Union Square Mortgage Group growing and thriving

Despite the reported difficulty of obtaining mortgage funding in every aspect of real estate right now, Ross Weinstein, managing partner of Union Square Mortgage Group, says that his firm is not only growing, but it's thriving in 2009. "Who says there's no financing in this market?" he asks rhetorically. The one-year old mortgage brokerage has grown in the number of loans it originates; the numbers of banks, financing companies and brokerage offices it deals with; and in its own staff. Charles Pettid, formerly a director at a fund of funds and partner at a hedge fund, has joined the office as the vice president of business development. In this role, Pettid will further expand the business as he establishes new developer and real estate broker relationships as well as policies and procedures for the growing firm. One of the strategies that Union Square Mortgage Group has used to help buyers, especially first-time buyers, find mortgages is via FHA funding. Weinstein has become an expert in FHA guidelines, and he has been encouraging many of the developers he works with to secure FHA loans for their properties before the buyers arrive, with the thinking that one of the major hurdles in the market will be solved if the financing is in place for buyers. This has proven to be a remarkably effective strategy, and many developers and buyers are benefiting from it. "Many people think that FHA loans are limited to affordable housing, but the fact is that they are available for mortgages up to $730,000, which includes much of the Brooklyn market," said Weinstein. At a recent invitation-only forum for developers that was held on a summer night in Williamsburg, Weinstein, along with co-host Green Pearl Events, hosted approximately 75 people. He spoke about his work, then introduced several experts who discussed FHA financing per their expertise in marketing, legal, appraisal and warranty issues. A lot of technical information was presented, all of it well received by the group. "In a way, starting this firm was an unlikely endeavor," Weinstein said. "Nobody wanted to be in this business; people still think we're crazy to be in the mortgages right now. But we have been hiring away experienced loan officers from other companies, and we are finding that we are very busy." Union Square Mortgage Group is the preferred mortgage broker on over forty new developments. It is working in collaboration with agents at several top NYC real estate brokerage firms including Douglas Elliman, Brown Harris Stevens and aptsandlofts.com.