Pretium Acquires Anchor Loans to Deliver Enhanced Capital Solutions for Homebuyers
Furthers Pretium’s Mission to Provide Solutions for U.S. Housing Market Through Diversified Platform
Meets Growing Residential Real Estate Needs by Providing Loans to Upgrade Aging Homes
Positions Anchor to Drive Innovation and Enhance Service Capabilities
Pretium, a specialized investment management firm with approximately $30 billion in assets, announced that it has acquired Anchor Loans LP, the nation’s leading provider of financing to residential real estate investors and entrepreneurs, from affiliates of Wafra Capital Partners Inc. and other owners. Terms of the transaction were not disclosed.
Founded in 1998, Anchor Loans was the first institutional lending platform built to serve the diverse financing needs of professional residential real-estate investors. Over the last two decades, Anchor Loans has grown to become the nation’s leading capital provider to experienced residential real-estate sponsors through its bridge and construction products. Anchor Loans serves a professional customer base where 95% of loans are made to established borrowers who have completed more than 40 projects. To date, Anchor Loans has originated more than $10 billion in loans – more than any other lender of its type.
“As we continue to experience a dynamic housing market defined by a growing shortage of total housing supply and an insufficient stock of move-in ready homes, we are seeing a significant increase in the investments required to upgrade today’s aging homes and modernize our infrastructure,” said Don Mullen, CEO and Founder of Pretium. “Pretium was formed with the goal to solve the shortage of housing in the U.S. and, today, is contributing to our local communities by creating attractive rental homes, offering capital solutions to homebuyers, and now providing loans for residential real-estate investors and entrepreneurs. Andrew Pollock and the Anchor Loans team are leaders in this industry, and we look forward to partnering with them to continue providing private capital solutions to the U.S. housing market.”
“This transaction is a unique opportunity to partner with an organization that shares our passion about the importance of supporting our communities with great homes and investments,” said Andrew Pollock, Chief Executive Officer at Anchor Loans. “With Pretium’s resources, operational expertise, and complementary businesses, we see immediate opportunities for cross collaboration that will naturally accelerate our growth and strengthen the services we provide to our clients. At the same time, we remain well positioned to drive innovation in our lending programs and position our pioneering business for continued long-term success.”
Following the close of the transaction, Anchor Loans will continue to be led by Chief Executive Officer Andrew Pollock and the current management team and retain its headquarters in Thousand Oaks, California.
American Equity Investment Life Insurance Company provided financing for the acquisition as part of an expansion of its strategic partnership with Pretium. In addition, American Equity acquired approximately $1 billion of loans originated by Anchor Loans concurrent with closing.
Nomura Securities International, Inc. acted as financial advisor and Sidley Austin LLP acted as legal advisor to Pretium. Piper Sandler & Co. acted as financial advisor and O’Melveny & Myers acted as legal advisor to Anchor Loans.
About Pretium
Pretium is a specialized alternative investment management firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has approximately $30 billion of assets under management as of October 31, 2021 and employs approximately 3,000 people across 30 offices. Please visit www.pretium.com for additional information.
About Anchor Loans
Anchor Loans is the nation’s leading lender to residential real estate investors and entrepreneurs, with a total funding of more than $10 billion since 1998. With advanced, intuitive and innovative technology, Anchor provides fast, reliable funding and an exceptional customer experience—forging long-term client relationships and helping customers achieve and exceed their business goals. More than 85% of Anchor’s borrowers are repeat customers, over 70% of the Company’s new borrowers were referred by an existing customer, and approximately 95% of loans go to established borrowers who have completed more than 40 projects. Ranked for two consecutive years on the Inc. 5000 list of the fastest-growing privately held small companies in the U.S. https://www.anchorloans.com.
