NEW YORK CITY—Eastern Union Funding has launched its Lender Portal, an interface designed to add speed and efficiency to commercial real estate transactions.
The Lender Portal is an interface that will enable deals to be viewed in one place. A lender will now be able to organize all available Eastern Union deals, including quotes, documents, checklists and rates using this software. The delivery and layout will allow initial review of deals in less than 60 seconds. This is beneficial to a client, as their information is now presented in an more organized fashion.
Eastern Union's brokers, who are collectively on track to close over three billion in sales volume this year, consistently originate deals with over 70 lenders. The Portal will track these negotiations and, based on the information that the broker is entering, indicate every lender who likely has an appetite for a given deal.
“This is a game changer, but it's not worth a dollar without the brokers themselves,” says Ira Zlotowitz, president, Eastern Union Funding. “This is a business that cannot be automated, but it can be polished.”
The Portal also contains several utilities, including a traditional mortgage calculator, along with a per deal maximum loan proceed calculator. This interface also comes equipped with a comps section, detailing loan requests, as well as a complete real estate directory of appraisers, engineers and environmental technicians, attorneys and sales brokers.
“The brokers at Eastern provide us with the ability to communicate in a much more productive manner, and it reinforces efficiency when in competition during the deal process,” adds Joseph Orefice, SVP and head of commercial lending at Investors Bank.
The database, currently in beta, will be rolled out to all Eastern Union lenders by early July.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
