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Senior Associate/Vice President, Credit - Bridge

Company: Ready Capital
Location: New York
Posted on: June 12, 2021

Job Description:

Ready Capital offers a positive and diverse work culture incorporated with people who are passionate about their careers. We pride ourselves in being viewed as a premier place to work and encourage you to view our Senior Associate, Accountant opportunity.

Summary of Position:

The Senior Associate / Vice President, Credit will support Ready Capital's Bridge program by managing the underwriting process for commercial real estate ("CRE") loan investment opportunities collateralized by transitional CRE properties across asset classes. The successful candidate will prepare and present credit memoranda and provide investment recommendations to the Chief Credit Officer and credit committee members for new originations. The Senior Associate / Vice President, Credit will also present loan analysis and credit rationale to eternal parties including warehouse partners, rating agencies, and investors.

Roles and Responsibilities:

  • Drive new loan opportunities through underwriting process in a timely and efficient manner.
  • Establish and maintain effective relations with internal business partners including Production, Processing/Closing, Collateral Risk, and Legal; collaborate with teams to identify issues in a timely manner, formulate and propose effective solutions.
  • Prepare and present credit memoranda to the Chief Credit Officer and credit committee members.
  • Perform detailed financial analysis, including discounted-cash-flow modelling of transitional CRE properties across asset classes.
  • Promptly report to the Chief Credit Officer any adverse events or information that would have a material effect on individual loan opportunities.
  • Draft and negotiate term sheets, letters of interest, and additional transaction-related documents.
  • Evaluate sponsors' business plans for transitional commercial real estate and structure loans to support business-plan execution and mitigate downside risk through stabilization and exit.
  • Manage the due diligence and closing processes alongside counsel and the closing manager.
  • Review and analyze property rent rolls, operating statements, capital improvements budget, leases, and other financial information required to inform underwriting.
  • Determine strength of borrowers/guarantors through review of deal history, financial statements, and schedules of real estate owned.
  • Review third-party reports and incorporate findings into the underwriting analysis; ensure reports are prepared to program requirements.
  • Conduct research and analysis of sponsors/management, properties, neighborhoods and other factors of a potential loan to ensure conformance with program requirements; analyze trends unique to the loan request.
  • Perform property site inspections and prepare appropriate documentation relating to inspection in a format consistent with internal guidelines.
  • Provide effective guidance to analysts.
  • Promote a favorable image of Ready Capital to potential and existing clients.

Skills and Experience:

  • Graduation from a college or university with major coursework in a discipline related to Accounting, Finance or Commercial Real Estate is preferred.
  • Minimum requirement of 5 years' experience in commercial real estate lending/underwriting.
  • Experience with transitional commercial real estate lending/underwriting is required.
  • Experience with CMBS/CRE CLO lending and processes is preferred.
  • Thorough understanding of credit risk impact and consequence of errors in formulating decisions.
  • Ability to read, analyze, and interpret commercial real estate property related financial reports and legal documents.
  • Strong loan structuring background needed to effectively mitigate credit risks embedded in the underlying transactions.
  • Property valuation skills coupled with knowledge of major commercial real estate markets.
  • Superior communication skills (written and verbal) with internal and external partners; ability to convey findings in a concise and comprehensive manner.
  • Expertise with Microsoft Excel and ARGUS.
  • Proficiency with commercial real estate data/research providers such as CoStar and REIS.

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!

Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. We 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.

Ready Capital offers a full range of benefits, including competitive salary, comprehensive health plans to choose from including dental, vision coverage, company-paid life & disability insurance policies, business casual dress and a great culture!

Ready Capital is an equal opportunity employer (EOE)!

Keywords: Ready Capital, New York , Senior Associate/Vice President, Credit - Bridge, Other , New York, New York

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