Online real estate marketplace lender Patch of Land added commercial real estate specialist Matthew Zall as Chief Investment Product Officer. In his new role, Zall will focus on supporting Patch of Land’s expansion into the single-family rental market, developing longer term, permanent financing products. “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,” Patch of Land CEO Paul Deitch said.
Before being picked as CIPO for Patch of Land, Zall was Director at B2R Finance, where he was the head trader and architect of fixed and floating rate mortgage products. While at B2R Finance, Zall led the team that developed the first, multi-borrower single family rental (SFR) securitization, winning the 2015 CMBS Deal of the Year award from Global Capital. Previous to B2R Finance, Zall was a commercial real estate trader at JP Morgan, specializing in new origination, securitization and marketing of new deals. He has a Bachelor of Science in Finance and a Bachelor of Arts in Film/Video from Penn State University, and an MBA in Finance and Communications from Fordham University’s Graduate School of Business Administration.
Patch of Land provides a marketplace and platform for accredited and institutional investors looking for high-yielding, short-term asset-backed investments, and borrowers looking for alternative sources of funding. The company’s technology retrieves data from a diverse set of sources to build proprietary models and risk analysis summaries. This information enables the platform to provide more loan preapprovals as well as give existing borrowers automatic term extensions. As of the fourth quarter of 2016, the company has funded 400 loans with an average size of more than $545,000 and a realized rate of return of 11%. The majority of the real estate on the platform is residential (71% single-family; 16% multi-family), with commercial real estate – added in August 2015 – making up 13%.
Founded in 2013 and headquartered in Los Angeles, California, Patch of Land demonstrated its Peer-to-Real-Estate (P2RE) lending marketplace at FinovateFall 2014. A player in the “real estate investment tech” scene of the growing Proptech/Mortgagetech industry within fintech, Patch of Land has raised more than $24 million in funding, including a Series A completed in the spring of 2015. Last August, the company announced a “forward flow arrangement” with an “East Coast credit fund” that would invest $250 million across its platform.