If they did, they wouldn't be posting on Bigger Pockets, they would be a bond trader and a billionaire multiple times over.

I have a termite bond but it only covers active termite damage and we haven’t seen any active termites.

This only lessons the chance and usually provides some type of bond against damage.  

Here in the South, termites are a big deal and it pays to have a "termite bond" in effect when trying to sell a property.  

Fees are not refundable.Some people are charging something similar to a security bond.

Sound like you are looking at bonds or note funds, not necessarily individual notes.

As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser.

@David Bilandzija where do you typically go to buy US Treasury bonds ?

A corporation raises capital by issuing bonds that may be secured by assets or unsecured, if this were a situation where a loan was solicited to several parties or the public, the exemption may be tainted and seen as a bond offering.

If your friend wants something that is very easy to invest in, then I'd urge him to invest in paper assets like stocks and bonds.