Is Upright (formally Fund that Flip) out of Business

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Dennis Bates
Rental Property Investor 路 Washington, DC 路 Member since 2013 路 5 posts 路 5 votes
2y

Hi John- they seem to be in a tough spot related to the Synapse Financial bankruptcy- they've essentially suspended operations and are trying to sort through the mess. They are posting updates to their blog here: https://learn.upright.us/real-estate-investing-blog/an-updat...

Best,

Dennis

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  • Dennis Bates
    Rental Property Investor 路 Washington, DC 路 Member since 2013 路 5 posts 路 5 votes
    2y

    Hi John- they seem to be in a tough spot related to the Synapse Financial bankruptcy- they've essentially suspended operations and are trying to sort through the mess. They are posting updates to their blog here: https://learn.upright.us/real-estate-investing-blog/an-updat...

    Best,

    Dennis

    3Reply
  • Bob Carter
    Member since 2024 路 2 posts 路 3 votes
    2y

    I鈥檝e been with them about 8mos and definitely some strange stuff going on. I basically can鈥檛 access my money and the updates feel very ominous. Fingers crossed they don鈥檛 lose it all 馃檮

    2Reply
  • John O'LearyPro Member
    OP
    Lender 路 Winter Park, FL 路 Member since 2021 路 738 posts 路 412 votes
    2y
    Quote from @Bob Carter:

    I鈥檝e been with them about 8mos and definitely some strange stuff going on. I basically can鈥檛 access my money and the updates feel very ominous. Fingers crossed they don鈥檛 lose it all 馃檮


     Read Dennis's post above. 

    [email protected]800-663-4122
    1Reply
  • Bob Carter
    Member since 2024 路 2 posts 路 3 votes
    2y

    Yes I saw that. Upright has weekly updates on their website but ya never know 

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
    2y
    I had a borrower call me looking for help .. FTF has taken many of my clients out of my bridge loans in the past.. this guy could not access his draw money and was out about 300k. now he has the wherewithal to solve his problem but i can see others being in major trouble if work is done and draws are not forthcoming.
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  • Vania Castillo
    Investor 路 New York City, NY 路 Member since 2013 路 137 posts 路 50 votes
    2y

    Hello,

    I'm an investor with Upright, but I'm having a hard time to get in touch with them.  I have called and sent emails to no avail.  Is some one here in similar situation?  Any advise about how to handle this situation?  Thanks!

    1Reply
  • Doug SmithPro Member
    Lender 路 Tampa, FL 路 Member since 2013 路 2k+ posts 路 2k+ votes
    2y

    I had good friends/business contacts that worked there...all have fled to greener pastures. We've grabbed drinks a few times and it's sad. Lenders are really dependent upon larger funds to fund them. When one fund gets in trouble, it trickles down. It's really too bad. A rising tide raises all ships. As a lender, I hate seeing it. 

    1Reply
  • Holly Giles-Ragan
    Member since 2020 路 1 post 路 1 vote
    1y
    Quote from @Doug Smith:

    I had good friends/business contacts that worked there...all have fled to greener pastures. We've grabbed drinks a few times and it's sad. Lenders are really dependent upon larger funds to fund them. When one fund gets in trouble, it trickles down. It's really too bad. A rising tide raises all ships. As a lender, I hate seeing it. 


     Can you elaborate any more?  

    I am also a lender with Upright and am able to get responses when I email them, but it takes a while. They are working through the issues but it is definitely taking more time than I would like.

    1Reply
  • Stan S.
    Member since 2024 路 1 post 路 0 votes
    1y
    Quote from @Doug Smith:

    I had good friends/business contacts that worked there...all have fled to greener pastures. We've grabbed drinks a few times and it's sad. Lenders are really dependent upon larger funds to fund them. When one fund gets in trouble, it trickles down. It's really too bad. A rising tide raises all ships. As a lender, I hate seeing it. 


     What is really happening at Upright and did your contacts provide details about liquidation progress for the investors?

    0Reply
  • Vania Castillo
    Investor 路 New York City, NY 路 Member since 2013 路 137 posts 路 50 votes
    1y

    I don't really know what is happening.  I just know that some money is frozen and they are not taking new projects.  

    Established borrowers are not paying interest of loans that have matured and WE the investors have our money stuck doing nothing.  

    I have been asking for my fund from their "great" Horizons Fund and so far nothing.  Very disappointed and frustrated!!

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
    1y
    Quote from @Vania Castillo:

    I don't really know what is happening.  I just know that some money is frozen and they are not taking new projects.  

    Established borrowers are not paying interest of loans that have matured and WE the investors have our money stuck doing nothing.  

    I have been asking for my fund from their "great" Horizons Fund and so far nothing.  Very disappointed and frustrated!!


    sounds like you folks need to get a Reciever in there pronto before all the funds if there are any go poof.
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  • Doug SmithPro Member
    Lender 路 Tampa, FL 路 Member since 2013 路 2k+ posts 路 2k+ votes
    1y
    Quote from @Stan S.:
    Quote from @Doug Smith:

    I had good friends/business contacts that worked there...all have fled to greener pastures. We've grabbed drinks a few times and it's sad. Lenders are really dependent upon larger funds to fund them. When one fund gets in trouble, it trickles down. It's really too bad. A rising tide raises all ships. As a lender, I hate seeing it. 

    nothing. All I was told was that funding dried up. Honestly, I wasn't aware that they were taking investments from individual investors. I was simply under the impression that it was all hedge fund money. I wish I had more information, but when they all started saying "adios" and that they were struggling to get deals done, we quit sending loans that direction. 

     What is really happening at Upright and did your contacts provide details about liquidation progress for the investors?


    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor 路 VA 路 Member since 2015 路 21k+ posts 路 19k+ votes
    1y
    Quote from @Jay Hinrichs:
    Quote from @Vania Castillo:

    I don't really know what is happening.  I just know that some money is frozen and they are not taking new projects.  

    Established borrowers are not paying interest of loans that have matured and WE the investors have our money stuck doing nothing.  

    I have been asking for my fund from their "great" Horizons Fund and so far nothing.  Very disappointed and frustrated!!


    sounds like you folks need to get a Reciever in there pronto before all the funds if there are any go poof.

    There have been some loan sales tossed aruond recently where the last assignment was to them, so we assumed they were their loans. They were all non performing - many renovation loans where little reno was done and maturity date already passed - guessing it was inexperienced borrowers learning how to flip and were getting "easy" money.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
    1y
    Quote from @Chris Seveney:
    Quote from @Jay Hinrichs:
    Quote from @Vania Castillo:

    I don't really know what is happening.  I just know that some money is frozen and they are not taking new projects.  

    Established borrowers are not paying interest of loans that have matured and WE the investors have our money stuck doing nothing.  

    I have been asking for my fund from their "great" Horizons Fund and so far nothing.  Very disappointed and frustrated!!


    sounds like you folks need to get a Reciever in there pronto before all the funds if there are any go poof.

    There have been some loan sales tossed aruond recently where the last assignment was to them, so we assumed they were their loans. They were all non performing - many renovation loans where little reno was done and maturity date already passed - guessing it was inexperienced borrowers learning how to flip and were getting "easy" money.


     ya they took me out of about 14 of my deals and well being that I was getting paid it was not my place to coach them they made loans far in excess of my positions. 

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    0Reply
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