patch of land
Has anyone out there financed their real estate deal through Patch of Land (patchofland.com)? What are your impressions?
I have been on the other side of the coin as an investor with them. Have been quite impressed. Good luck.
@Adela Mizrachi Did you never pursue a loan with POL?
@Michelle Verdugo No, I never went through with it. I found money elsewhere. Let me know if you go with them, though.
Following this thread because I'm curious about them as well and have no prior experience. Am I understanding their website correctly? They want 8% interest on loans and paid in full after two years for small income buy and hold properties?
Josane Cumandala Yes, at least that is my understanding of their offer
@Josane Cumandala - Hi, did you get a loan with Patch of Land? If so, How are they? I'm looking to use them or another similar lender
People here are likely reticent about their opinions lest they be cynically accused - baselessly - of "shilling" or plugging a company...(I've seen it - it aint pretty) If you DM me, i'll gladly share my opinions with you about this company & others as I've used them quite a bit and have become quite familiar with the terrain
I recently refinanced a couple properties into longer terms with them and had a really negative experience. It could partially be because they aren't used to processing the long term products they are offering, but either way. Both took much longer than expected and I ran into problems every step of the way. The product they are offering is what I needed, but the headache was not.
I think there is a reason that they used to be featured all over this site and now you can't find them in the HML section or the pro section... That probably should have been something I noticed prior to working with them.
Like I said, they do have some desirable loan products. The only thing I would recommend is if you go with them, push your process along as much as possible and audit everything that they do. You will likely have to catch mistakes made by loan officers, processors, and underwriters throughout.