Anchor Loans- Beware!

[Hal Mullins]

ANCHOR LOANS – I usually do not post on this forum. Although, in this case, all Bigger Pocket Members, need to be aware of this Hard Money Lender, and their unethical practices.

I am an experienced investor/builder for over 40 years. I received a promotional email from Anchor Loans. I sent in for more information. I received a call back from Rep. Tom Taylor.

Nice guy who seemed experienced enough. We came to an agreement on a loan and terms, that he sent to me. Then I was sent an Official Approval Commitment Letter with the exact terms

Which were acceptable to us, for this deal. I executed my approval on the Commitment Letter and returned it to them to set up Closing. Anchor Loans and Tom Taylor, then just “went dark

On us” for weeks? So unprofessional! So, when they finally returned my call, they stated – “Sorry, they would not be honoring the Commitment Letter they had approved”. Basically,

Knowing, I had canceled all other discussions with all other Lenders, they did the “Bait and Switch Approach”, which only the worst kind of Lenders in this industry try to pull on clients.

They lowered the L/T/V from 75% down to 70%. They even lowered their evaluation of the Property – by $25,000. And after submitting supportive comps to justify the higher value.

They basically stated, “Sorry, they are not willing to honor the original approval”. Of course, we changed to a legit Lender and closed the deal. Anchor Loans has great marketing

Materials and presents a professional image. https://app.anchorloans.com/ Do Not Be Fooled. Just thought I should share, this, knowing, If I knew then, what I know now, about Anchor Loans, I would have saved

A lot of time and a lot of money. Hope this helps. Select Home Solutions Group, Nashville Market.