In just two months, Patch of Land has added three executives to its management team. Min Lee joined the team as the chief financial officer (CFO), Robert Greenberg as chief marketing officer (CMO) and Matthew Zall as chief investment product officer (CIPO). The entry of these new executives is expected to accelerate the platform’s compounded annual growth rate.
A marketing and advertising guru, Greenberg has over 25 years of experience. He previously worked for B2R Finance, a subsidiary of Blackstone Group that provides buy-to-let mortgage finance loans for residential properties.
Greenberg has already rolled out an advanced marketing program on the platform. This increased monthly leads by about 270 percent. He also increased the number of registered investors on the platform to over 20,000 by close of 2016.
Before joining Patch of Land, Lee was a director in the real estate, gaming and lodging team at Credit Suisse. Under his leadership, the team executed finance transactions and advisory dealings.
Patch of Land looks to tap Lee’s finance strategizing expertise to manage and grow its credit lines as well as apply complex predictive and statistical processes in strategic planning.
Commenting on the new appointments, CEO Paul Deitch said, “Extensive experience over multiple economic cycles and leading rapidly growing enterprises are skills that set our leadership apart and will be critical as we grow. Robert and Min round out a management team comprising proven executives with decades of experience innovating customer-focused technologies, acquiring qualified borrowers and investors, efficiently structuring and processing loans, perfecting first-lien positions and accessing capital markets. I believe this uniquely positions Patch of Land to catapult from being a startup to a top player in the online real estate lending industry.”
Matthew Zall previously worked as a commercial real estate trader at Bear Stearns and J.P. Morgan. He has vast experience in real estate, product development, and mortgage experience. He comes in when Patch of Land is looking to tap into the single family rental and non-owner occupied market valued at $6 trillion through permanent or long-term financing products.
Paul Deitch added that, “We are excited about adding Matt to our executive team as he is passionate about our mission to leverage technology to improve the borrowing experience for the real estate entrepreneur and at the same time offer investors from both Main Street and Wall Street the opportunity to participate in this attractive asset class.”
Executive chairman and co-founder of Patch of Land Jason Fritton said, “The team we engineered has proven, real-world experience successfully scaling multi-billion-dollar organizations across all aspects of real estate lending, from customer acquisition through loan operations.”
Patch of Land is a debt-based RECF platform that raises debt finance for different properties. This includes residential properties, both single family and multifamily, as well as commercial properties. The platform has funded 400 loans with an average loan size exceeding $0.5 million.
It has originated $245 million loans and funded $220 million worth of loans. The company already returned over $61 million to investors.
Read the original article on Times Realty News.