Quicken Loans for BusinessAccelerate Loans for Businesses
However, the two men have another business relationship that has not been reported: an exclusivity loan purchase arrangement between Quicken and a Buffett affiliate, Berkshire Hathaway Inc. Buffett said in an interviewer that Berkshire owned a firm named Vanderbilt Equity and Finance Inc, which purchases home loans for Quicken's sole purpose, namely building homes.
The main business of Fanderbilt is the financing of mortgage loans for Clayton Home, the biggest US manufacturer of portable and prefabricated houses, also a Berkshire owner. Quiching has sold loans to Quickenbilt for nearly a year in a test programme, said Jordan Fylonenko spokesperson in an e-mail. Joining forces has resulted in approximately $20 million in loans to date, and Quicken is releasing new loans at a rates that would produce $50 million per year, he said.
He refused to talk to Vanderbilt about the reasons for his programme. Acquisitions make up a small part of the business of both companies. Quicken, for example, last year raised a total of 78.5 billion dollars in mortgage loans. Nevertheless, the arrangements show that Buffett and Gilbert are looking for ways to work together creatively. Before this transaction and the Yahoo message, their single celebrated commerce relation was one in which Berkshire provided Quicken security for an NCAA court game competition which the investor backed in 2014.
Though Quicken had said it would give $1 billion to anyone who could predict the winner team throughout the entire campaign, it was a big surprise. Chances of succeeding were slim - and nobody won - but Quicken was given a number of e-mail and telephone numbers for prospective clients to enter the competition. Berkshire payed her a bonus for the provision of cover.
Several years ago Buffett and Gilbert joined at a meeting and became good acquaintances after having eaten together in Omaha, where Buffett lived. In Gilbert's studio there are three huge sections of Buffett's heads attached to a white board, one of which is signed. Gilbert owned a print shop named Fathead LLC that made the cut-outs.