An electronic system—and associated method—for creating, marketing, and selling real estate notes, represented by a fixed income contract with a periodic payment based on a rate of return and a term, is provided. A system and method for providing a liquid market for real estate notes is also provided. The system includes, a central controller, coupled to a network, having a trading system that processes the purchase and sale real estate mortgage based notes, an investor interface with which investors communicate with the central controller, and a real estate mortgage owner interface with which real estate mortgage owners communicate with the server. A real estate mortgage owner creates, through the system, a real estate mortgage based note offering, which is presented to a plurality of investors. Each investor may purchase the note with a purchase commitment. The investors may later trade the real estate note via the system.