CRE firm rushes app release to help users remotely underwrite transactions during coronavirus lockdown
Eastern Union has announced the launch of an "intelligent commercial real estate toolkit" in response to the real estate industry threat posed by COVID-19.
The commercial mortgage broker invested over $250,000 to upgrade its Eastern Union app and build eCALC, which allows buyers, lenders, and brokers to fully underwrite a transaction through their mobile devices for free.
"We know the next few months will be turbulent," said Ira Zlotowitz, founder and president of Eastern Union. "Lenders are putting deals on hold, underwriters are struggling to valuate assets, and deals are being scrutinized more closely than ever. The typical commercial real estate investor can no longer get by with basic calculations or numbers."
Eastern Union adds that the new app includes a full lineup of underwriting calculators and a feature that enables users to save and share data after completing transaction-related calculations. The upgraded app also allows users to share data through Excel or PDF formats, and re-open their calculations using other software programs.
"Basically, Eastern Union's upgraded app serves as an intelligent commercial real estate toolkit, allowing investors to fully value and underwrite deals instantaneously, even while practicing social distancing and working remotely at the kitchen table," Zlotowitz said. "We feel the game-changing Eastern Union App is our contribution to help the commercial real estate industry better cope with the challenges that so many clients and fellow professionals are now facing."
