The Covid-19 pandemic has impacted all of us and reminds us that we are interconnected and we depend on one another in challenging times such as these. Here at Anchor Loans, as we continue providing fast, reliable fix and flip loans for our customers, we are also focused on the future as we prepare for the nation's return to economic stability.
Anchor's Successful Navigation Through Economic Uncertainty
This is not the first time in Anchor Loans' 22-year history that we have navigated through the many challenges that come with remaining open for business during times of economic uncertainty. In fact, Anchor has a well-earned reputation for being prepared far in advance of the 2008-09 downturn—and we emerged from that crisis even better prepared to serve the needs of our customers.
In 2006, many of our private lender competitors maintained high loan production levels (despite shifting economic indicators) and did not survive the crisis. At Anchor, we anticipated the coming downturn and strategically scaled back lending. At the same time, we eliminated mortgage pool fees and returned capital to our investors. When the downturn hit in 2008-9, Anchor Loans remained profitable, retained 100% of our staff and not one of our mortgage pool investors lost money—while many lenders and their investors suffered catastrophic losses.
We Fund Fix and Flip Loans Nationwide
As the economy rebounded, in 2012, we set the goal of growing Anchor into a nationwide industry leader. Before expanding operations into the 47 states in which we now operate, we assembled a team of real estate and IT experts to develop a custom , state-of-the-art AI fintech platform.
Anchor’s proprietary technology platform is now integral to all aspects of our business and allows us to fund loans in as few as 3-5 business days—even faster for rush deals. This decision to invest in IT infrastructure was critical to our ability to handle the rapid growth of operations that was coming—and to continue providing an exceptional customer experience—especially during uncertain times such as those we now face.
Being Prepared for Unforeseen Challenges is Key
Fortunately, our technology team had a plan in place for business continuity long before this Covid-19 emergency erupted. In fact, a full week prior to the statewide shelter-in-place order announced by the governor of California, we had already begun implementing company-wide work from home protocols to protect our staff and clients.
Anchor Loans has a fully operational team that’s working remotely to continue to fund flips for all of our clients. With our intuitive fintech and our team of skilled loan processors, we continue to approve and fund fix and flip loans in 3-10 business days, with 5 days to close being our typical funding turnaround.
Our Customers Rely on the Speed and Flexibility of our Fix and Flip Loans
There is a reason more than 85% of our borrowers are repeat customers, and that reason is trust. Anchor Loans is the nation’s number one private direct lender to fix-and-flip investors and was the first to fund more than $1 billion in fix and flip loans in a single year. Anchor remains an industry leader, providing over $1 billion in fix-and-flip financing every year since 2016—with life-to-date fundings surpassing $8 billion.
Anchor's core rehab loan program remains strong, and while the current economic climate necessitates some adjustments, we are here to provide hard money fix and flip loans and construction loans for our customers.
As we all navigate through these challenging times together, our entire staff remains committed to providing you with an exceptional customer experience. Applying for an Anchor fix and flip loan or construction loan is easy with our step-by-step online application. Please do not hesitate to reach out to our team with any questions or concerns you have.