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Goldman Sachs to Buy House-Flipping Lender Genesis Capital ...

Write to Liz Hoffman at liz.hoffman@wsj.com and Peter Rudegeair at Peter.Rudegeair@wsj.com

Goldman Sachs is acquiring Genesis Capital, a private Los Angeles firm that backs investors seeking to buy, renovate and quickly sell single-family homes, according to people familiar with the matter. Genesis, founded in 2007, has been growing rapidly as the housing market continues to recover. Last year, the firm lent $1 billion, up from $50 million in 2013.

The acquisition, which could be announced as soon as this week, reflects both the buoyancy of the housing market about a decade after it last peaked and the growing interest Goldman Sachs has in diversifying its businesses as its core trading engines remain stuck in a postcrisis slump.

Goldman's push onto Main Street has already taken it to small personal loans, even smaller deposit balances and a partnership with Fidelity Investments' retail brokerage customers.

Wall Street firms' appetite for "fix-and-flip" loans has been growing. Volumes last year were at their highest level in a decade. In recent months, affiliates of private-equity firm Blackstone Group LP and asset manager Fortress Investment Group LLC have each acquired companies that specialize in making these credits.

'Anaemic' wages to drag on home loan market: BoQ

He noted that as well as effectively having their market share preserved, the major banks are able to set aside less capital for every dollar lent out than their smaller peers, due to the "risk weight" system used to determine banks' capital targets. 

"If risk weights are divergent and you have caps on certain segments, then really you're just competing in a very limited market with a funding cost disadvantage. That kind of restricts competition and I think there's an opportunity to definitely recalibrate," Mr Sareen said.

The prediction of softer growth from Mr Sutton came as Bureau of Statistics figures showed the value of new loans to property investors bounced back in August, growing by a surprisingly strong 4.3 per cent. Economists said the regulators would be watching keenly in coming months for any signs of a rebound in investor lending, which they have been trying to slow.

BOQ's result included the lowest level of impaired loans in at least five years, but Mr Sutton emphasised it was an very low interest rate environment, and the bank needed to remain "vigilant."

Does Capital One have a loan that I can use to pay off another credit card, besides a home loan?

I do not own a home. My Capital One interest rate is about half of my other credit card.


They offer personal unsecured loans, but make sure your credit is good before applying.

Thanks!