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Patch of Land Names New CEO

Real estate crowdfunding site Patch of Land has hired Paul Deitch as chief executive.

Deitch, who joins from Oaktree Capital Management, was brought onto help Patch of Land engineer new debt products and increase the number of investments made using the platform. Co-founder and former Chief Executive Jason Fritton will become the company’s executive chairman.

Patch of Land, based in Westwood, crowdfunds commercial and residential real estate loans raised from accredited investors on its website. The company vets properties on behalf of its lenders and takes a small commission on each transaction.

Deitch’s experience at Oaktree was one of the main reasons he was brought on as chief executive, said Fritton.

“We needed somebody that had a great deal of experience to build out the (company’s) infrastructure and build teams to take it to that next level of development,” he said.

Patch of Land wants to develop several new types of real estate loans. Deitch said he would initially focus on the development and rollout of a new crowdfunded “mid-term” real estate loan that would serve as a bridge loan for house flippers, until they can get approved for a longer-term, lower rate bank loan.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

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