As today marks another celebration of Pi Day (3.14), we at Patch of Land don’t think of apple, strawberry, or cherry pie but pizza pie! But not just any regular pizza pie, only the best – from Chicago! While we don’t use Pi to calculate any LTV’s or ARV’s we love to acknowledge the mathematical holiday beloved by math enthusiasts. Read on and re-visit our coverage in last years’ The Chicago Tribune:[On May 31, 2015], the cover story of the Chicago Tribune's Real Estate section highlighted real estate crowdfunding. Mary Ellen Podmolik's article spoke about how crowdfunding platforms like Patch of Land are opening doors for home flippers in the Chicago area.
"For single-family homes and small multifamily buildings, the alternative financing tool is giving flippers with track records quick access to cash for projects that are injecting new life into neighborhoods and generating healthy returns to qualified investors."
The article explained how real estate crowdfunding works for both accredited investors looking for short-term/high-yield opportunities, and professional real estate developers looking for a new source of capital to help fund their rehab projects. Patch of Land's CEO, Jason Fritton, expressed his thoughts on how real estate crowdfunding provides an alternative financing opportunity that has never existed before, "There's been a huge market gap and that's where we've been stepping in," explained Jason.
The growth of peer-to-peer lending and crowdfunding real estate has been tremendous over the past year and a half since Patch of Land began, "We're at that stage now where we're transitioning from a scrappy startup," Fritton said. "I've got 35 people, and we're hiring each week. We're starting to get to the point now where we've attracted mainstream interest from the heavy hitters. A year ago, (large investment funds) wouldn't touch us."
The article went on to highlight two of Patch of Land's Borrowers who are doing great work in the Chicagoland area - Michael Kevorkian (Owner of Private Ventures) and Landon Leighty (Owner of Hope Investment Partners). Landon Leighty's beautiful gut rehab of a home on North Lombard Avenue in Oak Park took center stage, showcasing the many opportunities available for remodeling of older homes into larger living spaces.
Related Video: Borrower Testimonial Michael Kevorkian
Patch of Land is proud to spread the message about real estate crowdfunding and all the positive benefits it presents for Investors, Borrowers, and Growing Communities. If you want to learn more about what initiatives have positively changed the landscape of Chicago's real estate market, take a look at our FREE analytic whitepaper - The Chicago Report.
This entry was originally posted on June 1, 2015