"One star is an gross overstatement"

One star is an gross overstatement. I have made approximately 24 investments with Patch of Land (POL) since February 2017. Initially, POL performed as offered. Then the defaults began and continued to increase until they shut down. Two of my loans defaulting were explained. A shopping center in Elk City, OK not only couldn't get permits and the city wanted the property razed. Did anyone do due diligence? Another, multiple ski resort townhomes in Vermont was explained as deed being signed over to wrong person and now they can't get the property returned. Incompetence?
POL has sold their assets, not the bad loans, and rebranded into a new company Patch Lending is their new name. Same leadership, same business, different name.
How could one company make so many bad loans in such a red-hot market?
POL investors are now being offered a paltry sum, which only addresses a few of the defaults, to sign a waiver of all rights and indeminf POL for all known and unknown malfeasances. They have promised to shut down their portal by the end of 2022 which hasn't had a posting since 2021.
The person handling the buy-outs claims he was hired just to get get rid of the investors and has no knowledge of anything prior to 2021.

"Stay away"

Stay away, it's like a bite and switch. Have started investing in 2016. First of the few investments paid off in a timely fashion. Then the service and commitment went downhill. I have two properties currently unpaid. In one of the properties, the borrower is unable to find refinancing. Come on!! this is the hot seller's market and POL is unable to foreclose and sell this property. in another one, the borrower is involved in a fraud case and POL says as per the master agreement the older loans would be shut down paying ZERO. Do we have a legal recourse here? Maybe a class action suit?

"They would give every excuse not to…"

They would give every excuse not to fund a deal, they would never walk in rate either, has a high for a reason. They would not give warning either or why they cant fund, wast of time.

"BEWARE of this UNETHNICAL company formerly known as Patch of Land"

BEWARE of this company first known as PATCH OF LAND now PATCH LENDING??? CHAD JOHNSTONE who looked after my application is a deceitful individual who I want to be flagged so NOBODY else goes thru what he has put me thru and put all the blame on me.
I submit an application but eventually it come back rejected but they still proceed with an appraisal which was a waste of money – usual procedure is they do their due diligence and then the next step would be an appraisal BUT since i was declined why would they proceed to an appraisal!! A reputable firm would of reimbursed me the cost of the appraisal but not this company! – deceitful in more ways than one:
1. The appraisal charge is in PATCH OF LAND name?? WHY!! Usually the charge is noted with the actual appraisal company’s name – POL and taking the charge at an inflated price I’m sure since the actual appraisal company is not the actual charge on the credit card.
2. So there is NO loan to proceed with POL so I look for another lender.
3. CHAD JOHNSTONE tells me if I PAY a further $51 I can get a copy of the Appraisal report that came in at $650K and the Lenders name he could change to new lender.
4. I pay the extra to have the Appraisal report revised and release to me.
5. Upon getting the report after numerous request when I can get the revised copy Chad sends me the report to my astonishment it is NOTHING what he said it is!! Report is ONLY for 400K and Lenders name has NOT been changed
6. I question REPEATEDLY what is going on and CHAD’s only response is I gave you the report and I have nothing further to say to you – do what you have to do and basically don’t bother me again – REALLY!!! How UNPROFESSIONAL can one person be??
Despite being in a BAD financial situation only worsened my situation due to the deceit of CHAD JOHNSTONE – taking advantage of a WOMAN desperately seeking a loan - ONLY care is getting money for the company he works under FALSE pretence and to show good work provided to his client which in reality is NOT the case – how can one with a good conscience treat another individual with no compassion and humanity in the hardship situation I am in –His attitude is who cares and after repeated email for a response to “DID YOU NOT TELL ME THE ARV ON THE REPORT WAS $650k”
NO response to this question and is only avoiding and dancing around having to admit he was wrong – at least if you admit you made a mistake then its NOT a lie anymore but a mistake – BUT he is NOT MAN enough to admit he made a mistake and it is costing me dearly!! But again who cares is his attitude - I’ve done my job?? What to rip me off further with something that doesn’t help my cause and while under FALSE pretences!!! I PAID extra for a USELESS report!!!
BEWARE of this company as they promise you the World ( I understand things change in the process sometimes) but to continue of a unethical path is just WRONG!! I am extremely HURT by this company’s action against me to further contribute to my financial hardship!!!!

"Beware -Stay away"

Watch out for this company.rates are not locked.They are not transparent until you are in contract with a seller and you can't back out without losing something.they gave my attorney a ton of work.I knew I should have acknowledged their BBB reviews those dont lie.

"Patch of Land was my worst investment…"

Patch of Land was my worst investment ever. I invested in a handful of projects starting the end of 2016 through the first half of 2017. I put down 5K per project, finding their 11% return quite attractive. POL had excellent reviews up to 2016. But things went downhill pretty quickly and they never got their act together, even through the hot market when work-from-home became the trend during the pandemic. I am still waiting for the return of my principal (or at least partial return) in at least 2 projects. I hope that the Cloverhill, which acquired the company in July 2021 would do the honorable thing to investors but I have yet to hear from them.

"Losing $10k on Patch of Land - STAY AWAY!!!"

I invested in 7 properties with POL dating back to Sept 2019. 5 were paid back and went fine, but I currently have two of them that are 9 months past expiration and have NO idea what is going on with them because they won't respond to my inquiries. One is in foreclosure and there hasn't been an update since June (4+ months) and the other says 'Loan Current' even though the last interest payment was 4 months ago and the loan is 9 months past maturity. I invested a total of $35k with POL, have received $2K in interest and, at this point, believe I will be losing close to $10k in the two deals I cannot get updates on. My experience with Fundrise has been excellent - I'd strongly recommend going there with your money! My last name is Arpke if anyone from POL wants to reach out and help me resolve so I can update my review...

"Zero stars"

Zero stars. I invested in 2 properties, both went into default. For one property, I finally recovered my investment with interest, but it took 3 years rather than the original maturity term of 1 year. The other property has been in default for the past 2 years with no foreseeable resolution. My crowdfunding investments with a different company have not had these problems. Learn from my mistake and invest your money elsewhere.

"Extremely Rude Loan Officer"

I called the Houston office to get more information on a loan for a single family investment, the woman who took my call (loan officer) was extremely rude and condescending. She was pushing a loan that I was not requesting and claimed that either way they did not need anyones business in todays hot market. NOT RECOMMENDED

"I have been an investor in about 8…"

I have been an investor in about 8 deals at this point. While the returns have been sufficient, the corporate communication has been abysmal. The last deal I invested in went into default. It seems to have ultimately been resolved, though I am still waiting to get paid, but the process was painful. These guys totally missed the boat on investor communication. Failed email and voice mail responses and completely left me in the dark on a problemed loan. They have lost my confidence and I will invest elsewhere.