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 12:01 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
Ministerial Privilege: Would Tony Blair’s transfer tax loophole work in the U.S.?
Ministerial Privilege: Would Tony Blair’s transfer tax loophole work in the U.S.?
Ministerial Privilege: Would Tony Blair’s transfer tax loophole work in the U.S.?
(iStock)
Mortgage requests, refinancings continue to drop
Mortgage requests, refinancings continue to drop
Better CEO Vishal Garg and SoftBank CEO Masayoshi Son (Better.com, Getty)
Better.com lands $500M investment from SoftBank
Better.com lands $500M investment from SoftBank
An index tracking applications for mortgages to purchase homes decreased 5 percent. (iStock)
Frenzy ending? Mortgage requests fall 5%
Frenzy ending? Mortgage requests fall 5%
(iStock/Illustration by Kevin Rebong for The Real Deal)
March madness: Homes sold faster than ever last month
March madness: Homes sold faster than ever last month
February were 10.4 percent higher than last year. (iStock)
Home price growth hits 15-year high
Home price growth hits 15-year high
(iStock/Illustration by Kevin Rebong for The Real Deal)
Foreclosures and evictions could be halted for rest of 2021
Foreclosures and evictions could be halted for rest of 2021
Redwood Estates in Thorton, Colorado and Brookfield Asset Management's Bruce Flatt. (Bayshore Home Sales, Brookfield)
Brookfield snags $2B refi for massive mobile home portfolio
Brookfield snags $2B refi for massive mobile home portfolio
arrow_forward_ios

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

Loading...