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Ishbia Pledged Most of UWM’s Outstanding Shares to Buy Suns

Mat Ishbia, chairman and CEO of UWM Holdings Corp., promised more than half of the mortgage giant’s outstanding shares to secure two loans before his record $4 billion purchase of the NBA’s Phoenix Suns. So reports Bloomberg.

Phoenix SunsThe pledged stock, which Ishbia holds through SFS Holding Corp., was worth roughly $4.6 billion.

Records show that JPMorgan Chase & Co. was the lender on both loans. The amounts borrowed have not been made public.

Read the full article from Bloomberg.

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