HomeCo Partners choose On Q Financial to operate a new consortium mortgage banking Joint Venture
Founding Partner Mark Dilbeck, Dilbeck Real Estate, and seven other partners choose On Q Financial to launch consortium-style mortgage Joint Venture.
“For many brokerages and builders, they simply do not want to invest the necessary time or capital to enter the mortgage banking arena. This model provides a vehicle to allow them to enter into a Joint Venture and operate in a compliant manner, but reduces or eliminates many of the traditional barriers to entry. ”
SCOTTSDALE, AZ (PRWEB) APRIL 6, 2023
HomeCo Partners, a nationwide consortium of Real Estate brokerages and a Midwest home builder, have partnered with On Q Financial, LLC, a nationally recognized mortgage lender, to launch a new consortium style, multi-partner, joint venture. “This unique model provides Real Estate Brokerages and Home Builders of all sizes, a plug & play model that offers their clients an array of highly competitive mortgage products. Moreover, it accommodates participants’ concerns about both ease of entry into the mortgage banking arena and the use of a proven successful model. Unlike traditional Joint Venture Mortgage Broker models, this model is designed to enhance the mortgage revenue stream, while offering a better service delivery platform,” states Dilbeck.
“On Q was looking to grow our retail business and recently made several hires of experts in the builder and JV spaces, we felt this was the perfect opportunity to build upon proven Joint Venture models in a way that reduced the barriers of entry”, cited Pat Lamb, Chief Executive Officer of On Q Financial. “The result is an incredibly exciting model that allows multiple participants, both builders and realtors, to participate in a single Joint Venture”, continued Lamb. “We felt that it was imperative that we help our partners realize the opportunity of entering the mortgage joint venture business with a new way of doing business in this space.”
The first eight HomeCo partners are Dilbeck Real Estate (Pasadena, CA), Lisa Burridge and Associates (Casper, WY), Rockford Homes (Columbus, OH Homebuilder), Weichert ABG (Louisville, KY), Weichert Space Place (Huntsville, AK) Stark Real Estate (Madison, WI), Weichert Advantage Plus, Knoxville, TN) and Weichert Griffin (Fayetteville, AR “We needed a partner with the right leadership and infrastructure to make this model successful,” says Lisa Burridge, CEO of Lisa Burridge and Associates. “Luckily, we found that partner in On Q Financial” she states. For Mark Dilbeck, CEO of Dilbeck Real Estate, it’s even simpler: “Brokerages need to grow and diversify their earnings streams, and we think this is the most practical way to do so.”
“Chris Derrow recently moved over from Newrez to lead our Joint Venture channel. Along with Vinay Miglani, Chief Administrative Officer, these two have over 5 decades in the Joint Venture arena”, cited Lamb. Bob Shield, another industry veteran, also came over from Newrez to become the President of the new venture. “I am looking forward to working with my new On Q team members, but even more excited to work with our HomeCo Partners,” said Shield. “Working with these industry leaders and in this innovative consortium style JV was very attractive to me. In addition to running daily operations, Shield and his team will also focus on reaching out to prospective real estate brokerages and builders to continue expanding the partnership and creating new financial opportunities.
“We want real estate companies and builders that wish to benefit from offering mortgages to their clients to do so by partnering with On Q Financial,” says Lamb of On Q Financial. “We’re committed to an efficient and compliant business model that our partners can leverage. Our entry into the joint venture space is something we’re very excited about, and we want to continue bringing value, like this consortium-style model, to our business partners and clients alike.”
For more information on On Q Financials’ joint venture partnerships, contact: Chris Derrow, (614) 406-2066. For media inquiries, contact: Andrew Jackson, (480) 562-3567.
About On Q Financial
On Q Financial is an Arizona-based national mortgage company dedicated to helping borrowers achieve their dream of homeownership. Founded in 2005 to simplify the mortgage lending experience, On Q Financial offers mortgage professionals and their customers innovative mortgage solutions and cutting-edge technology simplifying the path to homeownership.