PHOENIX—Patch of Land, a crowdfunding platform that brings together borrowers and lenders through an online interface, announces its largest loan offering to date: The Ramada Hotel located on the historic Main Street of America, Route 66. This investment offering expands Patch of Land's nationwide reach into Arizona. The investment offering is listed at $3.2M with an 18-month loan term at 10% APR and 47% LTV.
“We are thrilled to offer an investment opportunity along the historic Route 66, since it is a true American icon,” says Jason Fritton, co-founder and CEO of Patch of Land. “We make investing simple, easy, and transparent for anyone who is interested in diversifying their portfolio. With the Ramada Hotel being our biggest loan yet, Patch of Land continues to grow as an originator of diversified loans that help borrowers and investors make their goals a reality.”
Patch of Land is helping thousands of investors from across the country invest in residential and commercial properties that span 22 states. With its core focus on single-family residential and multi-family short-term lending, Patch of Land will continue to push into other commercial loan types such as office, retail and mixed-use, along with the addition of hotels, such as The Ramada Hotel, a multi-tenant retail property.
Since its inception in 2013, Patch of Land has seen massive growth. In less than two years, the company has funded over 130 projects, prefunding and then crowdfunding more than $30 million with an average blended rate of return of 12.22%.
Patch of Land is the only marketplace-lending platform to-date that displays investment offerings that are directly secured by underlying property and that works with a trustee.
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