Eastern Union has announced that it is offering free underwriting services for the commercial real estate sector in hopes to re-ignite its deal-making pipeline, following the hit that the market took due to the COVID-19 pandemic. Real estate firms' back-offices are facing depleted underwriting capabilities, due to COVID-related layoffs and stay at home orders. The company has decided to offer its full internal team of expert underwriters and loan specialists services for free.
"Our research shows that investors are cautiously looking at deals again. But because of COVID-19 disruptions, many are holding back from reentering the deal-making pipeline because they presently lack the back-office resources to run numbers or analyze data," said Ira Zlotowitz, founder and president of Eastern Union. "They can now outsource these essential functions to us at no cost. This complimentary program enables property owners and investors to jump-start deal flow during these difficult times and 'kick the tires' of properties they may eventually consider."
The free service will include a number of analytical assistance that will help firms think about down-the-line purchases by analyzing deals that have been rejected or put on hold.
Eastern Union also provided free assistance to companies that were applying for the Small Business Administration's Paycheck Protection Program loans.
"Bottom line? If you're thinking about looking at a deal, we'll do the basic underwriting for free," said Zlotowitz. "We are encouraging people to plan for the future. Regardless of how the commercial real estate world previously operated, the rules are different now, and we must all stay one step ahead. This is Eastern Union's contribution to helping the commercial real estate industry get back on its feet."
