# Upright

> Upright, the Cleveland-based company formerly called Fund That Flip, finances professional residential redevelopers and packages real-estate debt for accredited investors. Its narrow wedge - fast, asset-backed capital for properties banks often dislike - grew into rehab, new-construction, bridge and DSCR loans, plus project software acquired with FlipperForce. Upright says it has originated more than 8,000 loans exceeding $3 billion, but the 2024 collapse of payment processor Synapse exposed the cost of a critical vendor dependency and pushed parts of its investment operation into recovery and wind-down mode while lending continued with a redesigned loan suite.

- **Founded:** 2014
- **Headquarters:** Cleveland, United States
- **Founders:** Matt Rodak (Founder and CEO), Dan Morena (Co-founder and former CTO), Stephan Leccese (Co-founder and former COO)
- **Team size:** Approximately 89 employees in supplied company data; LinkedIn currently places the company in the 51-200 employee range
- **Products:** Rehab loans - Advantage, Boost and Catalyst, New-construction loans, Stabilized bridge loans, DSCR rental loans, Individual Project Notes
- **Notable:** Originated more than $2.6 billion in loans and funded more than 5,061 projects for 1,589 developers by August 2023, according to the rebrand announcement., A later private-placement memorandum reports more than 8,000 loans and more than $3 billion originated over ten years., Ranked No. 42 overall and No. 4 in real estate on the 2019 Inc. 500, according to Upright’s founding-story materials.

## Products & services

- **Rehab loans - Advantage, Boost and Catalyst** — Short-term, first-position, interest-only financing for residential rehabilitation and fix-and-flip projects. Published terms in 2025-2026 show up to 90% loan-to-cost and 75% after-repair value, with different tradeoffs among rate, appraisal, draw inspection, upfront fees and deferred payments.
- **New-construction loans** — Short-duration financing for ground-up residential construction, published at $100,000 and above, up to 15 months, up to 85% loan-to-cost and 70% after-repair value.
- **Stabilized bridge loans** — Short-term capital for stabilized investment properties, including cash-out options and an online borrower portal.
- **DSCR rental loans** — 15- or 30-year rental-property loans underwritten mainly against property cash flow rather than the borrower’s personal income, with published LTVs up to 80% for purchases or rate-and-term refinances.
- **Individual Project Notes** — Borrower-dependent notes for accredited investors whose performance tracks a specific underlying residential bridge loan. Upright’s published offering pages list a $5,000 minimum and no secondary market.
- **Pooled investment funds** — Products including Pre-Fund, Horizon and Blueprint designed to diversify accredited investors across multiple loans. Horizon entered a structured wind-down by 2026, according to its quarterly investor report.
- **FlipperForce software** — Acquired project-analysis and management software with rehab estimating, flip and BRRRR analysis, scope-of-work tools, tasks, documents and expense tracking.

## Achievements

- Originated more than $2.6 billion in loans and funded more than 5,061 projects for 1,589 developers by August 2023, according to the rebrand announcement.
- A later private-placement memorandum reports more than 8,000 loans and more than $3 billion originated over ten years.
- Ranked No. 42 overall and No. 4 in real estate on the 2019 Inc. 500, according to Upright’s founding-story materials.
- Appeared on the Inc. 5000 in 2019, 2020, 2021, 2022 and 2023, according to the company’s 2023 rebrand release.
- Acquired FlipperForce in 2022 to add analysis and project-management software.
- Rebranded Fund That Flip and FlipperForce as Upright in September 2023.
- Recovered and distributed wallet capital held at AMG National Trust Bank after the 2024 Synapse bankruptcy disruption, according to company updates.
- Introduced the Advantage, Boost and Catalyst loan suite in 2025 with appraisal, draw and payment-timing options.

## Latest updates

- **2024-05** — Synapse’s shutdown disabled ACH processing and wallet withdrawals. Upright paused new investment deployment, moved distributions to manual workarounds and began migrating payment infrastructure.
- **2024-07** — Upright said it had sold 292 performing BDN-linked loans to institutional buyers, recovered funds held at AMG National Trust Bank and continued PFNF distributions.
- **2025-05** — The company rolled out Advantage, Boost and Catalyst, allowing experienced borrowers to trade among lower rate, no appraisal, self-inspection draws, deferred origination and deferred interest.
- **2025-06** — Upright published a four-day closing case study and promoted a rebuilt document-upload and AI-assisted loan application flow.
- **2026-03** — The Horizon Residential Income Fund reported a structured wind-down, $3.5 million of first-quarter capital distributions, $12.0 million remaining equity, nine loans in foreclosure and nine REO assets at the end of April.

## Links

- Website: https://www.upright.us
- LinkedIn: https://www.linkedin.com/company/buildwithupright
- Twitter/X: https://twitter.com/build_Upright
- YouTube: https://www.youtube.com/channel/UC5PNxpHcnnavmpT8RrQwAAQ
- Instagram: https://www.instagram.com/buildwith_upright/
- Facebook: https://www.facebook.com/buildwithupright

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Profile page: https://yespress.io/upright
Published by YesPress — https://yespress.io
Last updated: 2026-08-22