Hachshara Insurance, part of the Elezra Group, announced its official entry into the mortgage market with the acquisition of 49% of Magshimim Credit - a non-bank financing company founded by the Giza Singer Even Group, which provides loans to households secured by first or second mortgage registrations on residential properties in Israel.
The move aligns with Hachshara’s broader strategy to enter the credit field, led by the company’s CEO, Shimon Miron. Magshimim Credit operates in a variety of popular market segments, including home purchases, equity completion, renovations, family support, investments, loan consolidation, and personal-purpose loans. The loans are tailored to the borrower’s financial profile, repayment capacity, and personal economic outlook, and are approved by a professional credit team through a digital platform with personal guidance.
To reach customers most effectively, Magshimim Credit plans to operate primarily through mortgage advisors and insurance agents, recognizing them as key partners in providing precise and responsible financing solutions.
The company will be led by Yaakov Orbach, former Deputy CEO of Bank Hapoalim and head of its business division - who will serve as chairman; Udi Rozenberg, managing partner at Giza Singer Even’s non-bank debt and financing funds - who will serve as CEO of the mortgage operations; and CPA Ravid Kaspi, who will also hold a senior managerial position.
According to Shimon Miron, CEO of Hachshara: "Our investment in Magshimim Credit is part of Hachshara’s strategy to create a new operational sector in the credit field. We will start with the mortgage solution and later expand into additional credit activities. We aim to provide insurance agents and mortgage advisors with a high-quality product that will help expand non-bank financing in Israel."
According to Udi Rozenberg, the designated CEO of the mortgage operations: "Magshimim Credit was established as part of Giza Singer Even’s real estate financing division, which also finances project developers and purchase groups. Given the high housing prices, there is a need to diversify financing sources for households beyond the banking channel. We have strong connections with mortgage advisors and business consultants, and the partnership with Hachshara will serve as a significant lever to expand our operations."