Commercial Real Estate Underwriter

Job Description

We are seeking a highly analytical, detail-oriented Commercial Real Estate Underwriter to join our dynamic team. This role is central to the success of our transactions—you will own the underwriting and deal packaging process from intake through close, including risk assessment, financial modeling, collateral analysis, and structuring. The ideal candidate combines strong technical underwriting skills with market knowledge and clear communication, ensuring deals are well-structured, lender-ready, and positioned for success.

Key Responsibilities
1. Financial & Cash-Flow Underwriting

Normalize property operating statements (T-12/T-24), including income categorization, removal of non-recurring items, and reconciliation to bank statements.
Build detailed pro forma models (monthly and annual) accounting for lease-up assumptions, rent escalations, operating expenses, and reserves.
Calculate key credit metrics: NOI, Net Cash Flow, DSCR (interest-only and amortizing), Global DSCR, and debt yields.
Conduct sensitivity and downside analysis (occupancy, rent, interest rate, cap rate shocks) with heat maps for LTV, DSCR, LTC.
Model transitional/bridge loans: develop stabilization plans, underwrite “as-is” vs. “as-stabilized” metrics, and size capex, interest reserves, and contingency.
Integrate and reconcile Argus and internal TDC models where applicable.

2. Collateral, Market & Tenant Analysis

Assess physical asset characteristics (year built, renovations, unit mix, systems, environmental/flood risk).
Conduct submarket-level research: sales/rent comps, absorption, supply pipeline, and local economic drivers.
Analyze tenant mix and lease rollover risk, including WAULT, credit quality, and stress scenarios.
Support valuations via appraisals, broker opinions (BOVs), and internal metrics to determine market-aligned cap rates and value ranges.

3. Sponsor & Borrower Due Diligence

Review and analyze sponsor financials, REO schedules, personal financial statements, and liquidity metrics.
Build global cash-flow models incorporating W-2, 1099, K-1 income, fixed charges, and REO distributions.
Evaluate borrower creditworthiness, including background checks, credit reports, litigation, and UCC searches.
Recommend appropriate levels of recourse, guarantees, and sponsor liquidity/net-worth requirements based on transaction risk.

4. Deal Structuring & Credit Recommendations

Propose capital structures aligned with business plans, sponsor profile, and market feedback.
Define draw schedules and funding milestones tied to project benchmarks (e.g., inspections, lien waivers).
Identify and articulate key risks and mitigants: rollover exposure, market volatility, sponsor concentration, etc.
Present exit strategies supported by data and market comps (e.g., refinance, sale, takeout options).

Qualifications

3–5+ years of experience in CRE underwriting, structured finance, debt advisory, or lending
Mastery of Excel-based financial modeling; Argus proficiency a plus
Strong understanding of capital markets, loan structures, and real estate valuation methods
Proven ability to analyze complex transactions, identify risk, and develop lender-aligned structures
Excellent communication skills—able to distill technical underwriting into clear, lender-ready presentations
Highly organized with the ability to manage multiple deals and stakeholders under tight timelines
Bachelor’s degree in Finance, Real Estate, Economics, or related field (MBA or CFA a plus)

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