Senior Commercial Real Estate Underwriter

Company Description

For more than 70 years, IDB Bank has made it our mission to be the best bank for our clients by putting their needs first, and the success we’ve enjoyed fundamentally comes down to our people. Here at IDB, you’ll work side by side with some of the most talented professionals in the industry who share a strong sense of teamwork and a passion for providing exceptional service down to the smallest detail. We offer a comprehensive benefits package that includes generous paid time off and the ability to participate in our medical coverage and 401(k) plan on your very first day with us. We are also committed to diversity and inclusion, and to providing all of our team members with an equal opportunity to succeed and make meaningful contributions within a work environment that is respectful, welcoming and inclusive.

Job Description

Perfect time to join our growing Team!

In this role, you'll support Relationship Managers, by underwriting and analyzing commercial real estate loans. 

Job Description

• Support the New York Commercial Real Estate Lending team with underwriting and analyzing new deals and modifications.
• Work with multitude of asset classes including multifamily, retail, office, industrial/warehouse, self-storage and hotel.
• Work with different loan types including land, construction, bridge and stabilized properties.
  • Majority of the work will be focused on construction and bridge lending. 
  • Important to understand how to underwrite complex loans that have complicated cash flow analysis/excel modeling.
• Extensive use of Excel: Use Excel to derive property values, analyze cash flows, sensitivity analysis and calculate DSCR, Debt Yield and LTV.
• Complete underwriting on personal guarantees, which includes analysis of personal financial statements including, Schedules of Real Estate, tax returns, K1s, liquidity verification.    
• Prepare Preliminary investment committee memorandum and final approval memorandums. 
• Ensure timely receipt and analyses of all required financial and collateral information.
• Complete credit reviews and facility renewals on a timely basis for assigned borrowers.
• Prepare/Review loan pricing model with accurate inputs relating to the subject facility.
• Attend client meetings / property site inspections with the Relationship Managers, to help better understand the underwriting of a deal. 
• Comply with all of the bank’s and department’s policies and procedures.
• Work on special projects as such assigned.

Qualifications

• Underwriter needs to have strong credit and organizational skills as well as solid understanding of commercial real estate facilities (land, construction, bridge and stabilized properties and lines of credit, note on note financing) with loan sizes varying from $5MM to $100MM.
• Strong analytical and computer skills with a thorough knowledge of Excel including the ability to perform cash flow analyses and create financial models.  Working knowledge of Argus a plus.
• Desire to work at a high level, learn, take ownership of assigned tasks, and work and completed assignments on time as necessary.
• Highly motivated, quick learner
• Strong interpersonal, written and verbal communication skills.
• Team player – positive can-do attitude
• Minimum experience of 5 years in commercial real estate lending or another relevant area required
• Willingness to take on special projects as they arise.
• Ability to work in a collaborative environment and while meeting tight deadlines
• Bachelor's degree in a related field required

Compensation

The expected annual salary for this position is between $110,000 and $175,000 at the start of employment. A salary offer is determined on an individualized basis, taking into consideration factors such as an individual’s skills and experience. In addition to base salary, our total rewards package also includes eligibility for an annual bonus, medical, pharmacy, dental, and vision plans, life and disability insurance, employee wellness program, retirement and savings plans with employer contributions, generous holiday and paid time off schedules, parental leave, and tuition reimbursement.

Additional Information

Disclaimer

The above statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. All personnel may be required to perform duties outside of their normal responsibilities from time to time, as needed.

All your information will be kept confidential according to EEO guidelines.

The Bank will make reasonable accommodations to the following employees to allow them to perform the essential functions of their position, except where doing so would result in undue hardship to the Bank:

• Those with a known mental or physical disability.
• Pregnant individuals and/or individuals with pregnancy or childbirth-related medical conditions.
• Victims of domestic violence, sex offenses or stalking.
•  Employees with religious observance and practice obligations.

Any employee who believes he or she needs an accommodation for any of the above reasons should contact their supervisor or a member of Human Resources to request such an accommodation. In each case, the Bank will engage in a good faith written or oral dialogue concerning the individual’s accommodation needs; potential accommodations that may address the individual’s accommodation needs, including alternatives to a requested accommodation; and the difficulties that such potential accommodations may pose for the employer.

The Bank retains the ultimate discretion to choose the appropriate reasonable accommodation. Upon reaching a final determination at the conclusion of the cooperative dialogue, the Bank will provide the requesting individual with a written final determination identifying any accommodation granted or denied. In addition, the Bank will maintain any information regarding the employee’s request and status in the strictest confidence, except as requested by the employee, as required on a need-to-know basis or as otherwise required by law.

Due to COVID-19, most of our employees are working remotely. We have implemented a virtual hiring process and continue to interview applicants by phone or video and are onboarding new hires remotely. We value the safety of our employees because we’re all in this together.

NO AGENCIES PLEASE.

IDB BANK, INCLUDING ITS SUBSIDIARIES AND DIVISIONS, PROVIDES EQUAL EMPLOYMENT OPPORTUNITIES TO ALL EMPLOYEES AND APPLICANTS FOR EMPLOYMENT WITHOUT REGARD TO RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, NATIONAL ORIGIN, AGE, DISABILITY, GENETIC STATUS, CITIZENSHIP STATUS, MARITAL STATUS, MILITARY OR VETERAN STATUS, CURRENT UNEMPLOYMENT OR ANY OTHER LEGALLY PROTECTED CATEGORY IN ACCORDANCE WITH APPLICABLE FEDERAL, STATE AND LOCAL LAW. NOTHING IN THIS SITE CONSTITUTES A PROMISE OR OFFER OF EMPLOYMENT.