Has anyone used Patch of Land?

[Amanda Fabian]

We just purchased a 15 unit apartment complex in GA and started working with Patch of Land to do the appraisal and lend us money for the rehab. Has anyone worked with them before and can give us a reference? 

Thanks in advance for your help! 

[Amanda Fabian]

This would be easier to relay to you verbally, but I’ll do my best to give a quick summary.  There is good with the bad.  The good is the rate.  That’s about it.  I am currently renovating the property and am about half finished.  I purposely waited as long as possible to take my first draw after closing.  This allows me to get as much finished as possible before dealing with second and third draws which will be muddied with waivers, etc.

The bad is the communication and the experience of the lower tier employees.  I believe there is some lack of experience to the point of “they don’t know that they don’t know” which is hard to deal with.  The business model on higher end employees seems to be awesome.

I have been hit with a couple charges that were never disclosed and that does not sit right.  I am an engineer so you know my personality type is to ask a lot of questions to cover my bases with respect to all costs.  That said, I got hit with costs that I should have been told about.

Sorry for rambling, but I can tell you more in about a month when I take my second draw (it might be mylast draw too).  I may even try to refi with them since they know so much about my project.

Would I use them to finance another renovation?  Probably, because of the rates.  I would certainly be more aware of how they operate and would hope to have learned from this first experience.

Another issue was that they asked for the same thing multiple times.  Especially as you move along to the next stage in the process your point of contact changes, and I ended up resending information multiple times.  A bit disorganized.  I also think their idea of expedience is different than mine.

Maybe the process will smooth out.

Good luck.