BROOKLYN, N.Y., May 4, 2020 /PRNewswire/ -- To help the commercial real estate industry re-ignite its deal-making pipeline amid the market turmoil brought on by COVID-19, Eastern Union -- one of the country's largest commercial real estate finance firms -- is offering free basic underwriting services to the entire sector.
Many real estate firms' back-office and underwriting capabilities have been significantly depleted as a result of pandemic-related layoffs and quarantines. To fill the void, Eastern Union is offering the free services of its full internal team of expert underwriters and loan specialists. Tapping the company's extensive analytical infrastructure, owners and investors can analyze data and scrutinize prospective deal options, all at no cost.
"Our research shows that investors are cautiously looking at deals again," said Ira Zlotowitz, founder and president of Eastern Union. "But because of COVID-19 disruptions, many are holding back from reentering the deal-making pipeline because they presently lack the back-office resources to run numbers or analyze data.
"They can now outsource these essential functions to us at no cost. This complimentary program enables property owners and investors to jump-start deal flow during these difficult times and 'kick the tires' of properties they may eventually consider."
Free services can include the conversion of offering memorandum (OM) setups into Excel models, calculating internal rate of return (IRR) using the eCALC tool on the widely adopted Eastern Union App, running essential financial projections, and other analytical assistance.
"At no cost, our robust underwriting team will crunch figures to help you think about down-the-line purchases and help you take a fresh look at deals you've rejected or put on hold," Mr. Zlotowitz said. "We'll get you back into the mode of looking at deals again. This free service, usually provided only to clients, is now available to brokers, owners and investors, with no strings attached."
The offer of free underwriting services represents Eastern Union's second structural pivot within its business model to help the industry cope with the COVID-19 crisis.
Last month, the company began providing free assistance to companies of all types that are applying for Small Business Administration-Paycheck Protection Program (PPP) loans. Eastern Union has helped thousands of applicants obtain PPP loan approvals. At no charge for the firm's assistance, many clients received funding and are now covering their monthly operating expenses.
"We saw property owners across America struggling with monthly collections, so we pivoted, and successfully helped thousands obtain funding," said managing partner Abraham Bergman. "Now we hear clients are considering deals again, so we've undertaken our second major pivot with this new platform offering free underwriting services."
According to Mr. Zlotowitz, Eastern Union observed how the commercial real estate industry had changed practically overnight. In response, he said, "the company adjusted to the new reality."
Mr. Zlotowitz and Mr. Bergman said that the free underwriting initiative is designed to help investors stay ahead of the curve and be positioned to profit from future opportunities as the industry slowly begins its recovery.
"Bottom line? If you're thinking about looking at a deal, we'll do the basic underwriting for free," said Mr. Zlotowitz. "We are encouraging people to plan for the future. Regardless of how the commercial real estate world previously operated, the rules are different now, and we must all stay one step ahead. This is Eastern Union's contribution to helping the commercial real estate industry get back on its feet."
Brokers, investors and owners interested in tapping free underwriting services from Eastern Union can contact [email protected].
ABOUT EASTERN UNION
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm employing more than 100 skilled brokers and real estate professionals and closing $5 billion in real estate transactions annually. Eastern Union's capital introductions are handled through its affiliate company, Eastern Equity Advisors.
Boasting one of the highest transaction volumes in the industry, the Eastern Union team leverages its close relationships with banks and its extensive knowledge of the commercial real estate marketplace to bring clients the best rates available. Eastern Union's tenacity and experience enable the company to arrange financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions.
Eastern Union's groundbreaking commercial real estate app serves as an intelligent commercial real estate toolkit and includes features such as eCALC, which enables investors to fully value and underwrite deals instantaneously and in the palm of their hand. It is available for download in the App Store and Google Play Store.
With nationwide operations, Eastern Union is headquartered in New York, with numerous branches along the East Coast. For more information, visit www.easternunion.com.
516 652 0785
SOURCE Eastern Union