All Forum Posts by: Matthew Nixon

Anchor Loans specializes in financing fix-n-flip properties in CA. We've been in the business for 17+ years and currently have $500,000,000 under management!! We fund and underwrite all of our deals in house and can process loans in as little as 5-10 business days. 

If you are actively flipping property in California, let me provide you with a loan quote for your next project. All I need from you to get started is an executed purchase agreement and I'll be able to give you a loan estimate within 24-48 hours. 

Below are our general terms. With borrower experience and the subject property being the two biggest determining factors. We lend to multi-member LLC's  and Corporations.  Single-member LLC's and individuals can qualify if they have completed 5 flips in the past 18 months. 

Fix and Flip Loan Terms

6 or 12 month term with no prepay

8% - 12% interest only rates

2 - 3 points

Up to 70% of ARV

Up to 80% of purchase + 100% of rehab

Can close as a "cash transaction"

1 - 4 unit residential property

Cross Properties

Can cross existing properties for collateral on new purchases

up to 65% of as is value on cross

New construction - ***Southern CA Only

Very subjective to each deal, call me to discuss

Leverage up to 80% of cost 

Almost forgot to mention. We have wholesale deals!!! Hot properties available to purchase on a first-come first-serve basis. New deals available every week. Below is a deal we currently have available to purchase. Inquire with me for additional info if you are interested. 

Highland Park, CA 90042

Purchase - $405k - contingent upon a loan with me at Anchor Loans.

Rehab - ~80-90k

@Alex Applebee

Looking forward to seeing the finished project! Thanks for posting.

@Janaye Joyner

Congrats on getting educated, taking action, and consulting BP for answers to your questions. You are on the right path to success!

Not sure where your fear of the deal going south stems from, hopefully I can address some of your concerns to ease the anxiety you may be feeling. 

1.  If you've been talking to a few lenders hopefully they gave you the option of getting pre-approved ahead of time. Getting pre-approved should expedite the loan process for when the right deal comes along.

2. As far as rehab breakdown goes... don't over think it. Every lender has their own requirements, so I can't speak for everyone. But with us, all we need to get the loan process started is your best estimate. Then as we do our underwriting we will need to see a scope of work detailing your budget and where that money is going. This can be provided by a GC or you can simply put it on a word doc. 

Hope that helps!

270,000*.75 - 14,000 - 5,000 = $182,500 offer price

@Brent McQuilkin

Good luck Jim. Hope this deal works out for you.

@Erin L.

Welcome to BP!

You won't be able to get a conventional loan on a property that needs $45-60k in repairs.

Cash or hard money is you're best bet @Nikolay Grozev

Any flippers out there in southern California already implementing low flow faucets and shower heads?

LA Times Link

Welcome to the site @John Weathers

From what I gather, and correct me if I'm wrong, the HM lender puts up 95-98% LTC, has the borrower puts up the remainder and instead of charging points and monthly interest the HM lender collect 50% of the profits. 

@Aaron R.