Patch of Land, one of our sponsors, is playing a key role in rebuilding the country following the the economic earthquake that hit the country in 2008 with its epicenter in the real estate market.
AdaPia d’Errico, the firm’s chief marketing officer, explains, “Private lending is known as ‘hard money’ lending; it carries a negative stigma, and for good reason. Predatory pricing, no oversight, and basically no protection for borrowers and even for investors meant that these loans and this type of lending have been extremely risky.”
She adds, “And it was the only kind of lending available to real estate professionals following the financial crisis, because banks could not and would not lend on what they deemed to be risky real estate transactions – property prices were the lowest EVER, and no one would take the risk of lending to people who were trying to rebuild America after the crash.”
“Patch of Land is solving the problem of access to capital for real estate professionals who are rebuilding and revitalizing their communities. By creating a marketplace built around transparency, trust and standardized underwriting, we’ve created a more open, accessible and simplified way for funding transactions to occur on what has historically been an opaque lending industry. We pride ourselves on working with individuals who are improving properties, rehabbing homes, and contributing to economic growth in their areas,” she continues.
AdaPia is excited about the future that Patch of Land will help to create.
“We are going to make a huge positive impact because we are applying technology, and data, to bring light and transparency to this dark industry. It will give more people access to funding, and more investors the opportunity to make a return on an investment that has a truly tangible outcome,” she says.
Patch of Land is helping to rebuild communities, she says. “Ultimately, we’re making a massive impact by enabling real estate professionals to get their funding quickly, to work quickly, and to rebuild their neighborhoods. Better homes means families can live in safer areas, in clean, good, strong homes. Everyone deserves a good home to live in, and together we are literally rebuilding America’s communities.”
By bringing institutional capital to play in this space, Patch of Land is professionalizing the market. “Because of the way we are doing it (with technology and data) we are actually bringing large financial institutions into the mix — they are willing to work with us, as we work with the real estate professionals. So we’ve turned it all around. Like a real community, making real change,” AdaPia concludes.
On Thursday, February 18, 2016 at 5:00 Eastern, AdaPia will join me for a live discussion about Patch of Land’s efforts to rebuild America. Tune in here then to watch the interview live. Post questions in the comments below or tweet questions before the interview to @devindthorpe.
More about Patch of Land:
Patch of Land is a leader in crowdfunding real estate through its P2RE (peer-to-peer) online marketplace. We match investors & lenders seeking alternative fixed income opportunities to borrowers seeking alternative sources of financing for their real estate investment needs. We’ve infused technology into an old-as-time tradition of real estate financing and we’re proud that our business model builds wealth, while growing communities.
AdaPia d’Errico is an entrepreneur, investor, and strategic business advisor. She worked in banking and finance in her early career, transitioning into entrepreneurial ventures in brand development and strategic marketing across the new media, consumer products and entertainment industries. Over the past three years, she has done a deep dive into the high-growth alternative finance space as Chief Marketing Officer at Patch of Land, where she is responsible for driving brand awareness, marketing and communications strategy, and partnerships and business development. She has positioned the company as a recognized leader in real estate crowdfunding, P2RE®, and marketplace lending. AdaPia is a frequent contributor and presenter on these topics, as well as on topics ranging from leadership and marketing, to real estate, economics and crowdfinance.
AdaPia’s business philosophy is rooted in providing the highest possible value to clients and partners, and developing longstanding, mutually beneficial relationships. She has co-founded two businesses with women partners, coached entrepreneurs, start-ups, and taught business students. She is passionate about encouraging women in to succeed not only in business – but also in all aspects of creating a successful life. AdaPia has lived and worked in 5 countries, and obtained her Bachelor of Business Administration degree from the University of British Columbia.