--- title: "Upright Review 2026 (Formerly Fund That Flip): What Happened to the Pre-Fund and Horizon, the Fees, and What the Site Still Says" url: https://altstreet.investments/platforms/reviews/upright kind: platform-review updated: 2026-11-01 description: "Upright (Fund That Flip) review 2026: after the 2024 Synapse failure, the Pre-Fund has returned 90.25% of principal so far, Horizon is winding down, and the site still shows 100% repaid badges." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Upright Review 2026 (Formerly Fund That Flip): What Happened to the Pre-Fund and Horizon, the Fees, and What the Site Still Says Upright, called Fund That Flip until 2023, lends to house flippers and builders and has funded those loans with accredited investors' money through single-loan notes, two note funds and the Horizon fund. Its loans were already slipping before its payment provider Synapse failed in May 2024 (13.51% of loans by count 31 or more days late that April). Upright halted new investments, announced in August 2024 that it was resuming them starting with Horizon, and admitted Horizon investors into mid-2025. By its own account the Pre-Fund note fund has been returning capital since June 2024 with interest deferred and loan-level losses reported in 2026, and Horizon has been winding down since mid-2025. The website still shows those products with 'Invest Today' buttons, '100% principal repaid' badges and 'Low fees - only 1%'. AltStreet score: 17.8 (F), scored November 1, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Upright | | What it is | Real Estate Debt Platform: Notes and Funds Backed by Short-Term Loans to Real Estate Investors, Rule 506 | | Asset class | Short-term first-lien loans to residential real estate investors (fix-and-flip, construction, rental) | | Website | upright.us | | Review first published | November 1, 2026 | | Last updated | November 1, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Upright originates short-term loans to residential real estate investors and, from 2014 to 2025, funded them with accredited investors' money: borrower payment dependent notes on single loans from $5,000, the Pre-Funding Note Fund and Residential Bridge Note Fund from $1,000, and from 2023 the Horizon Residential Income Fund I from $15,000. Three questions frame it. What happened: delinquency had risen from about 4% to 7% of the book (2019 to 2022) to 13.51% of loans by count in April 2024, the last monthly report. Then Upright's payment and wallet provider, Synapse, failed in May 2024: Upright halted new investments, $13.7 million of Upright-related cash including $5.1 million of investor wallet balances was frozen for about five weeks, and 292 performing loans were sold. Upright announced in August 2024 that it was resuming investments starting with Horizon, which admitted investors monthly into mid-2025. Product by product: the $70.3 million Pre-Fund has been returning capital pro rata since June 2024 with interest deferred, and had returned 90.25% of principal by October 19, 2026, with losses reported on some resolved loans and gains on others; the Residential Bridge Note Fund's last $1.1 million is 'largely REO or late stage foreclosure'; Horizon reported 46% delinquency in April 2025 and, from July 2025, a 'Fund wind-down process'. What the site still says: '100% interest paid / 100% principal repaid' for the Pre-Fund, 'Invest Today' and a July 1, 2025 admittance date for Horizon, '99.7% of principal returned' and 'Low fees - only 1%'. What investors pay: in Horizon, a 1% management fee on net asset value and a 20% manager share of profits above an 8% preferred return that does not carry forward if missed. Separately, Upright's lending arm keeps all origination points borrowers pay (an average of 1% to 10% of each loan) and half of extension and default fees; those are not deducted from investor balances, but the PPM notes they can lower the rate borrowers will pay the fund. - **May 2024** Upright halted new investments when its payment and wallet provider, Synapse, failed; $13.7 million of Upright-related cash, including $5.1 million in investor wallets, was inaccessible until mid-June 2024. Credit stress came first: 13.51% of loans by count were 31 or more days late on April 1, 2024. Upright announced a reopening in August 2024, starting with Horizon. - **90.25%** Share of Pre-Funding Note Fund principal returned by October 19, 2026, from $70,254,000 of notes at May 31, 2024. The other 9.75% is unreturned, not a final loss: Upright reports losses on some resolved loans and gains on others, and the final recovery is unresolved. Interest is deferred until principal is returned. - **46%** Horizon fund delinquency on April 16, 2025, per Upright (basis not stated; Upright attributed part of the rise to a shrinking loan count). By March 31, 2026, in a 'wind-down process', loans in foreclosure or REO were about 48% of the book by unpaid principal balance. - **100%** '100% interest paid / 100% principal repaid' badges still shown for the Pre-Fund and Residential Bridge Note Fund on October 31, 2026; Wayback captures show the homepage badges unchanged since April 2024. - **1% + 20%** Horizon's fund-level fees: 1% of net asset value and 20% of profits above a non-cumulative 8% preferred return. Upright's lending arm also keeps 100% of borrower points and fees, which the PPM says average 1% to 10% of each loan. - **0** Audits located for any Upright fund or note vehicle; the reviewed 2025 PPM promises none. No enforcement action against Upright or its officers was located in the federal and AltStreet sources searched; state regulators and courts not yet searched. Data note: Balances, delinquency, losses and distributions are Upright's own figures from its update thread, help center, Horizon updates and quarterly report, none of them audited. Fees and terms are from the June 12, 2025 Horizon PPM (page numbers are the PPM's). Delinquency bases differ: platform figures to 2024 are by loan count or book share as Upright stated them, the April 2025 Horizon figure has no stated basis, and the 2026 Horizon figures are shares of unpaid principal balance, so they are not one series. Form D figures are as filed. Wayback dates are capture dates. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 90.25% | The site still shows '100% principal repaid'. | Pre-Fund principal returned since June 2024, with interest deferred; losses and gains reported on resolved loans, final recovery unresolved. $70,254,000 of notes at May 31, 2024. | | 46% | Horizon fund delinquency on April 16, 2025, per Upright (basis not stated). | Wind-down from July 2025; foreclosure and REO about 48% of the book by unpaid balance at March 31, 2026. | | 1-10% | Borrower points and fees per loan kept by Upright's lending arm, per the Horizon PPM. | Paid by borrowers, not deducted from balances, but able to lower the fund's loan rates; alongside 1% of NAV and a 20% profit share. | | 0 | Enforcement actions located against Upright or its officers. | Federal registers and AltStreet tables; courts, NMLS and state regulators not yet searched. | ## Verdict Upright has a long record of lending to real estate investors, but its legacy investor products are returning capital or winding down by its own account. Delinquency was rising before its payment provider failed in May 2024; Upright then halted new investments, reopened Horizon from August 2024 to mid-2025, and has since put it into wind-down. The Pre-Fund has returned 90.25% of principal with interest deferred and both losses and gains on resolved loans, its final recovery unresolved, and the Residential Bridge Note Fund is largely in REO. Upright publishes candid monthly updates, yet its product pages still show '100% principal repaid' badges, open invest buttons and 'only 1%' fees, and no audit of any vehicle was located. **Best for** - Existing Upright investors following their recoveries through the update thread. **Look elsewhere if** - You are considering a new investment based on the product pages. - You need audited reporting. - You need liquidity. **Strengths** - Origination since 2014 and a dated public update thread with balances, losses and distributions. - First-lien loans, with an indenture trustee on single-loan notes. - Offering documents linked openly; Horizon management fees waived for 26Q1. **Limitations** - Pre-Fund loan-level losses and deferred interest; RBNF largely REO; Horizon in wind-down. - Product pages and badges contradict the company's own updates. - A 20% profit share and borrower points of 1% to 10% kept by an affiliate, outside the 'only 1%' headline. - No audit located; Form D notices that lag the offerings; sponsor financial pressure disclosed. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Existing investors tracking a recovery | neutral | | | New investors attracted by the product pages | poor-fit | | | Investors who need audited reporting | poor-fit | | ## Questions **Is Upright (Fund That Flip) legit?** Upright is a real lender that has originated loans since 2014 and files Form D notices for its offerings, and no enforcement action against it was located in the sources AltStreet searched. Its investor products are in trouble by its own account: delinquency was rising before its payment provider Synapse failed in May 2024; it then halted new investments, reopened Horizon from August 2024 to mid-2025, and since then the Pre-Fund has been returning capital with interest deferred and loan-level losses reported, and the Horizon fund has been winding down. Its product pages have not been updated to reflect this. **What happened to the Upright Pre-Fund (PFNF)?** Upright put the Pre-Funding Note Fund, which had $70,254,000 of notes at May 31, 2024, into a pro-rata principal-return plan in June 2024. Interest borrowers pay is collected and distributed with principal; Upright plans to pay noteholders interest only after all principal is returned. On October 19, 2026 it reported 90.25% of principal returned. It has reported losses on some resolved loans and gains on others, so the 9.75% still unreturned is not yet a final loss. **Is the Upright Horizon fund still open?** Upright's 26Q1 quarterly report describes a 'Fund wind-down process', with $12.75 million returned to investors from July 2025 to April 2026 and loans in foreclosure or REO at about 48% of the book. Horizon had reopened to new investors in August 2024 and admitted them until at least July 1, 2025; the deal card still shows 'Invest Today' and that July 1, 2025 admittance date. **What fees does Upright charge?** In the Horizon fund, a management fee of 1% of net asset value a year and a 20% manager share of profits above an 8% preferred return that does not carry forward if missed. Separately, Upright's lending arm keeps the origination fees and points borrowers pay, which the PPM says average 1% to 10% of each loan, and half of extension and default fees; these are not taken from investor balances but can lower the rates the fund earns. For its note products Upright states no investor fee and earns the spread between loan and note rates. **Did Upright investors lose money in the Synapse collapse?** Upright reported that $13.7 million of Upright-related cash, including $5.1 million in investor wallets, was inaccessible after Synapse failed and was released around June 17, 2024. The losses Upright has since reported are on loans in the Pre-Fund and other products, not on the frozen cash. ## Evidence appendix Platform website captured November 1, 2026. 15 Form D filings across nine vehicles; the 2025 Horizon PPM and linked fund documents; the 2016 note PPM; the live site, lending site, help center and 97 Wayback captures; Upright's update thread and Horizon reports; Saluda Grade ABS-15G reports; registers and enforcement tables. **Highlights** - PPM: 'Upright has experienced significant operating and profitability challenges'. - PPM: 'One Hundred Percent (100%) of such fees described in the foregoing paragraph shall be payable to the Originator.' - PPM: 'There will be no independent review of the value of such loans'. - Update thread: 'We unfortunately experienced some principal loss on the grouping of repaid loans this period.' - 26Q1 report: 'Fund wind-down process'. **Primary source pages** - Horizon Residential Income Fund I, LLC private placement memorandum, June 12, 2025 (pages 11, 15, 18, 26 to 28, 31, 36, 48). - Upright update thread on its payment processing provider, May 10, 2024 to October 19, 2026. - Horizon 26Q1 quarterly investor report and Horizon fund overviews, September 2024 to April 2025. - Upright product pages: home, /invest/compare, /invest/pfnf, /invest/hrif, Horizon deal card, /info/horizon-residential-income-fund, /learn/about-us (October 31, 2026). - Form D notices of Horizon Residential Income Fund I (0001968526-23-000001), its sub-REIT (0002004553-24-000001), Pre-Funding Note Fund (0001808681-24-000001), FTF Lending (0001808681-24-000002) and five other vehicles. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/upright - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/private-credit --- Source page: https://altstreet.investments/platforms/reviews/upright Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.