Patch of Land - Update

62 Replies

I was surprised at how willing smaller banks are to financing commercial this year.   I found a smaller hometown bank with 3 branches that is open to deals with 20% down.  Try a credit union or local bank, they are much more willing today, versus 3 or 4 years ago.  

I am a journalist reporting for a publication that cover equity crowdfunding offerings. I would like to talk with any POL investors who have been locked out of their accounts recently or are not getting return emails form the company executives.

Updated over 2 years ago

Correction I am looking to speak with investors using iFunding.

I have not been locked out of my account but Mr. Fritton did not answer several emails I sent him asking why my delinquencies were so high.  The fact that you asked the question about being locked out of ones account is disturbing since if would seem you would not ask such a specific question without some source telling you this happened?  I am happy to speak with you and you can contact me.  You might also want to speak with Josh Levy (aka Brooklyn R) who POL indicated was an advisor in 2014 and who in a previous post here says there are doing fine now which I really hope is true but for me the jury is still out until I get my investment back on the 10 delinquencies/foreclosures I current have.

I also have 3 current delinquencies/foreclosures totaling $45,000 that POL seems to be in no hurry to make good on !?! On one of my loans the outstanding balance is only $3.2 million but they are trying to sell it for $3.6 million so that THEY (not us investors) can make a profit on the foreclosure sale...the house is still not sold!

Are you guys that have the delinquencies speaking with attorneys?  I too have several loans that are in default and not much activity has been taken to recoup the investment on the part of POL.  I continue to receive extremely vague updates that never seem to make any progress.  Meanwhile are the taxes and insurance even being maintained on these defaulted properties. Not to mention they are loosing value and likely gaining violations.  I am completely in the dark and am now seeking to pull together with others that are in default so that we can look at our options.  After all, it was our investments, correct?  Or did we just donate the money to POL..?

I've been using POL now for over a year and have only one property that I haven't received interest payments on.  Communication has been decent with updates almost every month to every other month. 

Did anyone else invest in 1101 Grand Bahama Lane, Singer Island, Florida?  Total investment raised was $2.1 million, and the house is listed on zillow right now for $3 million.  

I wish we could know more about the borrowers.  Here's all that was listed. "The Managing Member of the borrowing entity is a CEO of a publicly-traded company, based in New York. He has spent a substantial amount of time co-residing in Florida for nearly 10 years.

BEWARE!  There has been a SIGNIFICANT change of format at Patch of Land.  Me thinks it was quietly bought out by hard money folks trying to catch unsuspecting/inexperienced flippers/investors.  I was told that crowd funding is ONE of their vehicles (whereas before it was their ONLY vehicle).  Dude sounded like he was driving a brand new Maserati (WITH the top down...), while sipping champagne and making a HARD MONEY pitch. TOO DAMN 'SLICK RICK' for my taste buds! They wanted WAY too much personal asset info too (not the norm when borrowing "rehab-only" monies using free & clear property as collateral [in a super HOT neighborhood]).

Forgive me  @Laurette Saint  ... I'm not sure I properly understood your post above..  Can you explain, in simple terms, what you are saying?  

Are you saying that they were extremely or overly exhaustive in their efforts to properly vet qualified borrowers? Did they reject your application to borrow money through them?  

Not at all Paresh (notice me ignoring your sarcasm...). I RECEIVED my funding through another lender that I felt more comfortable with. Collateral should be first place on deed of the property applied for, PERIOD. Especially if ARV is 3x more than amount requested.

One thing I've heard now from a couple of borrower friends is that many of the crowdfunding sites are now all tightening up their lending criteria. ARV is much less of a factor now, and LTV and LTC (as of the first day of the loan at least) are playing more prominent roles. While HML loans are traditionally focused mainly on the property, borrower credit scores and risk profiles are now giving the better borrowers more of a leg-up in the application process.

Could be a sign of maturation across the entire industry... a positive sign, imho 

Anyone who borrowed from them?  Most of the posts here are the people who invested with them, but I'm the other side, just sold another house and made an offer on my next deal, CASH... 

but I want to try to get a loan with 60-70% LTV, so I can do 2 or 3 deals at the same time (for my immigration I need to do a bout 10 deals a year and I just did 6 in 18 months.... so I need to catch up! Long story!!!). When I applied for a loan online, they approched me, like about 5 other lenders, but they seems the best fit for me. Anything you can say about BORROWING from them? thanks

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