Crowdfunding Platform Patch of Land Enters Hotel Market
The LA startup has made its largest loan offering to date: $3.2M with an 18-month term for The Ramada Hotel on the historic Route 66 in Arizona. CEO Jason Fritton says the loan represents the company's continued growth as an originator. It's at 10% APR and 47% LTV. It marks the company's first loan in the hospitality space and expands its footprint to 22 states.
This comes after Patch of Land recently announced it raised $23.6M in a Series A fundraising round. Investors included SF Capital Group and Ron Suber, the chief of lending platform Prosper. Since its founding in 2013, Patch of Land has funded more than 130 projects, pre-funding and then crowdfunding more than $30M with an average blended rate of return of 12.22%.