Real estate finance firm Eastern Union Funding has launched a small-loans division that’ll focus on residential and commercial properties, including self-storage. The minimum loan size will be $150,000 for deals valued at less than $1.5 million, according to the source.
The division will also provide funding for single-family rental or smaller multi-family properties as well as office, retail, healthcare, hospitality and industrial projects on a national scale. Sarah Steinhardt will serve as director, with Ben Schwartz as lead broker.
“This new division will ensure that smaller deals will continue to be handled with the same energy and efficiency as larger transactions,” said company president Ira Zlotowitz. “While Eastern Union already has an outstanding record of performance managing smaller transactions, Sarah Steinhardt and Ben Schwartz will introduce new, streamlined systems that will maximize speed and proficiency.”
Founded in 2001 and based in Brooklyn, N.Y., Eastern Union is a national mortgage brokerage that has closed $12 billion in real estate transactions in the past three years. The firm employs more than 70 brokers and real estate professionals. Eastern Union’s capital introductions are handled through its affiliated company, Eastern Equity Advisors.
Connect New York, Eastern Union Launches Small Loans Platform