Real estate crowdfunding platform Patch of Land has announced its biggest funding to date, signing an agreement with a credit fund on the East Coast that will invest $250M across its platform.
CEO Jason Fritton describes it as a huge win for Patch of Land with a multi-billion-dollar credit fund with a great deal of experience in real estate.
Jason says the deal is a validation of Patch of Land's ability to get the job done and to operate professionally and that it "moves us from being a scrappy startup to a professional, sophisticated company.”
The agreement increases Patch of Land's ability to fund deals. Jason says they receive "hundreds of millions of dollars a month worth of funding opportunities.”
Patch of Land has returned more than $20M of principal and interest payments to investors with no loss of principal in a little over two years, Jason tells us.
Patch of Land issued its first loan in October 2013.
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