Real estate crowdfunding website Patch of Land of Westwood has signed an agreement with an undisclosed lender, who will purchase up to $250 million in loans, reports Crowdfund Insider.
The undisclosed creditor will purchase real estate loans issued on the Patch of Land platform in a “forward flow arrangement.” Patch of Land will still raise 95 percent of the real estate loans its issues from accredited individual investors, said Chief Executive Jason Fritton, in a statement.
Patch of Land issues commercial and residential real estate loans raised from crowds of accredited investors on its website. The company vets properties on behalf of its lenders and takes a small commission on each transaction.
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