Career Progression
Is agency lending at a large bank a good first job in CRE if my long term goal is to make it to the principal side? Or do people within agency lending tend to stay there?
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Short answer. No. Agency lending is great if you want to stick it out there. Great career path. But definitely not transferable to principal side.
Do you think it would be possible to transfer over to the balance sheet side at the same firm if there was an opening to get more experience with different asset classes and lending situations to make the switch?
Sure its possible. Debt to debt is a lot easier than going from debt to equity, especially if you're trying to transfer within. However, I'll say since agency is specializing in multifamily, I've seen it the other way around where someone does all asset classes and then goes to agency. However, every situation is different and anything is possible. If you want to do multiple asset classes in lending, then my suggestion is to try for an underwriting/credit analyst gig at a traditional bank. You'll get exposure to all asset classes and products (construction, perm, etc.).
I made it to final round for that kind of seat. Then they reached out with this opportunity. I have been looking for quite some time. would it be better to just keep on looking for better opportunities?
So if you don't have another offer and dont have a job yet, then 100% you should take whatever you can get. Some experience even if its in a different area of CRE is better than no experience.
I’ve seen one case of an Agency underwriter (LifeCo) going to a small MF developer after 3 years. I’m at a bank with a large agency presence and have not seen anyone move from agency to balance sheet internally.
not true^ you can move over to the principal side from agency lending as your first job. I did it.
yea, same. Debt side is a great place to start your career. I saw maybe 300+ deals in the 1.5 yrs I was there.
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