When you invest in a loan on our platform you are investing in a Borrower Dependent Note (BDN). The performance of the BDN correlates directly with the performance of the note that you selected to invest in. 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 — hence the name 'Borrower Dependent.'