Frequently Asked Questions

Frequently Asked Questions

 

 

 

Borrowing Questions

What LTV ratio does Anchor Loans offer?

What interest rate do you offer?

Interest rates generally fall between 8.00% -13.00% depending upon the property location and type, as well as the investor’s experience.

What states do you lend in?

Anchor Loans lends in 48 states and D.C. The two states in which we do not currently lend are South Dakota and Vermont.  We will be happy to notify you when we begin lending in those states, upon request.

How long does it take to receive funding?

Though Anchor Loans can review and approve qualified loans in as little as two days for rush deals, most deals take approximately five days. However, the normal expected funding time is one to two weeks.

Can you finance the purchase or rehab of an owner-occupied property?

No. Anchor Loans does NOT lend on owner-occupied properties. We lend on a variety of qualified fix and flip investment properties.

What kind of properties does Anchor Fund?

Anchor Loans can fund all types of non-owner-occupied properties that meet our qualifications. This includes single-family residences, duplexes, triplexes, quadruplexes, apartments, and other commercial properties. Anchor Loans does NOT fund owner-occupied properties.

How do I apply?

Our online application is available 24-hours. You can access it by creating an account with us — simply click on the “Get a Loan” button on the homepage, or the log in button in the upper right-hand corner. From your account, you can complete the application at any time. You are also welcome to call (310)395-0010 to schedule an appointment to speak with an Account Executive.

Broker Questions

How do you work with brokers?

Our relationship with you is based on the needs of both you and your clients. We do not charge you a fee to work with us as some other lenders do. Rather, we speak with you directly to determine the best route to do business together. To find out more on how we can do business, contact an account executive today.

Do I need to be a licensed mortgage broker?

Depending on the state the property is located in, you may be required Real Estate Agent or Broker Licensing to broker the loan. We will advise on the requirements for your states of interest at the time of loan submission.

Can I set my own fees on top of yours?

Yes, as a broker you are free to negotiate and charge your client a fee. However, this fee is added on top of the fees Anchor Loans charges your clients and are not inclusive of one another, nor can they exceed our fees.

What do you need from my clients?

Documentation required for your clients is the same as though they had come directly to us. They will be required to complete an application and qualify as a fix-and-flip investor.

Do you work with clients directly for items needed or through me?

We understand and respect the relationship between you and your clients, and we do our best to communicate with you at all times. There is minimal direct communication with your client that is needed for approval of loan terms to draw loan documents, as well as the signing of loan documents.

How do I get paid?

Your fees are processed through the close of escrow. Once the transaction has closed and there has been confirmation of recording, your payment is processed by Anchor to be disbursed via your preferred method of payment, Check, or Wire. If you are in a license required state your W-9 and copy of your Real Estate Agent or Broker License will be required prior to payment