Patch Of Land Secures $3M Financial Funding for its Real Estate Loan Online.
With its release for its 13th project just a short while ago, Patch of Land, the P2RE (Peer-to-real-estate) Marketplace received a total of $3 million in funding in no less then under 8 months of business. The money lent to real estate borrowers on the platform comes from accredited investors in over 20 states, and the project themselves have been completed in over four states, (NY, NJ, IL, GA) with over more to come online during the coming month.
“This is a significant milestone for Patch of Land,” says CEO Carlo Tabibi. “We’ve been steadily building our pipeline of high quality loans and the demand from both borrowers and investors has been pushing us forward even faster than we imagined.”
Patch of Land is an originator of high-yield, short-term loans that use the underlying real estate asset as collateral. Accredited investors can purchase fractions of the loans for a minimum of $5000. The entire crowdfunding process is done online within a matter of minutes, as Patch of Land employs some of the most efficient back-end processes in the industry, including a fully responsive site and seamless user experience across all devices.
After completing the process, investors receive notifications about the progress of the investment, and receive monthly interest distributions to their accounts. To date, Patch of Land has returned over $500,000 in interest and capital to investors, 60% of which are repeat investors who take advantage of the low minimums to diversify their money across a number of parameters including yield, geography, and duration.
The company’s focus is solely on debt within real estate crowdfunding, making it a pure-play real estate debt platform that lends to real estate professionals needing funding to complete residential and small balance commercial projects. Over 100 independent real estate operators have requested funding already.
As word gets out about the better lending experience through Patch of Land and its commitment to transparency, speed, efficiency and customer service orientation, borrowers with strong projects can expect to get their funding quickly and be empowered to grow their businesses, renovate, rehab and beautify their communities, adding to the overall value of real estate in their local area.