Patch Lending
15000 Ventura Blvd Ste 300
Sherman Oaks, CA 91403
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About Patch Lending
Patch Lending (formally Patch of Land) is a national private lender offering real estate investors fast and reliable financing for investment properties. Patch offer short-term single-family and multi-family bridge, fix & flip, ground-up construction, and long-term rental property financing. They offer terms from 12 months to 30-years, with loan amounts ranging from $100,000 to $3,000,000.Loan Types Offered: Non-Owner Occupied Investment Property Loans, Fix and Flip Loans, Ground-up Construction Loans, Purchase/Refinance/Cash Out Loans, Bridge Loans, Transitional LoansProperty Types Covered: Single-Family, Multi-Family, Apartments, Mixed-Use
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Refinance / Cash Out Loans, Bridge Loans, Hard Money Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Mixed Use, Warehouse, Industrial
Areas Served: AK, AL, AR, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, VA, VT, WA, WI, WV, WY
Licenses: California Finance Lenders license #60DBO 45420, Oregon Mortgage Lenders license #5384, NMLS #1286539
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Lending Guidelines for Patch Lending
Below are the general loan guidelines published on the Patch Lending website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: $50,000 - $3,000,000
Available Rates: 8% and up
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 85%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: N/AFix and Flip Loans
Loan Amounts: $50,000 - $3,000,000
Available Rates: 8% and up
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 85%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: N/ACommercial Hard Money Loans
Loan Amounts: $250,000 - $3,000,000
Available Rates: 10% and up
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 70%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: N/ARefinance / Cash Out Loans
Loan Amounts: $50,000 - $3,000,000
Available Rates: 8% and up
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 85%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: $50,000 - $3,000,000
Available Rates: 8% and up
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 85%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: N/AHard Money Loans
Loan Amounts: $50,000 - $3,000,000
Available Rates: 8% and up
Typical Terms: 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 85%
Max Loan-to-Cost (LTC): 50%
Owner Occupied Allowed: NO
Interest Only Loans: YES
Prepayment Penalties: NO
Minimum FICO Score: N/A
Time to Close: 1 Days -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Patch Lending.
Loan Example 1
Patch of Land makes a hard money loan to Leigh for a rehab project in Raleigh, NC, on a house that costs $220,000. Because the lender sets a 55% loan to value, Leigh will need to put 45% down so the amount of the loan will be $121,000. The parameters of the loan dictate a 13% note for 6 months. They also stipulate a 1 point origination fee, that will also need to be paid at closing.
In accordance with the terms of the note, Leigh will be required to contribute a $1,210 origination fee in addition to 45% of the purchase price, or $99,000, based on the 55% LTV. she will then pay $1,311 monthly to the lender. At the end of the note, she sells the renovated house for $330,000. After deducting the $7,865 in interest expenses ($1,311 multiplied by 6 months), the $1,210 origination fee, the $121,000 principle amount on the note, and the $99,000 she brought to closing, she will make a gross profit of $100,925 ($330,000 sales price minus $229,075 in total costs). This amount would then be reduced by any renovation costs paid by the borrow.
Loan Example 2
Harvey takes a loan from Patch of Land in order to rehab a house to flip in Durham, NC. The deal has the following parameters:
$270,000 sales price
55% loan-to-value (LTV)
12 month term
12% rate of interest
2% origination feeOnce the rehab project is completed, if Harvey sells the project for $351,000, the numbers would be the following:
$351,000 sales price
- $148,500 principle (55% LTV)
- $121,500 cash paid at closing (45% on 55% LTV)
- $2,970 origination fee (2% of the $148,500 principle)
- $17,820 total interest paid (12 months x 12% interest)
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= $60,210 gross profit (does not include taxes or rehab costs) -
by COR 08/12/2022
BEWARE of this company first known as PATCH OF LAND now PATCH LENDING??? CHAD JOHNSTONE who looked after my application is a deceitful individual who I want to be flagged so NOBODY else goes thru what he has put me thru and put all the blame on me.I submit an application but eventually it come back rejected but they still proceed with an appraisal which was a waste of money – usual procedure is they do their due diligence and then the next step would be an appraisal BUT since i was declined why would they proceed to an appraisal!! A reputable firm would of reimbursed me the cost of the appraisal but not this company! – deceitful in more ways than one:1.The appraisal charge is in PATCH OF LAND name?? WHY!! Usually the charge is noted with the actual appraisal company’s name – POL and taking the charge at an inflated price I’m sure since the actual appraisal company is not the actual charge on the credit card.2.So there is NO loan to proceed with POL so I look for another lender.3.CHAD JOHNSTONE tells me if I PAY a further $51 I can get a copy of the Appraisal report that came in at $650K and the Lenders name he could change to new lender.4.I pay the extra to have the Appraisal report revised and release to me.5.Upon getting the report after numerous request when I can get the revised copy Chad sends me the report to my astonishment it is NOTHING what he said it is!! Report is ONLY for 400K and Lenders name has NOT been changed6.I question REPEATEDLY what is going on and CHAD’s only response is I gave you the report and I have nothing further to say to you – do what you have to do and basically don’t bother me again – REALLY!!! How UNPROFESSIONAL can one person be?? Despite being in a BAD financial situation only worsened my situation due to the deceit of CHAD JOHNSTONE – taking advantage of a WOMAN desperately seeking a loan - ONLY care is getting money for the company he works under FALSE pretence and to show good work provided to his client which in reality is NOT the case – how can one with a good conscience treat another individual with no compassion and humanity in the hardship situation I am in –His attitude is who cares and after repeated email for a response to “DID YOU NOT TELL ME THE ARV ON THE REPORT WAS $650k” NO response to this question and is only avoiding and dancing around having to admit he was wrong – at least if you admit you made a mistake then its NOT a lie anymore but a mistake – BUT he is NOT MAN enough to admit he made a mistake and it is costing me dearly!! But again who cares is his attitude - I’ve done my job?? What to rip me off further with something that doesn’t help my cause and while under FALSE pretences!!! I PAID extra for a USELESS report!!!BEWARE of this company as they promise you the World ( I understand things change in the process sometimes) but to continue of a unethical path is just WRONG!! I am extremely HURT by this company’s action against me to further contribute to my financial hardship!!!!
BEWARE of this company first known as PATCH OF LAND now PATCH LENDING??? CHAD JOHNSTONE who looked after my application is a deceitful individual who I want to be flagged so NOBODY else goes thru what he has put me thru and put all the blame on me.I submit an application but eventually it come back rejected but they still proceed with an appraisal which was a waste of money – usual procedure is they do their due diligence and then the next step would be an appraisal BUT since i was declined why would they proceed to an appraisal!! A reputable firm would of reimbursed me the cost of the appraisal but not this company! – deceitful in more ways than one:1.The appraisal charge is in PATCH OF LAND name?? WHY!! Usually the charge is noted with the actual appraisal company’s name – POL and taking the charge at an inflated price I’m sure since the actual appraisal company is not the actual charge on the credit card.2.So there is NO loan to proceed with POL so I look for another lender.3.CHAD JOHNSTONE tells me if I PAY a further $51 I can get a copy of the Appraisal report that came in at $650K and the Lenders name he could change to new lender.4.I pay the extra to have the Appraisal report revised and release to me.5.Upon getting the report after numerous request when I can get the revised copy Chad sends me the report to my astonishment it is NOTHING what he said it is!! Report is ONLY for 400K and Lenders name has NOT been changed6.I question REPEATEDLY what is going on and CHAD’s only response is I gave you the report and I have nothing further to say to you – do what you have to do and basically don’t bother me again – REALLY!!! How UNPROFESSIONAL can one person be?? Despite being in a BAD financial situation only worsened my situation due to the deceit of CHAD JOHNSTONE – taking advantage of a WOMAN desperately seeking a loan - ONLY care is getting money for the company he works under FALSE pretence and to show good work provided to his client which in reality is NOT the case – how can one with a good conscience treat another individual with no compassion and humanity in the hardship situation I am in –His attitude is who cares and after repeated email for a response to “DID YOU NOT TELL ME THE ARV ON THE REPORT WAS $650k” NO response to this question and is only avoiding and dancing around having to admit he was wrong – at least if you admit you made a mistake then its NOT a lie anymore but a mistake – BUT he is NOT MAN enough to admit he made a mistake and it is costing me dearly!! But again who cares is his attitude - I’ve done my job?? What to rip me off further with something that doesn’t help my cause and while under FALSE pretences!!! I PAID extra for a USELESS report!!!BEWARE of this company as they promise you the World ( I understand things change in the process sometimes) but to continue of a unethical path is just WRONG!! I am extremely HURT by this company’s action against me to further contribute to my financial hardship!!!!by CGP 05/30/2020
I am a real estate investor in PA. The process with POL was great from start to finish. They were professional and responsive. I would definitely recommend and plan on working with them again.
I am a real estate investor in PA. The process with POL was great from start to finish. They were professional and responsive. I would definitely recommend and plan on working with them again.by Reyes 11/06/2019
Patch of Land issued us a construction loan for just under $500k. The experience was good from the start. Their underwriters are really professional and the entire loan process was relatively short and easy. We paid an application fee which wasn't a lot and the rates were pretty reasonable. I have worked with a number of other hard money lenders and I would put Patch near the top of the list.
Patch of Land issued us a construction loan for just under $500k. The experience was good from the start. Their underwriters are really professional and the entire loan process was relatively short and easy. We paid an application fee which wasn't a lot and the rates were pretty reasonable. I have worked with a number of other hard money lenders and I would put Patch near the top of the list.by milly_vanilly 06/16/2018
I've used Patch of Land for a few different projects. They are professional and efficient and do not hide fees like some other lenders. I would definitely recommend them for new or seasoned investors.
I've used Patch of Land for a few different projects. They are professional and efficient and do not hide fees like some other lenders. I would definitely recommend them for new or seasoned investors.
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