Cloverhill Funding LLC has acquired the assets of Patch of Land and invested growth capital. Patch of Land, now known as Patch Funding LLC, is a residential business purpose real estate lender.
“Cloverhill is a strong believer in the continued growth of the residential business purpose lending market as well as the U.S. housing market,” said Teddy Wasserman, head of the board of advisors for Cloverhill. “The ability to invest in a platform like Patch of Land, given its strong relationships with borrowers and brokers and its proprietary technologies, gives us a great foothold into the sector. We hope that the large capital backing of Cloverhill will allow the management team to take the Company to the next level.”
“Cloverhill fundamentally understands the team’s strengths and provides the optimal partnership to have Patch Funding become an institutional originator,” declared Jason Fritton, co-founder and CEO of Patch of Land.