Patch of LandReviews of patchofland.com

Joe the loan officer reached out to Me and we discussed my situation. I have 4 properties that I kept informing him were around $50k each for a total value of $200k. All rented and cash flowing 20%+. (Not just on paper like these other “borrowers” Who continue to default on this shady lender, but in reality). I have a 780 credit score and a long track record in the flipping, rental and overall RE business. Joe mentioned that “POL wants my business” and based on my Credit, my track record, and the underlying fact that i own a business which is a property management company with 5+ employees, over $1 AUM, Including our own assets, I could get all the funding I need as long as I’m under 85% LTV. They took $2200 for initial fees and disappeared, only to show up one night in my inbox at 11:30 pm after I bombarded them with emails Trying to get simple answers: “Hi, sorry we tried everything but can’t fund your loan” Almost comical, if it wasn’t for the complete waste of time, credit inquiry and a $2200 loss. Hey Joe, unlike you, I am not desperate to close a deal. I have a 780 credit score. I have about half a million $$ in assets funded outright by my own equity. I have a long track record of successfully entering/exiting real estate over the last 4 years with substantial gains and I have a Business finance degree. They are looking to earn revenue by collecting initial fees and then they disappear. Joke of a company. Joe is a joke of a loan officer and I’m gonna go out on a limb Here and assume He and the CEO are the same exact person. Congrats you played yourselves

My investment with them made 0 payments and they have not even filed for foreclosure over a year later. They dont respond to calls or emails, and just sent an email wanting to sell the note for pennies on the dollar. .....2 weeks later and they did finally respond to me and the buyer surprisingly made their back payments. So that is positive. I would think twice before investing in any crowdfunding in this environment, and definitely avoid the states that are banning evictions and foreclosures.

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 Reconciliation" where I lost over 60% of my principal with no interests earned for 5 years. I'm typically not an emotional person, but I was extremely depressed and infuriated when I saw this. When they sold off my loan to a 3rd party, they sold it for 70 cent on a dollar. However, they made sure that THEIR portion of the fund invested got paid off in full (meaning they suffered no principal lost). To add salt to injury, they made a killing orchestrating the sale of the non-performing loan they did a such a poor job underwriting in the first place. If any other investors have suffered big losses as I have, I am interested in filing a class-action lawsuit against Patch of Land.

My first investment was a very bad experience. The borrower abandoned the project, it took nearly a year for the project to go through the foreclosure process. When it finally sold, there were massive legal and 'financing' charges. It felt like Patchofland still made money through all the fees and left the investor hung out to dry. I lost over 50%.

Not my first choice but a choice nonetheless. Needs better sales support.

Patch of land has excellent service and excellent programs.

This was our first time using Patch of Land and would definitely use them again. Marc was great to work with.

Great experience. Quickly done