Patch of Land
 | |
| Company type | Online Real Estate Crowdfunding |
|---|---|
| Founded | 2012 |
| Founder | Jason Fritton Brian Fritton Carlo Tabibi |
| Headquarters | , |
| Website | www |
Patch of Land is a peer-to-peer real estate crowdfunding online marketplace and hard money loan provider that connects real estate developers needing financing to lenders and real estate investors. Patch of Land focuses on 6–24 months real-estate first lien mortgage loans with borrower guarantees.
History
[edit]Patch of Land was established by Jason Fritton, Brian Fritton and Carlo Tabibi in 2012 in Los Angeles, California. Jason Fritton was among those who lobbied the United States Congress to include real-estate crowdfunding in the JOBS Act.[1]
The company hired AdaPia d'Errico as Chief Marketing Officer[2] and Amy Wan as General Legal Counsel.[3]
In August 2015, Patch of Land announced its Indentured Trustee Investment Model, offering a bankruptcy remote investment structure and stronger consumer protections for its investors.[4] Patch of Land opened its Indentured Trustee Model documentation to the public hoping that other firms would follow suit, as many did.[5][6][7]
In 2015, CNBC created its Crowdfunding Index, powered by Crowdnetic, and included Patch of Land in both the real estate sub-sector as well as the overarching crowd financing sector[8]
In 2015, Entrepreneur named Patch of Land on 100 Brilliant Companies list.[9]
In April 2016, the company hired Paul Deitch from Oaktree Capital Management as CEO.[10] He resigned in November 2017 and was replaced by co-founder and chairman Jason Fritton.[11]
See also
[edit]- Crowdsourcing
- Peer-to-peer lending
- Peer-to-peer banking
- Comparison of crowdfunding services
- Disruptive innovation
- Crowdfunding (Real Estate)
- Non-bank financial institution
- Prosper Marketplace
- Hard money loan
- Bridge Loans (Real Estate)
References
[edit]- ^ Banas, Daniel (19 May 2015). "Crowdfunding Comes to Real Estate: Interview with Patch of Land CEO Jason Fritton". Equities.com.
- ^ "Peer-to-Peer Real Estate Crowdfunding Explained with AdaPia D'Errico from Patch of Land". Real Estate Radio Show. 2015-04-20. Retrieved 2017-09-08.
- ^ "The Real Estate Crowdfunding Review". The Real Estate Crowdfunding Review. Retrieved 2017-09-08.
- ^ "Patch of Land Announces All Existing and Future Loans Secured by Underlying Collateral as Part of New Loan Structure Offering" (Press release). pol.newswire.com. August 19, 2015.
- ^ "New Offering Structure for Debt Investments - RealtyShares Blog". blog.realtyshares.com. September 2015.
- ^ Zeoli, Anthony (June 11, 2015). "Patch Of Land Now Offers a Truly "Secured" Investment Structure". Crowdfund Insider.
- ^ "Adding Real Estate Crowdfunding to Your Investment Portfolio". Real Estate Investors Blog - Sharestates, LLC. August 1, 2016.
- ^ "The CNBC Crowdfinance Real Estate Average". CNBC. February 4, 2015.
- ^ Shoot, Brittany (May 26, 2015). "Let This Company Make Your Concept a Creation". Entrepreneur.
- ^ Alois, JD (April 25, 2016). "Change at the Top: Paul Deitch of Oaktree Capital Steps in as CEO of Patch of Land". Crowdfund Insider.
- ^ Alois, JD (November 1, 2017). "Paul Deitch Departs CEO Position at Patch of Land. Co-Founder Jason Fritton Steps Back into Leadership Role". Crowdfund Insider.
