Pretium, a specialized investment manager firm, has acquired Anchor Loans, LP, the nation’s leading provider of financing to residential real estate investors and entrepreneurs.
This move will further Pretium’s mission to provide solutions for the U.S. housing market through a diversified platform and meet growing residential real estate needs by providing loans to upgrade aging homes. Anchor Loans will be positioned to drive innovation and enhance its service capabilities.
“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,” Pretium founder and CEO Don Mullen said in a release.
“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,” he added. “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.”
American Equity Investment Life Insurance Co. provided financing for this acquisition as part of an expansion of its strategic partnership with Pretium. American Equity also acquired about $1 billion of loans originated by Anchor Loans concurrent with closing.
Nomura Securities International, Inc. acted as financial advisor and Sidley Austin LLP as legal advisor to Pretium. Anchor Loans’ financial advisor was Piper Sandler & Co. and legal advisor was O’Melveny & Myers.
After the acquisition is complete, Anchor Loans’ CEO Andrew Pollock and the current management team will continue to lead the group. It also will retain its headquarters in Thousand Oaks, Calif.
“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,” Pollock said. “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.”