Patch of Land secures expanded $30M debt facility from SF Capital

Deal will allow startup to expand mortgage origination volume

June 19, 2017 10:30 AM
Jason Fritton, executive chairman at Patch of Land

Los Angeles-based Patch of Land, a real estate crowdfunding startup, has secured an expanded $30 million debt facility from investment firm SF Capital, the firm announced Monday.

The expanded facility, which grew from $10 million, will allow the company to expand its loan origination volume and give it greater flexibility in pre-funding loans, it said in a statement. 

Patch of Land, which is one of the best-funded real estate crowdfunding platforms in the U.S., provides loan originations for single-family properties and small commercial ones. Unlike its competitors Fundrise and iFunding, it’s a peer-to-peer lender, meaning it exclusively originates loans. The company raised $23.6 million in its Series A funding round in 2015.

“We have been pleased with our ongoing relationship with Patch of Land and are expanding our position because we believe that the company has the ability to significantly grow its top and bottom lines,” SF Capital President Neil Wolfson said in the statement.

Oaktree Management’s head of technology Paul Deitch joined the company last year as CEO. Co-founder Jason Fritton, who previously served as CEO, moved into the role of executive chairman. — Cathaleen Chen

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