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Eastern Union Sets New August Record for Mortgage Submissions
Eastern Union filed the highest number of mortgage submissions of any previous August in the Brooklyn-based firm’s 18-year history. The company, which has closed $12 billion in real estate transactions over the past three years, submitted 502 mortgage applications last month.
“Even under uncertain market conditions, Eastern Union is generating record numbers of submissions,” said Eastern Union founder and president Ira Zlotowitz (pictured).
Zlotowitz said the record number of submissions represented a full array of deal types, including conventional mortgages, acquisition loans, refinancings, equity financing, construction loans and bridge loans. The August portfolio ranged beyond multifamily assets to include retail, office, mixed-use, healthcare, industrial and other property types.
The August tally, which included assets located in states across the U.S., marked only the fourth time that the company’s monthly volume exceeded 500 submissions. The month’s record pace ran between 15% and 20% higher than typical monthly figures.
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