The 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.
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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.
The 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.