Earlier this month, Patch of Land -- a peer-to-peer online marketplace for real estate crowdfunding co-founded by YEC member Brian Fritton -- announced that it was receiving a $250 million investment from East Coast Credit Fund. The investment takes the form of an agreement: East Coast credit fund will purchase loans in a "forward flow" arrangement.
“We are thrilled to announce this important milestone for the impact it has in the online real estate financing space,” said Jason Fritton, co-founder of Patch of Land, in this article. “Patch of Land will now be able to fill loans on a programmatic basis, creating a higher level of validation for the entire industry.”
Back in April of 2015, the company raised $23.6 million in a Series A round of financing, and have become a clear leader in online real estate lending. To date, Patch of Land has funded more than 200 projects. With this new agreement, the company will be able to fund even more projects, expanding opportunities for new brokers and local lenders.
Read more about the investment on their site, here.