Is the investment on iFunded similar to a real estate fund?

No. In a real estate fund the fund manager decides in which properties the fund invests in. On iFunded you decide in which real estate project you invest. That way you know exactly what your investment is being used for. With the subordinated loan you assign a loan directly to a project developer. Your invested money, including interest, is immediately repaid to you at the end of the term of the project. Unlike a real estate fund, you get your fixed interest back regardless of the success of the management.