Purpose and Job Summary
The Senior Underwriter is responsible for independently screening and underwriting multifamily and commercial mortgage financing programs being offered by Lument's Real Estate Investment Strategy (REINS) programs, including bridge loans underwritten for investment through proprietary and/or conduit executions. Transactions will encompass a wide variety of scenarios and will be primarily focused on conventional, transitional multifamily and affordable housing, but may include all commercial real estate asset cases, including but not limited to student housing, manufactured housing, and self storage. Financing structures will include individual and crossed pools of senior secured and subordinate debt for stabilized, value add, transitional and construction opportunities.
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The Senior Underwriter will work closely with senior credit and originations staff to screen and structure transactions, underwrite real estate collateral, analyze sponsor credit, negotiate loan documents, create financial cash flow and valuation models, undertake due diligence responsibilities, and drive complex transactions to successful closings. The candidate will document their analysis and recommendations in a credit approval memo and present their recommendations to firm's Investment Committee, with an emphasis on transaction strengths, weaknesses, and mitigants.
The ideal candidate will have extensive real estate work in one or more of the following areas: at-risk real estate loan underwriting, real estate valuation, loan workouts and restructuring, real estate construction and development, or real estate portfolio management. The ideal candidate will have direct experience with conventional and affordable multifamily assets. Candidates with strong transitional bridge, affordable and new construction experience are preferred. Candidates must have the ability to thoroughly evaluate credit risk and work independently in a dynamic environment to meet tight client deadlines.
Essential Duties & Responsibilities
- Prepare and review due diligence process, underwriting and valuation models.
- Prepare and review investment memos and asset summary reports (ASRs) consistent with REINS requirements as it relates to each loan program. Presents findings and recommendation to Investment Committee.
- Think critically and independently to identify and communicate all investment risks and creatively structure deals to mitigate risk.
- Summarize historical property operations;
- Perform credit and financial analysis of key sponsors and major tenants;
- Assess and research markets or sub-markets to support assumptions;
- Research portfolio expense comparables and incorporate into the underwriting file;
- Conduct real estate tax verification and analysis;
- Review and approve third party reports including property appraisals, physical needs assessments, environmental reports, lease abstracts and others as required;
- Act as credit conduit for loan originators and REINS for new loan requests;
- Responsible for aiding in training originators on REINS lending products;
- Possesses and applies knowledge of the REINS group's policies and procedures;
- Understands all mortgage and finance programs offered by Lument;
- Apply a thorough knowledge of various agency financing guidelines (Fannie Mae, FHA, Freddie Mac);
- Travels to perform property inspections and market evaluations;
- Analyze legal documents (loan agreements, leases, inter-creditor agreements, operating and partnership agreements, regulatory agreements, etc.);
- Prepare and negotiate term sheets and loan agreements in conjunction with internal and external counsel;
- Manage all aspects of a transaction from initial deal discussions with originator and borrower, through the underwriting, approval, and closing process, and effectively transition transactions to the portfolio management group;
- Proactively communicate transactional issues to senior credit, origination, and legal staff to meet deadlines and proactively identify gating issues that need to be addressed;
- Supervise, direct, mentor, train, and review the work of junior staff members;
- Applies a thorough understanding of real estate valuation methodologies;
- Develop and implements enhancement for transactional analysis and loan committee submissions;
- May require travel for site visits, interoffice trainings, and conference attendance.
- Works professionally and harmoniously with team and coworkers
- Other projects and duties as assigned
Contacts
This position has frequent contact with all levels of employees and management. In addition, this role interacts with outside business partners, vendors, consultants, and other office visitors.
Education, Skills & Experience
- Bachelor's degree from an accredited college or university with a focus in Finance, Business or Real Estate or related field required, required with strong credentials. MBA/CPA/CCIM or a Master's in Real Estate a plus;
- 10+ years of multifamily balance sheet/agency underwriting experience;
- Experience with Fannie Mae, Freddie Mac and/or FHA Multifamily loan programs considered a plus, but not required;
- Thorough knowledge and understanding of bridge, conduit, CMBS and bank underwriting standards for loans secured by a wide range of asset classes, including office, retail, industrial, multifamily, and self-storage;
- Strong credit mindset with, ideally, experience in credit training.;
- Ability to read, analyze and interpret complex documents and financial statements.
- Highly analytical thinking with demonstrated talent for identifying, scrutinizing, improving, and streamlining complex work processes;
- Proficiency in Microsoft Office and list other relevant systems or software;
- Excellent organizational, communication, written, presentation, critical thinking and interpersonal skills;
- Ability to plan, organize, and prioritize assignments and to meet critical and established deadlines. Ability to manage multiple assignments and transactions simultaneously;
- Demonstrated ability to maintain confidentiality and to use discretion in the performance of daily activities;
- Ability to learn quickly and demonstrated ability to work independently and as part of a high-performance team;
- Flexibility and ability to work under pressure with tight deadlines and constant interruptions. Ability to adjust priorities in a changing environment
Life at ORIX
We are committed to the health and well-being of our employees and offer a quality, competitive benefits package that provides valuable healthcare and financial protection for our workforce, while emphasizing a healthy work/life balance.
You Time
We want you to have the time needed to recharge and manage life with our competitive vacation policy, floating personal holidays, extensive leave options, our annual observed holidays, and more.
Family Care
Every family has a different journey and ORIX USA Group is proud to offer extensive benefit programs such as: infertility coverage, adoption support, child and elder care, fully paid maternity, and generous parental leave benefits to help you and your families along the way.
Flexible Work Arrangements
ORIX associates enjoy the advantages of our hybrid working model with a 3 day in-office minimum requirement.
ORIX USA is an equal opportunity employer, providing equal employment opportunities (EEO), and is committed to diversifying its workforce. All employees and applicants for employment will receive consideration for employment without regard to race, color, religion, sex, national origin, age, disability, genetics, sexual orientation, gender identity or expression, pregnancy, protected veteran status or other status protected by law. This policy applies to all terms and conditions of employment.