BROOKLYN, NY—Reaping the rewards from making several changes within the company, Eastern Union Funding set a trio of records in October, GlobeSt.com has learned EXCLUSIVELY. The firm saw a big jump in new loan submissions as well as those put in process, while it closed just under 70 loans.
The company originated 515 loan submissions in October and put over 100 loans in application, totaling over $400 million in loans. “We achieved a triple crown in October—we broke a record number of new loan submissions, new loan applications and record closings. We hit all targets,” says president Ira Zlotowitz.
“We spent a lot of time over the last few years building up our company; we planted seeds on several fronts,” he tells GlobeSt.com. The firm has invested in technology to better organize its deals and contacts and it created a credit quality division headed up by former bankers.
Eastern Union also thinned its ranks, where necessary, Zlotowitz notes. "We were at 180 at one point but over the last few month we got down to 130 people, focusing on quality versus quantity."
As a result of all these measures, he declares, “we're working with more lenders and we have better relationships, so we have a higher conversion rate because we have a better knowledge of the market.” Last year, Eastern closed with about 50 different banks. In 2013, year-to-date the company has facilitated loans with 66 individual lending sources.
“Hopefullly,” Zlotowitz states, “this will be the new norm.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
