AVP - Commercial Real Estate Finance CMBS Underwriter

Our client is the Commercial Real Estate Finance group within the investment bank of a premier European-based global financial services institution.  Their real estate group is consistently ranked among the top-10 global and US CMBS bookrunners, and they consistently look to grow their platform and expand into new products, including a newly-launched balance sheet lending program. 

Our relationship with our client dates back to 2012 and we provide a dedicated, integrated, on-site team to underwrite their Commercial Real Estate loans.  This role is to join our dedicated team sitting on-site, working seamlessly with our client as part of their team.

We have an opportunity for a high-performing real estate financial analyst with strong quantitative and analytical skills to support the Los Angeles-based team with the evaluation of lending opportunities (including CMBS, Large Loan and balance sheet loans). 

Responsibilities / Underwriting Support

The primary responsibility of the analyst will be to support the Underwriting and Origination team in evaluating new loans.  Daily tasks may include:

  • Review Offering Memo prepared by brokers and/or Borrowers to gain an understanding of the real estate and the requested financing.
  • Evaluate and compile property level income statements, rent roll, reimbursements, occupancy statistics, sales and occupancy cost information, and other information into excel-based models.
  • Compile market research to determine and verify a project’s economics and assumptions in the model.  Market research will include third party sources (such as Costar, Reis, Smith Travel Research and others) as well as public information available on the internet.
  • Review and evaluate third party-prepared reports including real estate appraisals, environmental reports, property condition reports, and zoning analyses.
  • Review tenant leases and related documentation and prepare an abstract of key terms.
  • Evaluate historical and projected capital expenditure budgets.
  • Collect and organize due diligence and credit files in an established documentation system.
  • Prepare a short memo summarizing key terms of the transaction, providing a short description of the property and its location, market, and tenancy.  The memo will also include short descriptions of terms in the property and market characteristics and prepare short memo describing strengths and weaknesses of the transaction.
  • Based upon an iterative process with origination and underwriting teams, the analysis will be finalized and loan quote will be prepared resulting in a term sheet or application that will be send out to potential borrowers.

Desired Skills & Experience
  • At this time, Situs does not sponsor any new applicants for work authorization. You must be authorized to work in the United States for continuous employment without any Company sponsorship to be considered.
  • Minimum of a Bachelor’s degree with an emphasis in Real Estate, Economics, Accounting, or Finance and 4-5 years of direct real estate investment experience.  MBA or MRED degree is ideal.
  • Candidates should be extremely proficient in Excel, with a focus on real estate related modeling and strong writing skills.  
  • Experience performing reviews of underwriting models and analyses. 

About Situs

Since 1985, Situs has been the premier, global provider of end-to-end commercial real estate and loan advisory services and integrated solutions, offering customized services to leading financial institutions, investors, owners, and developers. We offer a wide array of services, including enterprise and process improvement, capital markets and commercial real estate advisory, primary and special servicing, and creative staffing solutions.

We are an equal opportunity employer (m/f/d/v).

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Job Location: Los Angeles, California, United States
Date published: 22-Oct-2018
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