Brooklyn, NY Eastern Union has filed the highest number of mortgage submissions of any previous August in the firm’s 18-year history.
The company, which has closed $12 billion in real estate transactions over the past three years, submitted 502 mortgage applications in August.
“Even under uncertain market conditions, Eastern Union is generating record numbers of originations,” said Eastern Union founder and president Ira Zlotowitz. “Owners and investors are aware of the unusually wide network of lenders we can tap for financing. That’s why we remain in such demand.”
Zlotowitz said that the record number of submissions represented a full array of deal types, including conventional mortgages, acquisition loans, refinancings, equity financing, construction loans, and bridge loans. Moreover, Eastern Union’s August portfolio ranged beyond multifamily assets to include retail, office, mixed-use, healthcare, industrial and other property types.
“The Eastern Union business model aligns well with the needs of the real estate marketplace,” said Zlotowitz. “The company is seeing record levels of performance and volume in multiple categories. Clients now recognize that we’re the top-tier debt and equity brokers in the country.”
The August tally – which includes assets located in states across America -- marked only the fourth time that the company’s monthly volume had exceeded 500 submissions. The month’s record pace ran between 15 and 20 percent higher than typical monthly figures.