Patch of Land Launches Mid-Term Loan Product

Jason Fritton is the CEO of Patch of Land.

LOS ANGELES—Patch of Land is launching a new mid-term loan product with 24-36 month terms. The new product is an extension of the firm’s 12-month short-term product, which has seen phenomenal success, and will target borrowers unable to qualify for long-term debt for properties that have a value-add or rehabilitation business plan.

“We saw the huge opportunity with this mid-term product because we noticed many of our borrowers have shifted their exit from a sale, into a hold, preferring to refinance a property after rehab and rent it out for cash flow,” Jason Fritton, CEO of Patch of Land, tells GlobeSt.com. “We’ve also been monitoring housing and local economic activity, especially changes in home buying and affordability patterns. There are multiple signs that point to rentals, especially single-family rentals, as a major opportunity. We know we’re able to provide speed and solutions to multiple gaps in the marketplace. These new solutions mirror what we have offered in the 12-month private money product. This mid-term will be the first of many flexible, innovative and necessary products we’ll be releasing.”