Patch of Land Names New CEO

Jason Fritton is the co-founder and former CEO, and will now serve as executive chairman.

LOS ANGELES—Peer-to-peer lending platform Patch of Land has named Paul Deitch as CEO. He replaces the firm’s former CEO and co-founder Jason Fritton , who will now serve as executive chairman. Deitch most recently served as managing director at Oaktree Capital Management . “We don’t see this as a change in leadership as much as we see this as an addition to the leadership. Jason is as involved if not more involved than he ever has been and will be,” Deitch tells GlobeSt.com. He brings 25 years of experience to the firm and a long list of success stories. At Oaktree, he expanded investment strategies and distribution channels and successfully executed the firm’s IPO in 2012. During his time managing operating infrastructure development, the firm grew from $50 billion to $100 billion in assets under management. Although Deitch doesn’t have a crowdfunding background, his storied investment career and his utter enthusiasm for the industry made him the perfect fit for this position. “I am very high and excited on the industry,” Deitch says. “The industry has grown more than 200% from 2014 to 2015, and the real estate sub-segment grew at more than 480% from 2014 to 2015. We were the fastest growing sub-segment of all of the alternative online lenders. I am very excited about our product, and as someone that has an investment background, I love the idea of having a self-directed portfolio with clear transparency where you can earn returns in a product that a person can understand, and you have downside protection created by a real estate asset. I am a big believer in the product, and I find it to be very rational way to invest.” Patch of Land was the best fit for Deitch because of its unique company culture and in-place team. “It starts with the people,” adds Deitch. “This is an amazing management team. I have been impressed with their skill and the culture and values that they represent, and I think that is super important when you are deciding where you want to spend your time.” While Deitch is taking the helm as CEO, Fritton will remain actively involved in the company going forward. “Jason wants to spend more time developing strategic partnerships,” says Deitch. “Today, people are focusing on building collaborative partnerships in areas where they can cross-refer. We think strategic partnerships are a really big part of our future, and Jason wants to really be driving a lot of that, particularly on the borrower side.”