When you invest in a project on Fund That Flip you are investing in a Borrower Dependent Note (BDN) or a series of notes. The performance correlates directly with the performance of a note that Fund That Flip invests in with the redeveloper of the project or series of projects you've chosen. The underlying note is typically a first-position mortgage or similar security. While the note that you purchase is unsecured, the terms of your note gives you rights to the proceeds generated from the underlying note that is securing the real estate. Learn more at https://learn.fundthatflip.com/real-estate-investing-blog/guide-to-investing/what-you-are-investing-in