Patch of Land Prepares to Add Lending Products for $6 trillion Single-Family Rental Market.
Patch of Land, an online real estate marketplace lender and crowdfunding platform, has announced the hiring of Matthew Zall as Chief Investment Product Officer. The new executive was added to the team as Patch of Land prepares to expand into the single-family rental market with longer-term, permanent financing products.
Patch of Land said the number of non-owner occupied single-family properties in the US including townhomes, condos, and 2-4 unit properties, grew to almost 24 million units valued at over $6 trillion in 2016. The company views this as a significant opportunity for its investment services.
Zall brings to Patch of Land more than 12 years of real estate and mortgage experience, as well as expertise in financing and product development. Zall is said to have pioneered three of the industry’s first-ever multi-borrower single-family rental securitizations, helping to build Blackstone Group subsidiary, B2R Finance, (now known as Finance of America Holdings) from start-up to a multibillion dollar lender in only a few years. Prior to joining B2R, Zall was a Commercial Real Estate (CRE) trader at J.P. Morgan and Bear Stearns.
At Patch of Land, Zall will execute strategies to enable the expansion of the firm’s position as a marketplace lender by offering both accredited and institutional investors additional opportunities to invest in this asset class.
“Patch of Land’s marketplace is designed to meet the lending needs of real estate investors. The addition of Matt enables us to continue the expansion of our marketplace to fully serve the lending needs of more than 10 million Americans who directly invest in single-family residential properties and need consistent, reliable access to capital to fuel their businesses,” said Paul Deitch, Patch of Land’s Chief Executive Officer. “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.”