Besides Eastern Union, what would be a good commercial mortgage shop to gain an entry level position?
23 years old. Currently a mortgage banker for a large national lender, I've been relatively successful and I cleared $70k my first year and I'm on track for $130k+ this year (refi-boom lol). However, residential lending is very emotional and I much prefer the longer sales cycle, more number focused commercial lending space. My sales skills have improved exponentially but residential is more "wolf of wall street" persuasion as opposed to general facts and ideas associated with commercial lending.
I've dedicated the last 9 months of my spare time learning how to review and underwrite commercial mortgages, with the idea of eventually brokering small (<$5m) deals on the side. However, I think it'll be much more beneficial to join a shop and gain valuable experience.
My obstacle is that I don't yet have my bachelor's degree, I dropped out in my second year to start working because I needed some real money desperately. If I finished my finance degree, I'm sure I could obtain a position working for a small to mid level debt fund/brokerage. However, there is an opportunity cost for me to stop banking and obtain my degree.
Eastern Union appeared to be the only shop that could fit my criteria.
Thanks,
go to school at night,
And to be honest the commercial world is harder. If you want to be an originator, there are literally thousands of people fighting for the same deals, owner operators have 2-3 brokers they go to and have always gone too. With resi, you get new clients everytime.
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