Los Angeles, CA (PRWEB) June 14, 2014
With its 13th project launched just one day ago, Patch of Land, the P2RE (peer-to-real-estate) Marketplace surpassed $3 million in funding in just 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 projects themselves have been completed in four states (NY, NJ, IL, GA) with more to come online in the coming months.
"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.
About Patch of Land
Patch of Land is a privately owned company based in Los Angeles, CA providing accredited and institutional investors easier access to short-term, asset collateralized, fixed income securities through its proprietary P2RE "Peer-to-Real-Estate" lending marketplace. Patch of Land is the online marketplace solution to inefficient, slow, fragmented and obscure short- term real estate lending, providing a fast, efficient, transparent and consistent service to real estate borrowers and professionals, who may not qualify for traditional financing. Patch of Land is partnered with WealthForge, a FINRA registered broker-dealer, and does not make recommendations or offer investment, financial, legal or tax advice. Learn more at: http://www.patchofland.com.