Brooklyn, NY Eastern Union has launched a new Small Loans Division. Sarah Steinhardt has been named director of the new Small Loans Division, which will primarily focus on multifamily deals valued at less than $1.5 million, with a minimum loan size of $150,000. The division–which is national in scope–will also arrange financing for portfolios of single-family rental (SFR) or smaller multifamily properties whose combined value can reach tens of millions of dollars.
In addition to the residential category, transactions handled under the Small Loans Division will encompass asset categories including office, retail, healthcare, hospitality, industrial and self-storage.
Steinhardt, who had served as a processor and underwriter with Eastern Union since September 2019, carries a dual degree in international business and economics. She has had a prolific record of success with the firm, having recently closed 75 deals valued at a total of more than $60 million over a six-month period. Most of her closings consisted of small-scale transactions.
Ben Schwartz, also an accomplished deal-closer, will serve as lead broker for the new unit.
In addition to numerous larger transactions, he signed up more than 60 small deals in 2019, and has already exceeded 50 such transactions this year. Schwartz, a senior loan consultant, will also continue to devote a portion of his energies to large deals.
“This new division will ensure that smaller deals will continue to be handled with the same energy and efficiency as larger transactions,” said Ira Zlotowitz, Eastern Union’s founder and president. “While Eastern Union already has an outstanding record of performance managing smaller transactions, Sarah Steinhardt and Ben Schwartz will introduce new, streamlined systems that will maximize speed and proficiency.
“Smaller loans have always comprised such a large percentage of our business that it made sense for Eastern Union to scale up and devote a full division to their interests,” he said.
“I look forward to leveraging Eastern Union’s robust banking relationships with big lenders to help support the business goals of investors with smaller assets,” said Steinhardt. “By providing individualized service, the Small Loans Division will customize the process to ensure that each investor secures the best available rate and terms.”
“Small deals have historically given new investors a toehold in the real estate industry,” said Schwartz. “At the same time, these smaller transactions often serve as a springboard to long-term success for new lenders and brokers.”
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