Patch of Land, a leader in the online real estate lending marketplace using a technology-rich crowdfunding platform, has rounded out its management team with CMO Robert Greenberg, a proven, data-driven real estate finance marketing expert; and CFO Min Lee, a former Credit Suisse director and seasoned finance executive.
With the addition of Greenberg and Lee, founders Jason Fritton and Brian Fritton have assembled a veteran management team with deep experience in growing lending and investment businesses. Other 2016 executive team hires include CEO Paul Deitch, who joined from Oaktree Capital Management, where he scaled the company’s technology, operations and investor relations functions to empower the firm’s growth from $50 billion to $100 billion in assets under management; SVP of Operations and Underwriting Gina Donatoni, a 30-year veteran of several billion-dollar mortgage companies, who most recently scaled a team at PennyMac that processed 800 mortgages per month; and SVP of Loan Production Ben Shaevitz, whose sales team leadership helped grow PennyMac into the eighth-largest mortgage loan originator and servicer in the U.S.
“As a financial technology company serving trillion-dollar markets, the compound annual growth rate (CAGR) of our loan volume has exceeded 290 percent from our first loan in 2013 through year-end 2016. That extreme growth rate makes it critical that our management team be experienced, innovative leaders with the expertise and energy necessary to grow Patch of Land from lending hundreds of millions of dollars to lending billions of dollars,” said Patch of Land co-founder and Executive Chairman Jason Fritton. “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.”
Greenberg is a 25-year marketing and advertising veteran who led marketing and lead generation at Blackstone Group subsidiary, B2R Finance, a provider of residential buy-to-rent mortgages. At B2R, he helped fuel the company’s growth from a startup to $1.3 billion in loan originations in only 18 months. Upon joining Patch of Land, Greenberg implemented his proven, advanced marketing tactics and analytics to grow average monthly leads by nearly 270 percent compared to the average monthly totals of the previous nine months. He also grew the number of crowdfunding investors registered on the company’s platform to more than 20,000 at year-end 2016.
New CFO Lee joins Patch of Land from Credit Suisse, where he was a director in the Real Estate, Gaming and Lodging team responsible for the execution of advisory and financing transactions. Lee assisted clients with over 25 financing and M&A advisory transactions, which have raised in excess of $15 billion of debt and equity financings for public and private companies. Lee’s expertise in financing strategies will allow the company to grow and manage its credit lines and will add to the company’s strategic planning by applying sophisticated statistical and predictive processes.
“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,” said Deitch. “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.”
Management team bios are available on the company’s website, https://patchofland.com/about/team/
About Patch of Land
Since issuing its first real estate loan in October 2013, Patch of Land has been recognized in the fintech space as a leader in online real estate lending. The company employs its proprietary technology to efficiently fill a void in the real estate finance industry by providing borrowers access to capital for residential and commercial real estate projects. The platform also establishes a marketplace through which qualified individual and institutional investors can participate in private real estate projects with low minimum investments, predictable returns and first-lien secured loans.
More information is available at www.PatchofLand.com or by calling 888-959-1465.
Glen Orr or Kristen Kauffman