Real Estate Crowdfunding site Patch of Land has launched two new deals on its platform, growing its portfolio of real estate debt investments from single-family residential projects to multifamily apartment buildings. They are now open to investment by accredited investors.
The two projects launched on the platform today include one of the first multifamily properties to come to the real estate crowdfunding platform since its launch in October 2013. Included in their latest offerings is a quadplex apartment building that will be developed into a turnkey cash-flow rental building and an upscale rehab project in a high-end suburb 20 minutes outside of New York City. Both investments are secured by first position liens on the title of the property and personal guarantees from the developers.
“We’ve successfully invested in traditional residential property and now we are in a position to work with additional developer profiles and asset classes, bringing these opportunities to accredited investors through our online investment platform,” Patch of Land COO Jason Fritton states.
Patch of Land has co-invested in more than $1 million worth of crowdfunded real estate projects since their launch late last year. They expect to fund an additional $2 million within the next 60 to 90 days.