Description
Our client is a leading European headquartered global investment bank (the Bank ). They are widely recognized as a major industry player thanks to their comprehensive array of financing services involving the entire spectrum of asset types. Within Real Estate, they provide clients with a broad range of funding tools such as CMBS, bridge loans and B-notes. They have built up top-tier market insight underpinned by more than 20 years experience in Western Europe and over 10 years in the US. We are working with our client to help identify a Head of Real Estate Underwriting. The Head of Real Estate Underwriting will be generally responsible for developing and monitoring a framework for best practices underwriting that complies with the policies and procedures of the Bank and fosters the culture established by the Bank s Code of Conduct. The Head of Real Estate Underwriting will report locally to the Head of Real Estate Portfolio Lending. Sample responsibilities:
- Develop guidelines for best practices underwriting in collaboration with Credit and Compliance
- Cash flow analysis
- Due diligence review
- KYC
- Develop a sustainable framework for:
- Supervising and monitoring the underwriting activities of originations
- Consistent underwriting standards across origination teams
- Uniform format and standards for Credit submissions
- Evaluating the quality of work product of individual underwriters
- Evaluating the quality of work product of third-party underwriters
- Providing feedback to underwriters on quality of work product
- Providing feedback to 3rd-party underwriters on quality of work product
- Ensuring high-quality staffing of underwriting team
- Educate and conduct periodic training sessions
- Educate underwriters and 3rd-party underwriters on the developed best practices
- Cross-train all team members on observable underwriting patterns and market trends
- Meet with Credit and Compliance as necessary to understand high-level concerns, considerations, and "hot buttons" and regularly communicate those to team members
- Monitor underwriting of transactions by applying supervisory-level oversight
- Generally apply supervisory-level oversight to transactions
- Participate in transaction meetings and assist in resolving underwriting issues
- Question key elements of underwriting including risks and mitigants
- Spot-check credit memos/ASRs, as appropriate
- Strategically select certain transactions for greater in-depth review of underwriting
- Factors include deal size, complexity, sensitivity
- Contribute to the underwriting/structuring process
- Attend FiCom, BizCom, and credit committees and participate, as appropriate
- Generally apply supervisory-level oversight to transactions
- Escalate issues to senior management, Credit, and Compliance, as appropriate
- Provide leadership and guidance to underwriting team
- 10-15 years' experience underwriting commercial real estate loans
- 4-year bachelor's Degree (finance, accounting, real estate, economics)
- Ability to lead and motivate team of underwriters to apply best practices and adhere to the Bank s code of conduct
- Ability to underwrite commercial real estate loans for the portfolio and CMBS across all asset classes
- Ability to recognize transactional strengths and weaknesses
- Ability to work collaboratively with others to achieve established goals
- Series 79, 63.
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