"NEXA Lending CEO Mike Kortas is in the process of acquiring several shell companies to build joint ventures, he said in an exclusive interview with HousingWire on Monday. They are for multiple JVs with large teams, agencies, builders and strategic partnerships, Kortas said without providing details on each transaction, which he said will be announced separately. The main goal is more volume for NEXA. NEXA has been the subject of several rumors in the past few weeks regarding its business activity."
"All of those, Kortas said, are false. Everybody thinks I'm going into retail, but I'm not, nor am I going into delegated [correspondent lending]. Going into retail would destroy what I'm doing with NEXAyou got to remember something about me: I was homeless as a kid, at 18 years old, I was sleeping on the streets.I got more than I ever anticipated. I am happy with what I have. I don't need more."
"JVs have been popular with companies like Rate, which is a strategy Kortas says he's picked up on because these structures are high converts and can be very lucrative. In addition, they bring more transactions to the wholesale space, increasing its market share, he added. The JVs also bring more volume to wholesale, and it doesn't matter to me who you choose."
Mike Kortas is acquiring several shell companies to build multiple joint ventures with large teams, agencies, builders and strategic partners to increase wholesale volume and accelerate HUD licensing. Kortas plans to announce each transaction separately. Kortas denies rumors that NEXA is being sold, moving fully into retail, or ending its relationship with UWM. Kortas says retail or delegated correspondent lending would undermine NEXA's model. Kortas cites joint ventures as high-converting, lucrative structures that increase transactions and market share across the wholesale channel. NEXA originated about $11 billion in the last 12 months.
Read at www.housingwire.com
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