HFF Internship Advice
Interested in an internship after I graduate and while I complete the CRE cert for Cornell. Wondering where to start in terms of understanding what HFF does without a finance background (tech major). I understand what they do on a basic level, but reaching out to an alumni with plans to set up a call later this week. Wanted to be prepared in terms of understanding what they do in detail and getting a grasp of knowledge it seems a lot here know through their majors. Any advice welcome.
While they provide other services, focus on their investment sales and capital markets. Investment sales is helping owners buy or sell their property while creating a market and running to process to create this match. On the capital markets side, they place debt and equity, meaning they find borrowers ( clients) money (from bank, insurance company, debt fund etc.) to purchase, refinance, or develop their properties. Oftentimes, both of these departments work together and provide the client full service. This is super high level, pm me if you have any particular questions.
I'd just look for FT analyst positions after you graduate. I don't have a finance background but graduating with a BBA in computer information systems (with a RE finance course under my belt), and will be looking to go straight into an analyst position.
I like to think of them as an investment bank in the CRE field. They serve as an intermediary between CRE owners and the debt/equity markets in addition provide brokerage services.
On the debt/equity side, they facilitate the marketing process with debt funds, banks, LifeCo companies, and CMBS funds to secure financing for CRE owners. This is always done in a competitive bidding process in order to secure the best options for their client.
In our firm we typically retain them for the following services:
Secure a loan - acquisitions, development, and refinancing
Ask for a BOV (Broker Opinion of Value) to weigh options on a sell
Investment sales - Market an asset for sale
Thank you for the clarification. For the first aspect (securing a loan) why would your firm choose an HFF vs going straight to the bank when you're dealing with $100 MM's. Do they get your better terms through relationships? If you could expand on more of the why that'd be great.
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