LOS ANGELES--(BUSINESS WIRE)--Patch of Land, a leading online marketplace lender for real estate, announced today the appointment of Paul Deitch, from Oaktree Capital Management, to Chief Executive Officer responsible for leading the firm’s next phase of growth. Co-founder Jason Fritton promoted to Executive Chairman.
Deitch has over 25 years of financial services experience, most recently as Managing Director at Oaktree Capital Management where he led the development of the firm’s operating infrastructure as the organization grew from $50 to $100 billion in AUM, broadened investment strategies and distribution channels, built and acquired firms, and successfully executed its 2012 IPO. Prior to Oaktree, Paul held executive roles in both management consulting firms as well as Fortune 100 banks through periods of rapid growth and transformation.
“We are excited to have someone of Paul’s caliber and experience join Patch of Land as we push past $100M in lending activity,” said Fritton. “Paul brings executive experience from multi-billion dollar companies in both banking and investment management running at scale and has deep experience across a broad range of functions including technology, operations, risk management, product development, marketing, finance and compliance – all of the ingredients we will need as we successfully grow our firm.”
Fritton launched Patch of Land in October 2013 based on his vision to evolve real estate financing to be tech-enabled, data-decisioned, and easily accessible to a marketplace of borrowers and investors. This has resulted in Patch of Land’s leadership position in the real estate marketplace lending industry as the company achieved over 500% origination growth in 2015.
“I am honored to be joining the stellar team at Patch of Land and excited to lead the company’s next phase of growth,” said Deitch. “We have a huge opportunity in front of us to continue to expand and diversify the firm’s solution-based lending platform, which automates many underwriting processes and offers investors transparent, diversified, and understandable investment choices.”
Neil Wolfson, Board member and Managing Director of SF Capital, said, “Paul is passionate about our marketplace lending mission to continue to grow communities by solving the financing needs of real estate entrepreneurs. He also understands the value we bring to investors by providing downside protection and diversification, all of which can be accomplished from your mobile phone. Jason and Paul make a great team and I am excited to watch them scale Patch of Land.”
About Patch of Land:
Patch of Land is a real estate marketplace lender that uses proprietary technology and data to provide transparent, scalable, and efficient lending solutions. Patch of Land offers borrowers access to reliable capital for residential and commercial real estate projects, while providing investors easy diversification into real estate with low minimums and a best-in-class secured loan structure. For more information, please visit PatchofLand.com.
