Crowdfunding startup Patch of Land funding NJ developer rehabs

Los Angeles-based crowdfunding startup Patch of Land is employing a little marketing spin on its latest properties — a  modest 1,742-square-foot single-family home in Bridgewater, N.J., to be flipped after “minor rehab”; a duplex in a “well-established blue-collar neighborhood” of Jersey City that will require a “full gut”; and another Jersey City home that’s being remodeled to bring it up to code as a two-family property.

A press release announcing the “release” of the three properties describes them as being “near the Manhattan suburbs.” The press release references “Manhattan” three times, but does not mention New Jersey. Patch of Land is helping developers of the projects obtain 12-month loans totaling $356,000 at 8 to 10 percent interest.

The company says accredited investors with income of $200,000 or more a year or a net worth of $1 million can “become a real estate investor within minutes with electronic document signing and fund transfers,” with potential returns of 8 to 15 percent on investments of as little as $1,000 on featured properties. Source: prweb.com


Comments