General World News

New Residential scoops up fix-and-flip lender

New Residential Investment Corp. announced Monday that it has entered into a definitive agreement to buy Genesis Capital LLC, a fix-and-flip lender, from Goldman Sachs.

New Residential said that it expects Genesis to originate close to $2 billion of loans in 2021 and that the fix-and-flip lender has originated over 12,000 loans since 2014.

Michael Nierenberg, chairman, chief executive officer and president of New Residential, said in a statement that the acquisition “adds a new complementary busines line to our company and advances our ability to create and retain additional strong housing assets for our balance sheet.”

“We see details ⇒

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