $2.5M. The lengths of the notes have ranged from nine to twelve months at rates of return at or near 10%. The investor receives a monthly distribution, and the maturity date of the note is fixed. Key benefits of investing in RBNF: - ***Diversification***: A single investment spread across multiple whole and fractional mortgages. - ***Fixed Maturity***: Each note has a fixed maturity date, allowing investors greater certainty. - ***Passive***: You will not need to select individual investments. - ***High Utilization***: Your investment will be fully utilized, from the day funds clear escrow. **Is RBNF the choice for you? Click below for exclusive information and advanced notice of offerings.** [![I'm Interested](https://no-cache.hubspot.com/cta/default/2129804/2b345c69-418f-413f-b12e-839c7ae5fc02.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/2b345c69-418f-413f-b12e-839c7ae5fc02) The Pre-Funding Note Fund (PFNF) is another fixed maturity [passive investment](https://www.fundthatflip.com/real-estate-investing). By purchasing a Series Note, the investor (via the fund) invests in a line of credit that PFNF issues to FTF Lending to originate loans prior to either syndicating them on the FTF platform or selling the loans to institutional buyers. Investors have the opportunity to gain exposure to a pool of loans via the credit line for a short duration. Key benefits of the PFNF: - ***Diversification***: A single investment will be spread across multiple loans via a line of credit used to pre-fund loans originated by FTF Lending. - ***Fixed Maturity***: Each note has a fixed maturity date. - ***Short Duration Exposure:*** The Line of Credit gives you access to pre-funding and construction draw exposure which is typically repaid within a short timeframe. - ***Passive***: You will not need to select individual investments. - ***High Utilization***: Your investment will be fully utilized, earning interest from the day your funds clear escrow. The benefits of investing in the funds are largely similar as both are passive investments made via a Series Note into a debt fund. **One key difference is that RBNF invests in loans, and PFNF invests via the fund into a short-term line of credit.** PFNF notes will be shorter than RBNF notes, likely up to a maximum of six months. As a result, the risk profile of the PFNF results in a lower rate as the investment is relatively short in term. Furthermore, the line of credit to FTF Lending reflects a lower risk than investing in a loan directly or via a series of loans as in an RBNF investment, so the PFNF rate will be adjusted accordingly to reflect the security of the investment. **Is PFNF the choice for you? Click below for exclusive information and advanced notice of offerings.** **[![I'm Interested](https://no-cache.hubspot.com/cta/default/2129804/4632f054-dd11-4d3a-b1fe-8ae9c823f4ae.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/4632f054-dd11-4d3a-b1fe-8ae9c823f4ae)** An investor looking to maximize return with more flexibility around investment duration will find RBNF attractive. If you're looking for a shorter duration capital deployment, PFNF is an attractive investment opportunity. If you'd like more information on either fund, or about investing with Fund That Flip in general, please reach out to Paul McFadyen at [paul.mcfadyen@fundthatflip.com](mailto:paul.mcfadyen@fundthatflip.com). - - - ### Returns up to 13% investing in real estate. Real estate investing can earn up to 12% annual returns on pre-vetted, low LTV, real estate-secured loans. Fund That Flip offers industry-leading visibility into each project, enabling investors to be highly selective in the loans they choose to fund. [![Sign Up](https://no-cache.hubspot.com/cta/default/2129804/9beb5019-97e3-48ab-bc90-ee874cd213ac.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/9beb5019-97e3-48ab-bc90-ee874cd213ac) ### Loan commitments in about 24 hours, with pre-approval up to $5M to make winning bids. [![Apply Now](https://no-cache.hubspot.com/cta/default/2129804/3420ff91-259d-4238-ae5b-bda78b01cff5.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/3420ff91-259d-4238-ae5b-bda78b01cff5) [![Hard money loan products for professional real estate investors](https://learn.upright.us/hubfs/Upright%20Loan%20Suite.png)](https://learn.upright.us/real-estate-investing-blog/introducing-uprights-loan-suite-built-for-real-investors-by-real-experts) May 09, 2025 ## [Introducing Upright’s Loan Suite: Built for Real Investors, by Real Experts](https://learn.upright.us/real-estate-investing-blog/introducing-uprights-loan-suite-built-for-real-investors-by-real-experts) by [Upright](https://learn.upright.us/real-estate-investing-blog/author/upright) [![](https://learn.upright.us/hubfs/Tariffs%20Image%202025v2.png)](https://learn.upright.us/real-estate-investing-blog/tariffs-and-real-estate-investing) April 04, 2025 ## [Tariffs and Real Estate Investing](https://learn.upright.us/real-estate-investing-blog/tariffs-and-real-estate-investing) by [Upright](https://learn.upright.us/real-estate-investing-blog/author/upright) **[Upright](https://www.upright.us/)** **1300 E. 9th Street, Ste. 800, Cleveland, OH 44114 Real Estate Investment [info@upright.us](mailto:info@upright.us) | [646-895-6090](tel:6468956090) [![Instagram](https://learn.upright.us/hs-fs/hubfs/Email_2023/mdi_instagram.png?width=29&height=29&name=mdi_instagram.png)](https://www.instagram.com/buildwith_upright/)  [![Linkedin](https://learn.upright.us/hs-fs/hubfs/Email_2023/linkedin-icon.png?width=29&height=29&name=linkedin-icon.png)](https://www.linkedin.com/company/buildwithupright/)  [![Facebook](https://learn.upright.us/hs-fs/hubfs/Email_2023/fb-icon.png?width=29&height=29&name=fb-icon.png)](https://www.facebook.com/buildwithupright)  [![TikTok](https://learn.upright.us/hs-fs/hubfs/Email_2023/tik-icon.png?width=29&height=29&name=tik-icon.png)](https://www.tiktok.com/@buildwith_upright?lang=en)  [![X Twitter](https://learn.upright.us/hs-fs/hubfs/Email_2023/x-icon.png?width=29&height=29&name=x-icon.png)](https://twitter.com/build_Upright)  [![YouTube](https://learn.upright.us/hs-fs/hubfs/Email_2023/ytb-icon.png?width=29&height=29&name=ytb-icon.png)](https://www.youtube.com/@buildwithupright)  [![Events](https://learn.upright.us/hs-fs/hubfs/Email_2023/calendar-icon.png?width=29&height=29&name=calendar-icon.png)](https://www.upright.us/events)**   Past performance is not indicative of future performance. Investors should not rely on forward-looking statements because such statements are inherently uncertain and involve risks. No returns are guaranteed and these types of investments involve a high degree of risk.   Neither the Securities and Exchange Commission (SEC) nor any federal or state securities commission, or any other regulatory authority has recommended or approved of the investment or the accuracy or inaccuracy of any of the information or materials provided by or through the website. Direct and indirect purchase of real estate property involves significant risks, including, but not limited to risk related to sale of land, market and industry risks, and risks specific to a given property. Investments are not bank deposits, are not insured by the FDIC or by any other Federal Government Agency, are not guaranteed by Fund That Flip, Inc. dba Upright, and may lose value.   Fund That Flip, Inc. dba Upright does not make investment recommendations and this message should not be construed as such. This message is not an offer to sell or the solicitation of an offer to buy any security, which can only be made through official offering documents that contain important information about risks, fees, and expenses. Any investment information contained herein has been secured from sources Fund That Flip, Inc. dba Upright believes are reliable, but we make no representations or warranties as to the accuracy of such information and accept no liability therefor. We recommend that you consult with a financial advisor, attorney, accountant, and any other professional who can help you to understand and assess the risks associated with any investment opportunity. If and when Fund That Flip, Inc. dba Upright is able to make investment opportunities available, only accredited investors who submit required verification will be able to invest.     **© Fund That Flip, Inc. dba Upright, 2024  | [Privacy Policy](https://www.upright.us/legal?tab=privacy-policy) | [General](https://www.upright.us/legal?tab=terms)[Terms of Service](https://www.upright.us/legal?tab=terms) [|](https://www.fundthatflip.com/terms-of-service) [Investment Terms of Service](https://www.upright.us/legal?tab=investment-tos)**     ![](https://www.facebook.com/tr?id=1484345195216823&ev=PageView&noscript=1) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Upright", "url" : "https://learn.upright.us/real-estate-investing-blog/author/upright" }, "dateModified" : "2022-12-16T14:30:23.057Z", "datePublished" : "2020-07-14T19:00:36.000Z", "headline" : "RBNF & PFNF: What's the Difference?", "image" : [ "https://learn.upright.us/hubfs/pfnf.png" ], "mainEntityOfPage" : { "@id" : "https://learn.upright.us/real-estate-investing-blog/rbnf-pfnf", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://learn.upright.us/hubfs/Upright_RGB_PrimaryLogo-1.png" }, "name" : "Upright" } } ```