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Real estate crowdfunding platform Patch of Land just announced it has originated more than $100M in short-term loans. Patch of Land has also returned more than $25M in principal and interest to its investors, according to CEO Jason Fritton.
Bisnow caught up with Jason to talk about the milestone and the fund's new 24- to 36-month mid-term product to help the company offer medium-term lending opportunities, he says.
As a result, Patch of Land can better serve borrowers in need of more flexible loan solutions for projects requiring repositioning and tenant placement when anticipating long-term financing, he says.
It is also ideal for real estate investors "rehabbing and deciding to hold a property to build a rental portfolio," Jason tells us. For investors, the product offers a bit of a longer hold period on projects that have tenants in place, cash flow and lower loan-to-value than a 12-month rehab loan.
The company now offers short-term real estate debt opportunities in 36 states.
It announced its biggest funding to date last month when it signed an agreement with an East Coast credit fund which invested $250M across its platform.
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