Big Data Opens the Playing Field for All Lenders
(Howell, NJ – February 8, 2018) – Eastern Union Funding, one of the nation’s leading commercial real estate mortgage companies, announced today it will launch “FirstLook” – the newest feature on the Eastern Union app at the MBA CREF18 Conference in San Diego next week.
Its purpose – Eliminate the clutter and inefficiencies from reviewing deals for the mortgage banking industry. FirstLook will digitally match and send mortgage deals to lenders via an A.I. portal from a proprietary database of active borrowers.
Lenders from around the country will login to FirstLook via an encrypted authentication. Each lender must complete a lending profile form and voilà! Bankers will receive a first look at real time deals based on their deal criteria and geographic preferences. Lenders will be provided with key facts per deal to quickly evaluate whether to further pursue any deal. Furthermore, the client and all lenders will be able to see the activity of each deal until the respective deal is placed.
Eastern Union received over 500 loan requests in January. The influx of deals is attributed to the Eastern Union Affiliate Broker Division. Dealflow from thousands of affiliate brokers nationwide has exceeded 6,000 listings and is growing by 200 real estate opportunities per day.
Ira Zlotowitz, president of Eastern Union Funding said, “Technology is revolutionizing the commercial real estate industry and Eastern Union is ahead of the curve with our game changing solutions.” Mr. Zlotowitz continued, “FirstLook is the perfect digital bridge to seamlessly connect clients to lenders, and opens the playing field for all lenders to do more business with Eastern Union.”
To further assist bankers with evaluating every deal, FirstLook has a sophisticated multi-layer tool to see – A) All assets the client owns; B) Recent closed deals from their bank; C) All current listings for sale; and D) All recent comps – each layer intuitively displayed within the respective submarket.
FirstLook is managed by Moshe Feiner, the pioneer of QTS (Quotes & Term Sheets) – the in-house banking division at Eastern Union – a custom built technology to ensure that every deal is well matched and placed with top lenders. Mr. Feiner partnered with Shimmy Pianko, a fintech prodigy to leverage the ethos of QTS and deliver FirstLook, a custom solution that digitally engages and works for all parties.
Eastern Union will unveil FirstLook at MBA CREF18 next week. Mr. Feiner said, “We have over 150 meetings set up for the MBA convention. The buzz from our launch will be exciting for all and I’m confident that FirstLook will accrue lending profiles from every active lender by the end of 2018.”
ABOUT EASTERN UNION FUNDING: Eastern Union Funding (Eastern Union) is among the most active commercial real estate mortgage brokerage firms in the U.S., closing an average of $3.5 billion in transaction volume annually. Serving as trusted advisors to real estate owners and working with over 1,100 capital sources, Eastern Union and its affiliates deliver a full range of financing products covering the entire capital stack: including traditional mortgages, bridge and structured lending, and equity capital, for all major property types including multifamily, office, retail, mixed-use, healthcare and industrial. For more information about Eastern Union Funding, please visit easternuc.com.