Eastern Union corporate culture and development programs have been designed for individuals who aspire to become top-tier mortgage brokers. The tools we provide such as training, leads, contacts, resources and office space will position our new brokers to join the senior brokers of the firm who are consistently earning in the low to mid 6-figures, and as much as the top brokers who make 7-figures year after year. You’ll have a chance to work with some of the top brokers in the industry and learn the trade first hand. And even better, now that we're selling our new UpFront product, as well as the fact that we are capping fees on the traditional mortgage brokerage side, we now have a product for the 50% of the clients who typically go to the banks direct, without a mortgage broker.
In addition to the training program described here, our President, Ira Zlotowitz will be hand-selecting the most promising applicants to join his personal “Dream Team,” who will be tasked with sourcing and closing the most lucrative deals in the Commercial Real Estate finance industry.
Before you read further, it is important to note how a mortgage broker gets paid. The fee to a mortgage broker is paid by the client (the borrower/owner of real estate) and not by the lender. The typical mortgage brokerage fee is 1% of the loan amount. So if a loan is $1mm the fee is $10k and if the loan is $20mm, the fee is $200k.
Over the last few years, the clients who use a broker have been negotiating down the mortgage brokers’ fees and paying only 0.75% instead of the typical 1%. In addition, as the deals get larger more clients choose to deal directly with the lender, because they feel that the value a broker brings to the transaction doesn't cover the fee the broker is charging.
Eastern Union Funding is among the top 10 largest commercial real estate mortgage brokerages in the US. Our main business is that of negotiating debt from lenders on behalf of our clients - owners, buyers, and developers of real estate. Founded in 2001 by Ira Zlotowitz - a Crain's "40 under 40" winner - and Abe Bergman, EUF has grown substantially in recent years.
With this rapid growth, having closed over $3B in loans, we excelled in differentiating ourselves from our competition and have earned the reputation of being the most trusted advisors in the business. As such, we aim to be the first firm to be completely honest with clients.
The trend is that on larger deals, aside from more and more clients going direct, those who use a broker have been slowly, unofficially, capping their fees at around $125k-$150k. In fact, less than 8% of all transactions done by brokers earn fees above $135k. As such Eastern is the only broker to publicly come out and say this, and along with this statement, we have pledged to never charge a client more than $135k on a large stabilized deal.
In addition, for the 50% and rising number of clients who go direct to the banks but would love to have a broker underwrite and shop their deals for the best rate and terms, Eastern rolled out a product called UpFRONT. When a client engages UpFRONT, Eastern Union will charge a fixed fee of $15,000 upfront, and Eastern will underwrite and work the deal for 30 days or until they get a term sheet, whichever occurs first.
THE HIRING AND TRAINING PROGRAM:
The company has analyzed all of the
successful brokers over the years to see what characteristics they all shared.
There were many, and we found the characteristics listed below to be the most
-They had a drive and passion to make a lot of money and preferably in real estate
-They were goal-oriented
-They were comfortable among rich people
-They were “people’s people”- they loved going out and interacting
-Perhaps most importantly, they never gave excuses; rather they always got it done
Based on these points, we've structured a trial-run period with our company that will help you see if this industry is for you and if it is for you, launch your career in commercial real estate finance by networking with seasoned real estate professionals and originating mortgage deals.
The structure of this program is unusual in that participants can initially work remotely and according to their own schedules. This unique design is intended to make the opportunity more accessible to a wide array of individuals with varying time constraints. Ultimately, to be successful in this industry requires full-time attention, but to give you a taste of the business, we offer the first two phases of the training program as part-time.
Your ability to achieve success in this program - and perhaps also in real estate more broadly - will depend on your ability to network, to market yourself and Eastern Union, and on your work ethic. To help you achieve maximum success the president of Eastern - Ira Zlotowitz - gives an in depth training via recorded conference calls which are uploaded daily to a podcast. The topics rotate in 15-20 increments in education and sales. Furthermore, we will provide resources, training materials, and leads to help you be successful in your pursuit.
OUR PROGRAM IS STRUCTURED IN THE FOLLOWING THREE PHASES:
This phase is more of a pre-qualifying
stage for you to see first-hand if the commercial real estate industry in
general, and specifically with selling and dealing with rich people is for
As mentioned above, one of the common denominators among successful brokers has been to know wealthy people, have the natural ability to connect with them, to be comfortable networking among them, and most importantly get them to trust you.
Imagine if a friend of yours, whom you trusted, was buying a commercial property and he called you for help. He explained to you that he was buying the building for $1m plus closing costs, he got a mortgage for $750k, and he needed to find $300k as equity to cover the down payment and closing costs. He goes on further to explain to you that he was planning to invest $100k of his own personal money and was looking to find limited partners to invest with him the other $200k he needed.
The question to you is, would you feel comfortable, and do you know 5 or more people who invest in other people's deals, and would you then call them and ask them if they would want to invest with your friend? These investors can be a family member, friend, doctor, lawyer, accountant, or a friend from school or synagogue/church/club.
If you don't know of 5 such potential investors, then stop here as this business is not for you. If you do, then take on the Phase I challenge!
One of Eastern Union’s greatest selling points is our Equity Division in which we introduce clients seeking co-investors with high net-worth individuals who may want to invest in their deal. Visit the Equity page on our site for further explanation.
Eastern does not charge borrowers a commission when they engage our Equity division. Instead, we use it as an incentive for a buyer of real estate to use us for the mortgage. We tell the buyer that if they use Eastern as their mortgage broker, then if they just cover the costs, the equity team will market their investment. Every mortgage broker in the company benefits from this division as they have something unique to offer their client- something that no other mortgage broker offers - an equity division that doesn't charge a commission and will introduce investors who only make small investment of $50k+ as well as large investors who write checks in the millions.
Once you successfully complete Phase I, you will receive a “Welcome Kit” with information about onboarding to Phase II. Congrats! You are well on your way to becoming a top mortgage broker.
You will be working directly with Efraim Perlowitz, a senior mortgage broker, along with Aaron Kleiman, VP of Business Development. They will work together with you, serve as your liaison to the company and will guide you as you start the process. This phase is jumping right into the business of being a commercial real estate mortgage broker.
To begin, you will be provided leads, all the training you need, and the option to work out of one of our offices. You will be focusing on originating new debt business for the company. You will be offering to clients to engage Eastern Union as a traditional broker with traditional fees but with a cap of $135k or for those clients that go direct, you’ll be offering the UPFRONT product.
The next most important characteristic of a top broker is that they set hard goals for themselves and are honest with themselves; either they see that it’s for them, or they quit.
During Phase II, your hard goal is that you have 90 days to bring in 6 qualified potential deals (PWs) from 6 different clients, and one deal has to go under application with the bank (IP) or be an UpFront client. To put these numbers in perspective, the top brokers in the company bring in about 35 PWs per month and tie up about 12 (IP) whereas an average/weak broker may achieve 6 and 1 per month.
In Phase II you will have the choice of a commission only compensation structure or a salary plus reduced commission compensation structure. Choosing the salary plus commission structure will include stipulations on minimum time commitment and number of calls made.
This is an opportunity to learn through hands-on involvement throughout the entire process, from deal analysis and underwriting, to how it is discussed on conference calls and all the way to the closing table. In your first 90 days with EUF, candidates will have the opportunity to demonstrate their tenacity and hunger to originate deals. Start here by originating deals and learn to broker with hundreds of our lender relationships.
Highest qualified candidates will be hand-selected by the company President - Ira Zlotowiz - to join his personal “Dream Team” to source and close the nation’s largest commercial real estate deals. Team members will be groomed to represent the best that the industry has to offer.
Success in Phase II indicates that you have what it takes to be a commercial real estate mortgage broker. Congratulations! You’ve been hired by EUF to continue originating and brokering deals; you’ll be given more company resources, an email address and business cards, and provided with full time office space if you choose. During Phase III, company leadership will work with you to design your personal goals and objectives. At a minimum, you will be tasked with originating and closing at least three deals within your first 9 months. Upon successful completion of closing three deals, you will be promoted.
Your promotion will be to the status of a full-fledged mortgage broker with Eastern Union where you’ll have the ability, if you choose, to work your own deals from start to finish, in which case you’ll earn a higher percent commission on those deals. You may choose to start running your own deals, or to continue partnering with other brokers in the firm.
This program has been designed to set you
on the same path that our company's highest producing brokers have taken. By
the way, our brokers who earn 7-figures don’t necessarily only chase the
largest deals. In fact, our highest earners’ average commission sizes are
between $25 - $45k. Our hope is that through this program, we will be able to
find and train a new group of world-class originators and brokers to join the
Eastern Union team.
Please listen to Ira Zlotowitz's recording about the opportunity and reply to this email if you think this position is for you.
Thank you. On behalf of the entire team at Eastern, we look forward to working together!