Patch Lending Ventura Blvd, Sherman Oaks

What an absolute pleasure to work with Patch of Land, the best lender i have ever worked with!! I am an investor that has done several deals and worked with prior lenders before but the experience with Patch of Land has been by far superior. They have funded very complicated and difficult deals VERY fast, with the recent one being in around 6 days. Lower fees compared to others. I am always using this lender from now on wards. They are truly the best in the market and a true lending partner!!! Very grateful to have found them.

I closed 3 properties in 4 months with patch of land. The last 2 times experience were getting worse and worse. The second one took almost 5 months to close as its a foreclosure. But the last minute patch of land increased the interest by 31% because of the ground rent. I will appreciate it if they told me at the beginning so I would have plenty of time to redeem the property as fee simply. The third one after I summit the floor plan they said they need a second appraisal. It end up I was totally charged $1383 for appraisal fee for a small loan. I don’t know how many people can afford $1383 for a appraisal. It also took more than 2 months to close a small house. The last two times experiences are hurting for a repeating customer.

Since Patch of Land received investor funding - they have been trying hard expand help desk services and automate processes to better support the ramp up in new business. While they are still facing challenges in developing the infrastructure to meet the surge in growth, the senior leadership has been very responsive to issues I have faced (I sent personal email to the Jason Fritton) and he appears very committed to customer satisfaction. Given his personal attention and quick responsiveness to voiced concerns, as well as the changes they have made in the past several weeks (i.e. implementation of my suggestion to send automated email updates to investors regarding specific properties), I am giving them a 4 star review. I will update my review next month based on performance.

This is by far the most unprofessional and worst experience ever. Me and my partner sent them a deal..over 2 months back and forth with them. Told APPROVED not PRE APRROVED..Told and given a closing date..then reconfirmed closing date(s). Our client was expecting closing. And funding and we were expecting closing and commission..We find out the Friday before close the next week at 8 pm on a Friday after calling and emailing continuously to contact the rep to just ask which specific day it would be the following week and we get a BOMB dropped on us that the loan is being DENIED!!!! I have never been anything like this in my life. So much damage and fallout from this..not only all the time spent on working the deal and not shopping it anywhere else because we were told approved and closing and all fees had been collected as well from our client but no we lose all the time and effort and our commission as well as damage our reputation and lose a good client that has a larger deal that we were going to do! Stay away from this company they have their r heads up their A$$ and what they have done borders on misrepresentation and fraud and I will be looking into any way they can be legally liable for all the damage they done! Feel free to contact me. And me and my partner will enlighten you. Stay AWAY!

Update (06/2020): All in all, I invested in three deals with them. One paid off, one went into foreclosure and I lost principal, and the other is currently in foreclosure. The newest problem with POL, is that they don't respond to customers anymore. I think they may be in trouble. Communication is really (really really) bad. Numerous promises that they will get back to me regarding the status of non-payment, but nothing. The layout of the site is good, deals are reasonable, but the owners need to find a way to provide better communication.

Have nothing but great things to say about Patch of Land. As a flipper funding can sometimes be tough and they made the process super easy! Emails were always answered promptly and it was a perfect option for our business! Would definitely use them again!

As a cover all statement I could say Patch of Land is a remarkable lender affording you, relatively speaking, an extremely easy borrowing experience, however the statement would not do them justice. So let me break it down the best I could: 1) the initial phone call with Melissa Barone an executive with Patch of Land was an interview turned informative call and ending knowing this might just be the company and the person I want and need to deal with. 2) the lending package (application) was most definitely the least extraneous application an investor could encounter, allowing the investor to use his/her analysis software, that they are familiar with. That was important to me. 3) The team that you will work with in bringing your deal to the table will truly surprise you with their personal approach to your deal. Their back and forth communication being so swift would make you believe you're the only deal in the pipeline; they are good, very good, professional as well as gracious and patient. 4) Melissa is the consummate professional. Business, Service, Business nothing less. She'll help you where she can and tell you if she can't. In the end however, she delivers and to an investor that's what matters. 5) Finally Patch of Land Lending programs are one of the most competitive out there. Give them a call, inquire about their programs you won't be disappointed. Al P Romar Development LLC Philadelphia Metro Area

Ok - Here's my complete review: I have been an investor with Patch of Land for the last 2 or so years and have "lent" or invested in almost a dozen loans over that time. I conducted diligent research before doing so, checking out most of the other major online real-estate investment companies. What struck me most about Patch of Land vs the others was: 1.) They only do real estate loans ("debt") and as such have become de-facto specialists in that area, which I like. I personally wan't attracted to the equity investments because they are much longer term, typically 3-7 years. Who can trust a 5 year weather forecast? 2.) Their Investments are short term - usually 12 months - which theoretically lowers the risk. My thinking was that less can go wrong in a short period of time than can go wrong over a longer period of time 3.) Unlike stock or equity investments, all their investments are secured by the properties just like a mortgage would be. Now I realize that even this doesn't guarantee 100% success but assuming that their loans are made at a reasonable discount to value (say anywhere from 55-85 % LTV) then I feel better about having this 'cushion' before losses begin to accrue. 4.) I liked the transparency of their website. Patch of Land is the only site where all customers are free to click-into their prior completed deals and see full and complete details. 5.) Interest rates are extremely attractive relative to Banks, other alternative investments and even compared to Lending Club or Prosper (which offer UNsecured loans only) 6.) Their investment offerings are frequent, broad and diverse across many different geographic areas so I can spread my risk across many different properties and different borrowers. Over the last 2 years many of the loans performed as expected and were fully repaid a little early or on time. All interest payments were credited to my account reliably each month and then automatically ACH'd to my bank which I appreciate. Some loans were 'extended' beyond the original maturity date. In these cases I actually received extra "extension" interest and so was pleasantly surprised when the final repayment came in higher than I was expecting. 2 of the loans eventually went into default and actually stopped paying any interest at all for several frustrating & nerve-wracking months. I was worried that I would lose my entire investment on these 2 loans but eventually both were repaid in-full (one after 5 months and the other after approx. 6 months) and i was made whole on my entire initial investment. In addition, i received a much higher default interest-rate while the loans weren't paying as well as some additional late fees and ended up earning an additional ~3.5% on these loans bringing their annualized return to approx 15%. Main issue was that Initially, the level of customer communication was a little too infrequent - especially after those first loans went into default but over the last 6 or 7 months I've found that communications have ramped up significantly to the point where I now feel that I have all the relevant and up-to date info on my investments with Patch of Land. Overall I would say that I am glad that I chose Patch of Land through which to invest in real-estate and I've earned an extremely high rate of return for what i feel is an acceptably low relative degree of risk. I would definitely recommend Patch of Land to anyone looking for high, relatively safe returns or to broaden their investment horizons into real-estate without needing to go out and purchase actual properties.

I've invested for a few years. When the projects went well, all was fine. The loan on one project I am invested in came due in October. Here we are in May of the next year and the loan is long overdue and POL has still not taken any action to foreclose or recover my principal. Worse than that, twice now they have said they were going to post an update on what is being done and have not followed through. At this point, I don't know if I'll ever see my principal returned.

I generally do NOT write reviews, but I really want to do good by warning other potential investors to NOT invest with Patch of Land. My experience with Patch of Land is a particularly bad one. Of the 10 loans I have invested with Patch of Land, 6 have been in default for more than 4 years. When I called them, they assured me that there would be no loss of principal as their "contracts are iron-tight." All was going well as I was promised no or minimal principal loss until recently I was issued a "Non Performing Loan Reconciliation" where I lost over 60% of my principal with no interests earned for 5 years. I'm typically not an emotional person, but I was extremely depressed and infuriated when I saw this. When they sold off my loan to a 3rd party, they sold it for 70 cent on a dollar. However, they made sure that THEIR portion of the fund invested got paid off in full (meaning they suffered no principal lost). To add salt to injury, they made a killing orchestrating the sale of the non-performing loan they did a such a poor job underwriting in the first place. I have posted a screenshot of the "wonderful" job they have done with investors' money. If any other investors have suffered big losses as I have, I am interested in filing a class-action lawsuit against Patch of Land. Feel free to contact me if you are interested. Thanks!