Patch of Land aims to solve the problem of slow, inefficient, fragmented and obscure private real estate lending by using the latest technology, data and process efficiency to more accurately assign risk profiles and project viability, while greatly reducing time and cost of loan underwriting for borrowers with real estate projects that are overlooked or rejected by banks and traditional lenders.
Jason Fritton, a successful e-commerce entrepreneur, wanted to help repair communities across the country that were devastated by the real estate crash and implement changes to keep it from happening again. He was an early lobbyist for exemptions that would encourage and democratize capital formation for new business to be written into the JOBS Act (Jumpstart Our Business Startups Act). The law passed in 2012, including the crowdfunding exemptions he’d worked for.
He joined forces with his brother Brian Fritton, an award-winning enterprise-level software engineer and architect with the same passion for encouraging growth through economic development – and state of the art technology, to put the opportunities the JOBS Act enabled into affect. Los Angeles technology entrepreneur, investor and real estate developer, Carlo Tabibi, shared the vision of a financial intermediary that could make real estate lending more viable and efficient.
The Founders united their ideas, experience and resources to form Patch of Land, where transparency, low minimums, project-by-project investment and ease of transaction would set the stage for real change and real profit. AdaPia d'Errico soon joined the team, bringing her diverse proficiency in both name branding and strategic marketing as well as her banking and investor relations expertise to introduce Patch of Land to the world, to build the community and to help position the company to achieve its mission.
Today, the team has grown by multiples, but continues its focus on technology-enabled lending. We are a tech company first and foremost, which allows us to focus on solving real estate, finance and lending problems through that lens. Our data, code, systems, infrastructure, and team are built to scale.