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Patch of Land
- Mortgage Lenders
- Los Angeles, CA
About this business
Patch of Land is a private money lender offering real estate investors nationwide fast and reliable financing on Fix & Flip, Multi-Family, Commercial, Ground-Up and Rental properties. <br><br>Patch of Land also operates an industry-leading crowdfunding platform that allows qualified accredited investors and institutional investors to participate in private real estate debt with low minimum investments and favorable returns on loans secured by a first-lien position.
Location details
15000 Ventura Blvd #202, Los Angeles, CA, 91403, United States
Get directions| Weekday | Schedule | Status |
|---|---|---|
| Mon | 8:00 a.m. to 6:00 p.m. | |
| Tue | 8:00 a.m. to 6:00 p.m. | |
| Wed | 8:00 a.m. to 6:00 p.m. | |
| Thu | 8:00 a.m. to 6:00 p.m. | |
| Fri | 8:00 a.m. to 6:00 p.m. | |
| Sat | Closed | |
| Sun | Closed |
Worst crowdfunding site I have experienced. 2 out of 8 of the investments I made on this website went sour. The follow-up after the delinquency had been very disappointingly minimum, or even non-existing after a while. There had been no update for the last 7 months for the two delinquent investments, and no respond from patchofland to my repeated email inquiries. DO NOT use them if you are just looking for some moderate interest payment, to put your whole principal at risk.
Beyond awful. As a realtor I have had a number of clients us POL and every one of them has turned into a sh*t show. Zero communication, missed deadlines, complete disorganization and rudeness. At some point during all transactions they will simply stop answering your calls leaving you completely in the dark. Steer clear of this company.
Please tell me how someone can purchase an apartment building in 2015, renovate it, and then sell it in 2021 for less than half the original price? Practically impossible to do even if you were trying, but that's what happened with Patch of Land. Either the due diligence is NON existent (almost certain), their distressed borrower fees are exorbitant (likely), there's some kind of duplicity in the background (who knows), or perhaps a mixture of all 3. My family has worked in real estate since the 1970s. I will never invest wi... read more
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 Reconci... read more
No recent updates on the investments, asked for help from support on this issue and they said they are short-staffed. That's bad. The investment matured on May 1 and this is now June 16.
Business response:
While we were forced to furlough two-thirds of the staff at our company as a result of the economic and health crisis caused by the COVID-19 pandemic, we have not allowed the fact that our firm is now operating with reduced staffing to reduce the quality of our customer service effort. Most important, we have continued to manage our portfolio of mortgage loans to ensure our borrowers are able to continue to meet their obligations and successfully pay off their loans at maturity. As a result of the financial hardship experien... read more
I should have read the reviews here before using POL as a lender. I did experience the ridiculous closing process listed below, but now since I have taken draws, they change the amount I owe for my loan without any notification given to me about what the payment is supposed to be. This means they are using predatory lending practices to take back property which has high equity, so they can make twice as much money. I would not recommend to use this company EVER! Horrible closing process (it took longer to close than a normal... read more
I definitely will NOT recommend Patch of Land. Terrible Company, I was promised closing on purchase rehab in 2 weeks and now I'm in day 40 and still getting conditions, and conditions are worse than regular conventional loans, and yet they call themselves hard money lender, and charge high rates. And in order to comply with their unreasonable conditions in which it includes rehab money you must have access to property to make repairs, and anyone knows that you cant have access when purchasing rehab from banks, yet this is on... read more
I would recommend NOT using Patch of Land!!! They have been very slow to release rehab funds. They promised me a 5-7 day pay out and we are going on 3 weeks! They also promised a 14 day closing on purchases and 3 weeks later I found out they hadn't even started the process yet! DO NOT DO BUSINESS WITH THIS COMPANY!!!
Business response:
We work very hard to ensure that construction funds are released as quickly as possible and we apologize that this client experienced a delay. In this situation a draw was requested during the July 4th holiday and it pushed funding back a couple of days. We are looking at ways to more reliably ensure that holidays don't unduly delay funding. Regarding the clients concern about a separate 3 week timeline on closing a purchase, the file in question was unfortunately denied early in the process due to quality concerns and the ... read more
Frequently asked questions about Patch of Land
How is Patch of Land rated?
Patch of Land has a 2 star rating with 30 reviews.
When is Patch of Land open?
Patch of Land is open now. It will close at 6:00 p.m.
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