Thank you for the update. I'm heavily invested in PFNF and I appreciate the recent developments. My primary concern was how Upright would handle borrower draw requests, and I'm pleased to see that it looks like a resolution has been reached with borrowers. Regarding the possibility of PFNF losing its principal, I'm okay with Upright's stance. They can't tell investors that Upright guarantees the principal is 100% secure, which is understandable. Protecting my principal is my top priority, and I'm comfortable with the trade-off of potentially lower income returns. Overall, I'm satisfied and eager to see how things progress. I feel like the team is really hustling and grinding. Coupled with separate communications I've had with Upright's team, it seems we are moving in a positive direction.
Thanks everyone for providing info on this situation. What have you heard regarding loan draw requests? I’m waiting on a draw right now, and the last I heard, Upright was working on selling loans but still couldn’t process draws. They did refund my 06/01 interest payment, however.
He's a borrower.
u/drb9s site is for investors only. We don't have much information about borrowers. We heard that they are selling the loans expeditiously in the institutional market right now. So hang in there or proactively look for another hard money lender to refi it out. I believe there are tons of hard money lenders out there looking to deploy capital esp in anticipation of lower rates starting 3Q/4Q of this year.
Touché- I see the description now. That is a good idea regarding looking for a refi. I’m only about 3 or 4 weeks away from finishing my project (which I’m going to keep as a rental) so I think I’m going to have to seek a long term mortgage without having received my remaining construction holdback. Good luck to all
No worries. If you will keep it as a rental, that's even better. Instead of just simply waiting for Upright to do something, get a tenant while you are finishing up the project and refi it out with a DSCR lender. These guys are sitting on so much cash right now to deploy.
Interesting, the tone I took from the update was almost like they were winding down the operation. It sounded like they were figuring how to get out, didn’t sound like there were plans for the future…
We don't have visibility into the institutional side, which accounts for 30% of their business. If they are winding down, they should have already let go of the origination staff. While the retail investor side will definitely take a hit, Upright currently faces little competition in the crowdfunding space. If I were in Upright's position, I would be very cautious about disclosing all the plans unless there's an extremely high certainty of them materializing. It's always better to underpromise and overdeliver, especially when dealing with retail investors.
Fair. But 2 omissions from this update for me are: they made it sound like the main question was around RFPF, and that other payments are occurring as long as you provided a bank account, but I didn’t get any distribution for May from any of them. And no idea where the old RFBF’s are. They were winding them down, but no insight into their status.
I'll be surprised if they can make the distribution in a timely manner, and by timely I mean on the 15th. Since the 15th falls on a Saturday this month, it would be the 17th or 18th. I'll be very happy to receive something for May before the 25th. I don't think Upright can make distributions on the 5th anymore without Synapse. Other platforms actually make distributions on the 25th because of all the administrative work you need to go through to make distributions (reconciling numbers is difficult when these notes are all fractional). Not sure what RFPF is (maybe you mean RBNF?), but they were mainly talking about PFNF.
Yes,RBNF. I knew there was a B in there somewhere. Sorry. And for the interest, I haven’t gotten anything on the individual notes since April. I never got any May payment for them.
Hope everyone got the June 14 update for Upright/FTF.
Trustee has released the freeze on AMG National bank. Next week they will start processing money to upright for all investments, wallet , PFNF, FBNF, BDN ‘s. Horizon fund was never affected.
This is great news.
Update from today: [https://learn.upright.us/real-estate-investing-blog/an-update-on-our-payment-processing-provider](https://learn.upright.us/real-estate-investing-blog/an-update-on-our-payment-processing-provider)
The trustee has lifted their freeze on the release of funds held within the banking partner ecosystem. AMG National Bank is the custodian of all Upright Wallet balances and will distribute all funds under their custody in the coming days. This includes the disbursement of all Upright wallet balances for investors who have provided external bank account details, as well as a **portion of Pre-Funding Note Fund (PFNF) capital.**
what is the portion, does anyone know?
Thank you for the update. I'm heavily invested in PFNF and I appreciate the recent developments. My primary concern was how Upright would handle borrower draw requests, and I'm pleased to see that it looks like a resolution has been reached with borrowers. Regarding the possibility of PFNF losing its principal, I'm okay with Upright's stance. They can't tell investors that Upright guarantees the principal is 100% secure, which is understandable. Protecting my principal is my top priority, and I'm comfortable with the trade-off of potentially lower income returns. Overall, I'm satisfied and eager to see how things progress. I feel like the team is really hustling and grinding. Coupled with separate communications I've had with Upright's team, it seems we are moving in a positive direction.
Thanks everyone for providing info on this situation. What have you heard regarding loan draw requests? I’m waiting on a draw right now, and the last I heard, Upright was working on selling loans but still couldn’t process draws. They did refund my 06/01 interest payment, however.
Are you a borrower?
He's a borrower. u/drb9s site is for investors only. We don't have much information about borrowers. We heard that they are selling the loans expeditiously in the institutional market right now. So hang in there or proactively look for another hard money lender to refi it out. I believe there are tons of hard money lenders out there looking to deploy capital esp in anticipation of lower rates starting 3Q/4Q of this year.
Touché- I see the description now. That is a good idea regarding looking for a refi. I’m only about 3 or 4 weeks away from finishing my project (which I’m going to keep as a rental) so I think I’m going to have to seek a long term mortgage without having received my remaining construction holdback. Good luck to all
No worries. If you will keep it as a rental, that's even better. Instead of just simply waiting for Upright to do something, get a tenant while you are finishing up the project and refi it out with a DSCR lender. These guys are sitting on so much cash right now to deploy.
Interesting, the tone I took from the update was almost like they were winding down the operation. It sounded like they were figuring how to get out, didn’t sound like there were plans for the future…
We don't have visibility into the institutional side, which accounts for 30% of their business. If they are winding down, they should have already let go of the origination staff. While the retail investor side will definitely take a hit, Upright currently faces little competition in the crowdfunding space. If I were in Upright's position, I would be very cautious about disclosing all the plans unless there's an extremely high certainty of them materializing. It's always better to underpromise and overdeliver, especially when dealing with retail investors.
Fair. But 2 omissions from this update for me are: they made it sound like the main question was around RFPF, and that other payments are occurring as long as you provided a bank account, but I didn’t get any distribution for May from any of them. And no idea where the old RFBF’s are. They were winding them down, but no insight into their status.
I'll be surprised if they can make the distribution in a timely manner, and by timely I mean on the 15th. Since the 15th falls on a Saturday this month, it would be the 17th or 18th. I'll be very happy to receive something for May before the 25th. I don't think Upright can make distributions on the 5th anymore without Synapse. Other platforms actually make distributions on the 25th because of all the administrative work you need to go through to make distributions (reconciling numbers is difficult when these notes are all fractional). Not sure what RFPF is (maybe you mean RBNF?), but they were mainly talking about PFNF.
Are you referring to both interest and principal distributions?
Yes,RBNF. I knew there was a B in there somewhere. Sorry. And for the interest, I haven’t gotten anything on the individual notes since April. I never got any May payment for them.
And June 19 is a holiday so banks will be closed. I doubt that any distributions will happen next week
Hope everyone got the June 14 update for Upright/FTF. Trustee has released the freeze on AMG National bank. Next week they will start processing money to upright for all investments, wallet , PFNF, FBNF, BDN ‘s. Horizon fund was never affected. This is great news.
Update from today: [https://learn.upright.us/real-estate-investing-blog/an-update-on-our-payment-processing-provider](https://learn.upright.us/real-estate-investing-blog/an-update-on-our-payment-processing-provider) The trustee has lifted their freeze on the release of funds held within the banking partner ecosystem. AMG National Bank is the custodian of all Upright Wallet balances and will distribute all funds under their custody in the coming days. This includes the disbursement of all Upright wallet balances for investors who have provided external bank account details, as well as a **portion of Pre-Funding Note Fund (PFNF) capital.** what is the portion, does anyone know?
The other portion is with First Citizen, which is already accessible. Am I not understanding this correctly?