Patch of Land, an online marketplace lender for real estate, appointed a new CEO to lead the company, announcing Paul Deitch (pictured below) as the new head of the company.
Deitch brings more than 25 years of financial services experience to this position, most recently as managing director at Oaktree Capital Management.
“We are excited to have someone of Paul’s caliber and experience join Patch of Land as we push past $100M in lending activity,” said Fritton. “Paul brings executive experience from multi-billion dollar companies in both banking and investment management running at scale and has deep experience across a broad range of functions including technology, operations, risk management, product development, marketing, finance and compliance – all of the ingredients we will need as we successfully grow our firm.”
When he worked at Oaktree, Deitch led the development of the firm’s operating infrastructure as the organization grew from $50 to $100 billion in AUM. He also broadened investment strategies and distribution channels, built and acquired firms and successfully executed its 2012 IPO.
“I am honored to be joining the stellar team at Patch of Land and excited to lead the company’s next phase of growth,” said Deitch. “We have a huge opportunity in front of us to continue to expand and diversify the firm’s solution-based lending platform, which automates many underwriting processes and offers investors transparent, diversified, and understandable investment choices.”
In addition this announcement, Co-founder Jason Fritton was also promoted to executive chairman.