LOS ANGELES, Aug. 22, 2016 /PRNewswire/ -- Patch of Land, a leading online marketplace lender for real estate, and its community of accredited and institutional investors, is participating in the single family rental (SFR) market in Utah through a series of cash flowing, stabilized and diversified portfolios.
Investors are participating in a total offering of $4 million to refinance a portfolio of 36 properties in the Ogden and Salt Lake City metro areas, which have been renovated and have rental tenants in place. Structured as four 24-month loans, investors will receive 10% and 10.25% interest paid monthly. The sponsor, Blue Mountain Inc. is a real estate investment provider with 10+ years of experience in the Utah real estate market running a fully integrated turn-key operation: buying, renovating, leasing and managing single family properties.
"The team and I believe that this portfolio provides investors with an excellent opportunity to diversify into Utah without needing any expertise or hands-on rehab or rental experience," said Kenneth Thomson, President of Blue Mountain Inc. "Patch of Land worked closely with us to structure this large portfolio refinance, and was able to get us funds quickly. We appreciated their commitment to building a long-term relationship and to helping us grow our business as we continue to make investments into these growing markets."
Salt Lake City and Ogden, UT have been amongst the fastest growing housing markets in recent years, spurred by job growth in the tech and finance sectors, lower cost of living than the national average, and high quality of living. "The Ogden metro area ranks No. 6 in the nation according to Zillow's Hottest Housing Markets of 2016 with home values increasing 7.2% in the past 12 months and are forecasted to increase 4.5% in 2017," said Ben Shaevitz, SVP of Loan Production for Patch of Land. "Blue Mountain's SFR portfolio loans give investors a unique opportunity to enter a top tier appreciating market through an excellent sponsor with years of local experience."
"We are excited to enter the Utah market and, by partnering with an experienced borrower like Blue Mountain Inc., we are able to generate solid returns for investors of over 10% on a well diversified set of 36 properties," said Paul Deitch, CEO at Patch of Land. "Our goal is to provide a diversified product set to our community of accredited and institutional investors, who access US investment property opportunities including: 12-month residential and multifamily private money loans; 18-month commercial bridge loans; and 24-month stabilized rental loans with just a few clicks online -- anywhere, anytime. Thanks to our technology, national lending platform, and investor community, we are truly building wealth and growing communities across the country."
Fore more information on Utah and the related real estate investment opportunities, please visit PatchofLand.com/Utah
About Patch of Land:
Patch of Land is a national 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.
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SOURCE Patch of Land