Senior Underwriter

Purpose and Job Summary:

The Senior Underwriter is responsible for independently screening and underwriting multifamily and commercial mortgage financing programs being offered by ORIX’s Real Estate Investment Strategies 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. 

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 and Responsibilities:

• Prepare and review due diligence process, underwriting and valuation models.

• Prepare and review investment memos and asset summary reports consistent with Real Estate Investment Strategies’ 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 Real Estate Investment Strategies for new loan requests;

• Responsible for aiding in training originators on Real Estate Investment Strategies’ lending products;

• Possesses and applies knowledge of the Real Estate Investment Strategies’ policies and procedures; 

• Understands all real estate mortgage and finance programs offered by ORIX and its affiliates;

• 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 (lo an 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 asset 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;

• Works professionally and harmoniously with team a