Real estate technology ventures have largely been concentrated on the residential side with companies like Zillow, StreetEasy and Realtor.com. Eastern Union is looking to do the same by significantly improving the antiquated commercial real estate sector. The app comes as more studies show that younger generations—those poised to become tomorrow's leaders—prefer the ease and flexibility of having financial information on the go and the ability to transact by smartphone.
Mr. Zlotowitz believes the industry would benefit hugely from tech advances that leverage the abundance of commercial data available and new sources of funding, helping investors gain a competitive edge in this high-stake environment.
"Such accessibility and transparency doesn't exist right now in the industry," Mr. Zlotowitz said. "Typically, this kind of innovation comes from an outside tech player, but not one fully immersed in commercial real estate. We want to be the first to do this because, with decades of experience, we understand what tools the industry wants and needs to succeed."
The complimentary mobile app offers the following functions:
- Comprehensive CRE Directory - Access to Eastern Union's detailed commercial real estate directory of vendors, including real estate brokers, mortgage brokers and bankers.
- Professional Mortgage Calculators – Advanced real estate mortgage calculator that performs sophisticated functions, such as max loan from debt service coverage. A calculator that will compute basic underwriting and property value using cap rates, as well as a cash on cash calculator, will be included in this week's update.
- Live Rates - The app provides live comprehensive interest rates from Fannie Mae, Freddie Mac, SBL, CMBS, and 5-, 7-, and 10-year bank rates, which are culled together by Eastern Union's specialty QTS division dedicated to providing the best rates and terms in real time to app users.
- CRE News - A multi-source commercial real estate newsfeed with all relevant financial news.
"These are the same calculators, vendor contacts and detailed data that our brokers have at their fingertips when advising clients," Mr. Zlotowitz said. "Other information, such as interest rates from particular banks, is typically only available by calling brokers or lenders themselves."
Mr. Zlotowitz said this is only the beginning of the mobile app's capabilities. Eastern Union Funding plans to roll out frequent updates, including client-specific functions that allow the firm's current clients to log on to the app and track and transact business on it similar to online banking. Mr. Zlotowitz is also exploring ways to expand the comp data on the app by incorporating information from other companies, allowing sales brokers to market property for free via the app.
The efforts reflect the firm's commitment to service and flexibility in meeting the various needs of investors in the marketplace. It is also the latest industry game-changer for Eastern Union Funding, which has previously been recognized for its innovative business approaches and challenges to the traditional models of doing business in the industry.
About Eastern Union Funding
Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion annually nationwide. The firm's sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more information, visit www.easternuc.com.
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SOURCE Eastern Union Funding