Jason Fritton returns to his former post as CEO, as Paul Deitch steps down.
A familiar face has taken over the top job at Patch of Land. Jason Fritton, co-founder and chairman of the board at Patch of Land, is returning to the role of chief executive. Paul Deitch is stepping down for personal reasons, some eighteen months after taking the job in April 2016.
Patch of Land is one of the US’ leading online lenders in the real estate space. The platform gives an audience of qualified individual and institutional investors access to a range of private real estate investment opportunities, all secured by a first charge over property.
During the last 12 months, under Deitch’s stewardship, the company claims to have improved its market position, primarily by beefing up its management team, expanding its $30m debt facility, and more than doubling its loan volumes. It has also introduced an auto-invest tool for individual investors and a new bridge lending programme for single family rental properties.
“We wish Paul all the best and offer him our sincerest gratitude for his many contributions to the success of the company. He will be missed and continues to be a close friend of the company,” said Fritton. “While Paul has been instrumental in our recent growth, we are confident that the management team together with the board of directors, will continue scaling the company and successfully advance our growth and funding initiatives.”