Ishbia family’s UWM equity, NBA assets back billions in credit: Bloomberg

Public filings show how the Ishbia family’s stake in United Wholesale Mortgage (UWM) and its sports assets underpin a network of loans, according to a Bloomberg report. Bloomberg’s review of Uniform Commercial Code (UCC) filings shows that Justin Ishbia pledged his economic interests in his private equity funds to secure loan facilities with JPMorgan Chase & Co. Additionally, the analysis found that the entity behind Mat Ishbia’s basketball team, the NBA‘s Phoenix Suns, has pledged future distributions to the bank and that Mat Ishbia used tax rebates tied to his UWM stake to help secure a recent $2.05 billion deal with Oaktree Capital Management. A UWM spokesperson told HousingWire that the loans and collateral pledges do not signal a liquidity problem for Ishbia or the company. “Trying to use this deal to suggest Mat’s financial situation with UWM or the Phoenix Suns is threatened is clearly ignoring the facts,” the spokesperson said, adding that Ishbia has personally committed “multiple hundreds of millions of dollars” alongside Oaktree. The spokesperson said the JPMorgan arrangements are credit facilities with balances low enough to be repaid at any time and described them a...