Crowdfunders Turn Out Huge Numbers

Jason Fritton is the CEO of Patch of Land.

LOS ANGELES— Patch of Land , a Los Angeles-based crowdfunding platform, has funded more than $100 million in short-term loan originations. The company funds loans for both residential and commercial properties, and launched its short-term loan division in 2013. The success has directly benefitted investors, with a $25 million return. “This milestone reflects more than just a number; it signifies successfully reaching our goals of consistent growth and simultaneous milestones,” Jason Fritton , CEO of Patch of Land, tells GlobeSt.com. “Demand for Patch of Land’s core product continues to grow, and $100 million in directly originated and funded, i.e. not brokered, loans is a significant milestone. We continue to service a true marketplace of investors comprising individuals as well as institutions that are large and small.” Launched in 2013, the short-term loan plan provides 12-month loans. Fritton expects the company to be even more successful in 2016. “We are expecting to at least double our origination in 2016 and the launch of new loan products will help us achieve those goals,” he tells GlobeSt.com. “We are encouraged by the overwhelmingly positive response.” The company has major firepower to double its originations this year. In addition to increasing demand, the company also struck a deal with an East Coast credit fund, which will purchase $250 million in loans in a forward flow arrangement. The company also plans to grow its loan products this year to supply demand for loans with a longer term, which will also facilitate growth this year.