Cloverhill Acquires Patch of Land and Invests Growth Capital.

MANews-(C)2009-2021

US-based Patch Funding LLC, formerly known as residential business purpose real estate lender Patch of Land, has closed a strategic asset-backed capital raise and an infusion of growth capital allowing the company to expand its business and origination capabilities significantly, the firm said.

Cloverhill Funding LLC acquired the assets of Patch of Land and invested growth capital to further fuel growth for the newly rebranded company.

The investment comes at a time of skyrocketing new housing demand in the wake of stay-at-home orders and a new work-from-home trend.

In addition to the equity investment, Cloverhill announced the arrangement of a funding facility for Patch Funding allowing it to fund loans efficiently and...

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