Noah

Patch literally saved me from nearly drowning. I tried every avenue to tap into over $350K in home equity with over $200K income but because of my DTI and being self employed, it was nearly impossible. Even their competitor (which I don't belive comes close to Patch) turned me down at the middle phase of the process. Patch will never really understand what they did for me. I am forever indebted to them.

After digging ourselves into a deep debt-hole as a result of a temporary downturn in income, we discovered that we were disqualified from more conventional solutions (with satisfactory terms) to get ourselves out. My husband and I did our research and chose to work with Patch Homes. I really enjoyed working with the people at Patch Homes, and because they are a well-backed, in-house organization, I was able to talk with the co-founders and underwriters directly throughout the whole process. Everyone was responsive, straightforward, professional and likable. After interacting with their website, I received a quote that ended up almost exactly the same as the final offer. (It was different at closing, because we asked for more cash out by the end.)
Once we received our online, estimated offer, I spoke with ***, a co-founder, and he patiently and thoroughly explained how their Option Contract worked. Even when I called after hours and they couldn’t pick up immediately, ***, would call back within minutes and ask if I had just called and how he could help. *** was the underwriter working with me, and he was always available by phone and/or email (also available by text or chat) to answer every question I had, and never once did I detect an eyeroll—his answers were clear and respectful. Initially, Patch offered less “cash out” than a competitor we looked into, but Patch’s terms were better than their competitor’s. Since we were a riskier investment than optimal, we did not qualify for the best rates offered anywhere.
Our case was complicated, (which is why we didn’t qualify for a conventional cash-out refinance or HELOC) and was full of twists and turns, but everyone at Patch was patient and willing to work everything out. When my husband and I decided we wanted more cash out, they increased the original amount offered with only a reasonable change in terms. By the end, the closing costs ended up less than expected and the whole process, from the first website contact to cash in the bank, took less than a month.
The more we learned about how Patch Homes operates the more impressed we became. We went through all the legal disclosures with a fine-toothed comb and anything that went over our heads, the Patch team thoroughly explained. This included the math on how (after the 36-month initial term) they share the same (rather than the competitor’s fraction) percentage of equity, positive or negative, depending on whether the property appreciates or depreciates. We could end up paying considerably less back than we took out in a market downturn. Even after we closed with Patch, I had additional questions, and *** and *** continued to be very helpful.
It’s true that the contract with Patch Homes will probably end up being a really good investment for them, considering the housing market in California, but it was also a lifesaver for us and a sound way for us to get out of crushing debt. We have up to 10 years to refinance or sell to pay off Patch Homes, with no interest, payments or prepayment penalties until then. By then, we will have used our equity cash-out amount to pay off debt, drastically improve our credit scores and ratios and have enough left over to invest in interest-baring savings to qualify for a conventional cash-out refinance to pay them off even if we don’t sell our home. What a great feeling to be out of debt and be back on track financially! For us, this option is a win, win, and I look forward to continuing a great relationship with Patch Homes.