Eastern Union Virtual Summer Internship
Has anyone got any thoughts on these guys? They are running this unpaid virtual underwriting internship for 500+ students. What's their reputation on the street?
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sweatshop. They will take your agency deal to a lender and get paid 25 bps, low fee, high volume, just a sweatshop. Look up David Stanton on Linkedin and read his posts. He is a "broker" at Eastern Union. A 21 year old who worked at HFF or Eastdill for 3 months will know more about debt and equity placement than him, tells you everything you need to know. If there is anything you can learn from them is sales skills.
Just looked up his linkedin. Those posts of his are prime linkedin cringe material.
Are you Jewish?
Pass on it, they always send us shitty deals
You can teach yourself how to underwrite, or better yet, learn on the job and not some unpaid, virtual training
Is it too late to cold email firms for a virtual summer internship now?
There was a thread by someone doing this internship with EU in last month or so, search it, lot of discussion as I remember
Not even sweatshop. The companies that have this model with a really high attrition rate are essentially getting you to cold call for free. Knowing in 3-6 months, you'll be gone and they have great leads. This actually should fall under illegal, as they(EU) is getting more out of the unpaid internship than the interns, which is the opposite of the statute regarding unpaid internships.
Off-topic; but back when I was in UG, this is how lots of PWM "internships" operated at places like Northwestern Mutual/AXA/Edward Jones. They pay say $10/hr for the summer program, which they start off with requiring each intern to basically fill an excel spreadsheet with all of their personal and family contacts. Then they start calling to set financial education appointments with all these individuals. They promise six figure incomes upon graduation, knowing maybe a handful of their interns will actually want to pursue this long term. Hardly anyone comes back because who likes selling universal life insurance and mutual funds, and now all your family is pissed at you for giving their personal contact and employment info to Northwestern, Edward Jones, or whoever the firm is calling them to manage their IRA
NOT saying all PWM is shady, but every vertical of finance seems to have bad actors who need to scrape up leads somehow. Sounds like EU falls into that bucket. Pretty genius really, assuming you don't mind being a shyster
This unpaid internship will not be a "life-changing" opportunity as Ira Zlotowitz put it.
I think they want over 500 students to do their dirty work, while they can say they were teaching you all along the way. Don't fall for it.
Well they are a Jewish firm, so...
I would love to ask Ira this, what is EARTH SHATTERING and DISRUPTIVE about charging 25 bps for agency refi and 50 bps for acquisitions lol?
Honestly I'm curious how he accomplishes this due to GSE requirements. I'm assuming they still bake a profit margin into the rates.
If the borrower is paying it, why would there be a problem? The commission can be o bps, 2 bps, 5 bps, or whatever right? But its funny that this new 25 bps fee is being sold as something so disruptive, you would think its like Alan Turing cracked the enigma code, like dude, commissions have always been negotiable, calm down. And frankly for the amount of work they are doing, even 25 bps might be too much lol, They are just sleazy brokers who are getting by due to their religion and faith.
well....looks like you got the general answer but im a believer of the fact that you rather have eastern union on your resume than a blank slot....unless someone else has a really compelling argument they want to make against this thought.
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