With an overall 60 percent increase in volume over 2012, Eastern Union Financing closed just shy of the $2 billion mark in 2013, with another nine figures in the pipeline for the first quarter of 2014.
Riding the wave of development and strategizing to meet the demand of a rapidly changing landscape, 2013 proved to be a break-out for the firm.
“Not only did we arrive, but the pieces are in place to do even better,” said company president Ira Zlotowitz. “Our underwriting department is unrivaled, our technology is one of a kind and self-sustaining, but above all, it’s not only about which steps we took — it’s the habits we developed very early in the game.”
As powerhouse brokers have made their presence felt, Eastern Union also hired a slew of experienced underwriters during the year, as well as veteran bankers Dick Cassin, James Hurtig and broker Jack Adler.
The company also formed a credit quality division, speeding up the mortgage approval process and elevating conversion rates.
A new structured finance division was also created following what the company called “the healing process” from the 2008 market-wide slump.
Alongside the uptick in production, Eastern Union saw a similar surge on the banking end.
In 2013, the firm closed with 70 lenders, up from 56 the previous year.
“We have an arsenal of lending sources and we know who has the appetite for which type of deal,” said managing partner Abraham Bergman. “And on a broad scale, commercial real estate is surging.”