United Wholesale Mortgage goes public with $16B valuation

Lender will merge with Gores Holdings IV in biggest SPAC deal ever

National /
Sep.September 23, 2020 12:00 PM
United Wholesale Mortgage Mat Ishbia and Gores Holdings IV CEO Alec Gores (Photos via United Wholesale Mortgage and Gores)

United Wholesale Mortgage Mat Ishbia and Gores Holdings IV CEO Alec Gores (Photos via United Wholesale Mortgage and Gores)

United Wholesale Mortgage is merging with Gores Holdings IV, a special-purpose acquisition company, and preparing to go public in the biggest SPAC deal ever recorded.

The deal will allow the lender to public at a valuation of more than $16 billion, setting a record for this type of blank-check deal, the Wall Street Journal reported.

United Wholesale Mortgage will take a 94 percent stake in the new company. The deal will infuse the lender with up to $925 million, which will be invested into the firm and used for transaction expenses.

Gores Group was founded by Alec Gores in 1987. It bought Hostess Brands in 2015 through its first SPAC and has since purchased three additional companies ahead of the United Wholesale Mortgage deal. It raised $425 million in a public listing in January.

United Wholesale Mortgage works with independent brokers to service mortgages. The company is on track to underwrite nearly $200 billion worth of mortgages this year, up from $108 billion in 2019. [WSJ] — Sasha Jones


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Jerome Powell (Getty)
Powell sees new opportunity to reform low-income lending rule
Powell sees new opportunity to reform low-income lending rule
R&B Realty's Aron Rosenberg and Maverick's David Aviram of Maverick with 28 West 36th Street and 32 West 39th Street (Google Maps)
Midtown landlord sues to stop foreclosure by Maverick
Midtown landlord sues to stop foreclosure by Maverick
(iStock/Illustration by Alexis Manrodt for The Real Deal)
US home prices are more than 5% too high: Fitch
US home prices are more than 5% too high: Fitch
The Texas snow storm was partly responsible for the decline in mortgage applications. (Getty)
Texas storm, increasing rates freeze home mortgage market
Texas storm, increasing rates freeze home mortgage market
(iStock)
Mortgage rates tick up again
Mortgage rates tick up again
Acore Partner Warren de Haan. (Acore, Getty)
Acore Capital raises $1B to provide rescue cash to hotels
Acore Capital raises $1B to provide rescue cash to hotels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...