Director - CMBS Production / Credit

Our client, a publicly-traded mortgage REIT, is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. They specialize in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York City, Ready Capital employs over 400 lending professionals nationwide.

The Director will build and lead a team to enhance the firm’s internal processes by which the CMBS Production/Credit team provides support to the sales teams and correspondent channels in the origination of CMBS loans. The CMBS Production/Credit team is responsible for converting loan packages into usable analysis and templates to facilitate transactions, reviewing pre-flight requests, pricing loans and especially issuing Terms Sheets (“TSs”) and Letters of Interest (“LOIs”). Role will include use of outsourcing components and related negotiation, operation and monitoring which will also fall under the purview of the Director. The Director is especially required to utilize credit authority to issue TSs and LOIs and interact directly with sales and credit professionals across the firm. The Director will use independent analysis, decision-making skills, and discretion to assist the sales teams to achieve loan funding goals.

This will be a full-time permanent position hired through SitusAMC.

Summary of Essential Job Functions:

• CMBS Experience: Apply credit and structuring learnings and experience from past CMBS lending roles to the platform.
• Securitization: Participate in performing any required duties to successfully execute securitization transactions inclusive of presentation of loans, criteria, philosophy to Rating Agencies and Investors as needed.
• Financial Analysis: Prepare and/or review financial analysis and sizing of loans sourced by the Loan Officer, Correspondent Channels and Strategic Partnerships teams.
• Credit Review: Perform internet searches on property, sponsors and market and identify any issues that need to be resolved prior to full credit review. Analysis applies to wide range of multifamily and commercial real estate income properties (retail, office, industrial, warehouse, self-storage, hospitality, etc.).
• Structuring Creativity and Product Expertise: Employ structuring creativity to increase “winnability” of CMBS transactions or convert submissions to Fixed Rate or Bridge products offered by the firm should CMBS not be an appropriate fit for the opportunity.
• Sales Support: Responsible for supporting the sales team through compilation of financial, collateral and credit information leading to efficient issuance of TSs and LOIs.
• Process Management: Proactively and effectively manage transactions through a high production environment so that client service levels are achieved on a consistent basis without sacrificing quality.
• Strategy and Vision: Director must bring strategic vision to how team should best be setup to achieve highest levels of production. This will include working with outsourcing and other external partners to achieve best balance of speed, quality of work and cost. Support other lending products as needed and as practicable.
• Facilitate Diligence/Closing: Assist with credit analysis to get questions answered during the course of the transaction demonstrating strong drive while achieving positive outcomes.
• Customer Service: Represent the firm with honesty and integrity while delivering high levels of customer service in all interactions.
• Projects: Complete projects as assigned.
• Management: Build and manage a 4–6 person team inclusive of outsourcing components. Ability to hire and manage team effectively that could be decentralized.
• Travel: Required as needed to the New York, Dallas and Newport Beach offices, conduct property and market inspections across the United States, attend industry conferences and firm’s sales meetings, and possibly select international locations such as India to build outsourcing components.

Primary Success Measurements:

• Meet platform volume and net income targets laid-out for the year.
• Support Loan Officer, Correspondent Channels and Strategic Partnerships teams to maximize speed and productivity.
• Support credit officers with new loan submissions to increase quality for each transaction and minimize re-trades.
• Adequate reporting to executives to portray levels of activity to allow for success monitoring.
• Internal/external customer service satisfaction.
• Growth in Loan Officer, Correspondent and Strategic Partnerships team’s productivity as measured by monthly ASRs submitted, LOIs issued and LOIs signed.
• Quality of work as measured by subjective evaluation.

Supervisory Responsibilities:

• Manages core CMBS Production/Credit team that could be located nationally in addition to outsourcing components that could be located internationally.

Qualifications:

The ideal candidate must be a "team player", diligent, detailed oriented, hardworking, flexible, and willing to “go the extra mile” in an effort to provide stellar customer service. To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Candidate must possess recent CMBS and/or multifamily/commercial real estate loan credit, structuring and pricing experience and apply such knowledge and experience strategically to create efficiencies and growth. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education and/or Experience:

• Bachelor’s Degree required
• Minimum 8 years of CMBS and/or multifamily/commercial real estate loan underwriting, structuring, sizing, pricing and LOI experience.
• Ability to work on multiple transactions simultaneously and to meet deadlines.
• Commercial real estate lending operations, management experience and/or training; or equivalent combination of education and experience.
• Problem-solver and goal oriented individual. Ability to analyze property financial statements.
• Proven strategic leadership around business processes and development of financial tools.
• Excellent organization and time management skills.
• Must possess excellent communication skills (verbal & written).

Language Skills:

• Ability to respond to common inquiries or complaints from customers, regulatory agencies, or members of the business community.
• Strong written and verbal communication skills; a persuasive and passionate communicator with excellent interpersonal and multidisciplinary project skills.
• Able to prioritize and follow through on loan requests.
• Excellent verbal and written communication skills.
• Ability to work effectively in a team environment and independently.
• Tremendous urgency and speed required for fast paced environment, attention to detail and responsiveness necessary.
• Superior organization and time management.
• High level of personal accountability.
• Ability to interface effectively and respectfully with staff of all levels. Positive, can do attitude required for collegial and supportive work environment.

Mathematical/Analytical Skills:   

• Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
• Ability to apply concepts of basic finance and real estate.
• Ability to deal with a variety of abstract and concrete variables.
• Strong analytical proficiency.

Computer Skills:

• To perform this job successfully, an individual should have knowledge of Internet software and Microsoft Office software including Excel, Word, Outlook, and PowerPoint.
• Proficient with Microsoft Applications (Word, Excel, PowerPoint) and Loan Management Systems.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear.  The employee is frequently required to stand and walk.  The employee is occasionally required to reach with hands and arms; climb or balance and stoop, kneel, crouch, or crawl.  The employee must frequently lift and/or move up to 10 pounds.   Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception and ability to adjust focus.

Work Environment:

The work environmental characteristics described here are representative of those an employee encounters while performing the essential functions of this job.  Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.  The noise level in the work environment is moderately quiet.  We thrive in an environment that encourages hard work while having fun!

About SitusAMC

SitusAMC is the leading provider of consulting, outsourcing, talent and technology solutions, supporting institutional lenders and investors, across the life cycle of commercial and residential real estate debt and equity. The firm employs more than 3,300 employees with offices in 27 markets across the U.S., Europe and APAC.

SitusAMC brings together the industry’s top talent, unparalleled platform and innovative technologies to help clients optimize returns, identify risk, transform processes and infrastructure, and ultimately, realize opportunities in their businesses.