The firm’s Quotes and Term Sheets (QTS) division expanded our banking relationships to more than 100 national banks, many of which who have been overlooked by other mortgage brokerage firms due to their smaller lending capacity. At Eastern Union, we recognized the value of tapping these sources as a way to meet a variety of client needs.
QTS, which collects quotes from lenders in real time, also allows our brokers to focus on client service and completing deals rather than using previous time to serve as a go-between with lenders. It also reduced the likelihood of a broker using one lender over another due to preferences.
Additionally, an expanded equity division helps complete the capital stack, which is driving more transactions. A good example of the division in practice is the recent closing of a $30 million purchase with an $8.4 million equity check. Eastern Union Healthcare is also seeing fast-paced advancement in healthcare financing and currently boasts an 80% conversion rate, and predicts a tripling of refinance transactions by 2018.
As one of the nation’s leading commercial real estate finance firms, Eastern Union is charging forward in the CRE tech space to expand client services. The Eastern Union app–powered by the robust data and analytics provided by our partner Reonomy–is an easy-to-use information source for clients, prospects, and peers in the industry. Some features include; a comprehensive underwriting calculator, a complete CRE directory, and the revolutionary ‘Ask QTS’ tab. With a database formed of years of industry knowledge, the ‘Ask QTS’ feature was built exclusively for Eastern Union’s brokers. They can enter an address and receive detailed information about the property and surroundings areas, allowing the broker to give a highly accurate quote estimation on demand. The app has been a strong contributor to recent success at Eastern Union Funding, allowing the brokers an edge over competition.
To date, this tech-enhanced, client-centric approach continues to positively transform our business and has allowed our pipeline only to grow when many others in the industry are working against a tapering off of activity. By contrast, Eastern Union will definitely meet last year’s numbers, if not exceed those figures, thanks to a marked increase in originations and conversions. However, the real reason is continued innovation and God continually being the puppet master behind our success here at Eastern Union.