As the number one fix-and-flip lender in the United States, we are pleased to announce that a majority interest in Anchor Loans has been acquired by Wafra Capital Partners (WCP), a worldwide leader in specialty asset partnerships and structured finance strategies.
A successful partnership since 2015
Prior to this acquisition, Anchor brought WCP on as a partner in 2015 after our executive team conducted an extensive search to find the right capital partner to help grow Anchor into a nationwide lender. The fruit of that initial $500 million partnership with WCP has been incredible– with Anchor expanding operations from 17 U.S. states to 46 states and D.C.
Anchor co-founder and CEO Steve Pollack remains at the helm
Anchor Loans will continue to be based in Calabasas, California and led by CEO and co-founder Steve Pollack, whose leadership helped pioneer advanced technologies that catapulted Anchor into its number one status in the industry.
“We are excited about how WCP’s investment and confidence in our lending strategy can help us grow deep into the future,” said Pollack of the acquisition. “Both firms shared a belief that taking the long view, even in the fast-paced fix-and-flip industry, is essential to sustained success. Working together made sense for both teams and we look forward to what we can accomplish together.”
Under Pollack’s leadership, Anchor was the first private fix-and-flip lender to fund more than $1 billion in loans in a single year, with more than $1 billion in funding transactions in 2016. Anchor has remained the industry leader with more than $1.1 billion in transactions in 2017 and more than $1.4 billion in 2018. To date, Anchor has transacted more than $7.35 billion in fundings since 1998 across 22,000 loans.
In July 2019, Anchor was for the second consecutive year named on Inc. Magazine’s annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Anchor rose to #758 this year from our #886 ranking in 2018. Among the many well-known companies that have gained their first national exposure on the Inc. 5000 list over the years are Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp and Zillow.
“We consider ourselves fortunate to serve entrepreneurs who are transforming homes and communities with the capital we lend,” Pollack said of the Inc. 5000 honor. “Our rapid growth trajectory is a reflection of our loyal customer base, as well as our dedicated and talented employees and our business model that places customer experience at the top of our list of priorities.”
Anchor Loans will continue to put customer experience first
With WCP coming aboard as the majority partner, Anchor will continue to benefit from the support and financial commitment that has made this partnership so successful over the last four years.
“Acquiring a controlling interest in Anchor, an investment partner of ours since 2015, represents a smart and agile decision to add to our growing real estate debt investment portfolio,” said Michael Gontar, CIO of WCP. “Anchor stands out as the strategic leader in a robust and growing fix-and-flip market, consistently posting strong numbers through varied market cycles. We look forward to its continued growth as we look to build our investment footprint.”
Moving forward, Anchor’s borrowers can expect improvements to our already seamless approval and funding timelines, with state-of-the-art advances in our fintech that will make doing business with us easier and more efficient.
With our borrower base comprised of 85% repeat customers and our new client roster made up of 75% customer referrals, Anchor’s commitment to providing exceptional customer experience remains a top priority.
“We are constantly striving to improve upon our interaction with clients,” says Pollack. “There is nothing in our business model more critical to us than providing superior service. We like to say, ‘we are not just a money lender with great customer service, we are a great customer service company that lends money.’”