Eastern Union Funding is set to blow the roof off commercial mortgage business with a new app that will put previously unavailable information in the hands of brokers.
Available in the Apple App Store and via Google Play for Android, the app provides users with access to Eastern Union’s commercial real estate directory of vendors as well as an advanced mortgage calculator that performs sophisticated functions such as max loan from debt service coverage.
It will also provide live interest rates from Fannie Mae, Freddie Mac, SBL, CMBS, and 5-, 7-, and 10-year bank rates, which are culled together by Eastern Union’s QTS division.
And it has a multi-source commercial real estate newsfeed with financial news.
“These are the same calculators, vendor contacts and detailed data that our brokers have at their fingertips when advising clients,” said Ira Zlotowitz, president and co-founder of Eastern Union Funding.
“Other information, such as interest rates from particular banks, is typically only available by calling brokers or lenders themselves.”
Looking to reshape the commercial real estate mortgage industry once again, Zlotowitz said the app promises to be the next big disruptor — providing all industry professionals access to the same proprietary data.
“There is a large void in the technology offerings for commercial real estate professionals,” said Zlotowitz.
“The goal behind our mobile app design is to give every commercial real estate professional the data, resources and tools they need to make savvy business decisions at any time from anywhere, including on the road.”
The app comes as more studies show that younger generation prefer the ease and flexibility of having financial information on the go and the ability to transact by smartphone.
Zlotowitz believes the industry would benefit hugely from tech advances that leverage the abundance of commercial data available and new sources of funding, helping investors gain a competitive edge in the high-stake environment.
“Such accessibility and transparency doesn’t exist right now in the industry,” Zlotowitz said. “Typically, this kind of innovation comes from an outside tech player, but not one fully immersed in commercial real estate.
“We want to be the first to do this because, with decades of experience, we understand what tools the industry wants and needs to succeed.”
Zlotowitz said this is only the beginning of the mobile app’s capabilities.
Eastern Union Funding plans to roll out frequent updates, including client-specific functions that allow the firm’s current clients to log on to the app and track and transact business on it similar to online banking.
Zlotowitz is also exploring ways to expand the comp data on the app by incorporating information from other companies, allowing sales brokers to market property for free via the app.
