(196A) MFS - New Analyst Report 6/25

Mr. Akira Nakayamada, the representative director and CEO of MFS, experienced the first mortgage securitization in Japan with Bear Stearns Securities, and has been working on mortgage securitization for a long time at Shinsei Bank and SBI Mortgage (now SBI Alhi). In the process, I realized that there are no mortgage brokers in Japan that are independent of financial institutions or real estate companies, such as those in Europe and America, and I also discovered a major business opportunity in creating an entity that provides services in a form that is close to mortgage users in Japan.

MFS was originally Mr. Nakayamada's asset management company, but the business purpose was changed to a mortgage refinancing service in 14/7, and the current business began. The mortgage diagnosis service “Mogecheck” was released in 15/8, and “Mogecheck Plaza for Real Estate Investment Loans,” which leads to the current INVASSE business, was launched in 18/10.


The MFS business consists of two reporting segments: the Mogecheck business, which mediates mortgage loans, and the INVASE business, which mediates investment real estate.

The main force is the Mogecheck business, and segment losses occurred in the 22/6 fiscal year when marketing costs were high, but in the 23/6 fiscal year, sales increased 2.5 times compared to the previous fiscal year due to expansion of service use, and segment profit became profitable. Meanwhile, the INVASSE business recorded segment profit in the 22/6 period, but since Condominium Asset Management was acquired and made into a consolidated subsidiary, the cost burden became heavy, and segment losses continued after the 23/6 period.

The Mogecheck business provides an online mortgage service “Mogecheck.” “Mogecheck” is a service that provides information on and mediates mortgages for those planning to buy a home or plan to refinance a home loan (hereinafter, mortgage users) online or via an application.

The INVASE business provides real estate investment services for people considering borrowing real estate investment loans into investment real estate (hereinafter, investment real estate users). It carries out two operations: (1) brokerage of investment real estate for investment real estate users, and (2) various operations aimed at acquiring customers related to the brokerage of the investment real estate (brokerage of real estate investment loans, introduction of properties to investment real estate users, introduction of people planning to purchase investment properties to real estate companies, etc.).