Patch of Land is a

peer-to-peer Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks or workloads between peers. Peers are equally privileged, equipotent participants in the network. They are said to form a peer-to-peer ...

real estate crowdfunding Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, over was raised worldwide by crow ...

online marketplace and

hard money loan A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than ...

provider that connects

real estate developers Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. R ...

needing financing to

lenders A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...

and

real estate investor Real estate investing involves the purchase, management and sale or rental of real estate for profit. Someone who actively or passively invests in real estate is called a real estate entrepreneur or a real estate investor. Some investors actively ...

s. Patch of Land focuses on 6–24 months real-estate

first lien A lien ( or ) is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the ''lienee'' and the pers ...

mortgage loan A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any ...

s with

borrower A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this ...

guarantees.

History

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 The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...

for the inclusion of real-estate crowdfunding in the JOBS Act. The company hired AdaPia d'Errico as Chief Marketing Officer and Amy Wan as its General Legal Counsel. 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. Patch of Land opened its Indentured Trustee Model documentation to the public in the hopes that other firms would follow suit, as many did. 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 crowdfinancing sector In 2015, ''

Entrepreneur Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values t ...

'' named Patch of Land to its list of 100 Brilliant Companies. In April 2016, the company hired Paul Deitch from

Oaktree Capital Management Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2022, the company managed $164 billion for its clientele. The firm was co-founded in 1995 by a group that ...

as CEO. He resigned in November 2017 and was replaced by co-founder and chairman Jason Fritton.

References

External links

* {{Crowdfunding platforms American real estate websites Online marketplaces of the United States

History

See also

References

External links