On today’s podcast I had Lance Spencer from Anchor Loans. Lance is a hard money lender who has been doing for over ten years! In fact, he’s originated over $2 billion worth of loans! As of right now, he is loaning me tens of millions of dollars and we have made a great relationship over the years. I wanted to bring him on to talk about what behind the scenes of hard money lending looks like. It’s really interesting how they go about getting their money, how they lend it the money, and why they charge the rates that they charge. It’s really good to see it behind the scenes! On top of that, we talk about different deals that he’s done as a flipper, how he started out buying and competing against the hedge funds, and what it was like for his company to get acquired. We also go in-depth on what the future holds and what he feels like is happening with the economy and house flipping.

Contact Lance Spencer - https://www.anchorloans.com/about/account-executives

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Lance as always been involved in construction and real estate. He got his degree in construction management, but did not want to go into commercial real estate. By the time he graduated with his degree, he was working with Anchor Loans. Anchor Loans was founded with professional poker players!

In 2011, Lance Spencer and Anchor Loans started competing with the hedge funds in acquisition. He also began his loaning career at this time as well. Around 2015, Anchor Loans was acquired for the first time. This opened a lot of opportunity for the company and scaled their loaning volume.

Lance speculates that Anchor Loans always has about $1 billion out in loans, and Lance has secured 50% of those loans! Across his career, Lance has originated $2 or $2 billion in loans!

Lance Spencer and I discuss how he makes money off the loans, how the banks make money, and how the borrowers make money. I’m always fascinated how various businesses work and especially the hard money loans that my company uses so much!

Anchor Loans has sold the company again and the transition has been painless according to Lance! Lance expected the worst and hoped for the best! Lance Spencer has said the owners are real estate oriented and want to continue growing the company into a multibillion dollar company!

Lancer Spencer tells a little about what is going on in California. He has a beach house in Oxnard but lives full time right outside of Los Angeles. In Los Angeles, he says that the city is very dirty and not a great place where he wou