Quicken Loans Surpasses Wells

Dan Gilbert built Quicken Loans from a small mortgage company into America's largest independent mortgage lender through multiple strategic transactions and sustained growth over 30 years.

Key Points:

• Initial Sale & Buyback:

  • Sold company to Intuit for ~$90M
  • Later bought it back for ~$20M with group of friends
  • Kept "Quicken Loans" brand name despite separation from Intuit

• Growth & IPO:

  • Built it into largest independent mortgage business in U.S.
  • Larger than Wells Fargo in mortgage lending
  • Took company public recently (6 months ago)
  • Owned 85-90% of company at IPO
  • Current market cap: $46B

• Business Expansion:

  • Invested heavily in Detroit real estate
  • Owns Cleveland Cavaliers (worth $500M-1B)
  • Previously owned casino operations
  • Operates ROC Ventures for:
    • Real estate investments
    • Venture capital
    • Restaurants
    • Hotels
    • Tech companies

• Detroit Revitalization:

  • Moved 4,000 employees to downtown Detroit
  • Purchased billions in derelict buildings
  • Owns 20-30% of downtown Detroit
  • Established private security firm
  • Committed $300M to pay off Detroit residents' property taxes