CMBS / Investment management??
Hey guys,
I was wondering if anyone has any experience working in the investment management arm of a real estate finance company (like a Torchlight, CWCapital, Ladder Capital, etc)? I'm particularly interesting in what its like managing a portfolio of CMBS, CRE CDO's, etc.
What sort of background do these type of firms look for in potential analysts? I'm currently working at a rating agency in the CMBS New Issuance Group, and was wondering if that would help me get my foot in the door. Thanks!
Ive seen people enter that field from BB mortgage groups, structured products, leveraged finance, RE IB, etc. Really anyone that has exposure to or experience with underwriting and analyzing real estate assets. I suspect that you could possibly leverage your rating agency experience but I am sure others on the board would have better insight on this point. Have you been busy? I know that there has been a slight uptick in CMBS volume but that market has essentially been dead since the good old days in 2005.
I work in the investment mngmt arm of a similar real estate finance company (B-piece investor/Special Servicer). Managing a portfolio of CMBS is mainly monitoring the deals for credit events (i.e. term or maturity default) focuings on certain metrics (low DSCR, low DY, occ 80%, declining tenant sales, major tenant rollover, IO period ending etc). Projecting potential losses and default timing is also necessary to value seasoned bonds when they come to market.
In reference to getting your foot in the door, I have to agree with junkbondswap. It's a pretty niche field so anyone with structured finance, CRE valuation, RE IB, rating agency experience etc. can help add value and develop the necessary credit view. Lemme know if you have any other questions.
Nostrum saepe sunt quos odio qui. Saepe qui autem in pariatur molestiae quibusdam. Quis aperiam consectetur ut cum rerum dolores mollitia omnis.
Ad vel nemo laudantium libero delectus ullam sapiente. Pariatur laudantium distinctio repellat atque. Est deleniti dolorum aspernatur veritatis nesciunt dolorem. Molestiae quidem ut dolor quod numquam enim. Et in pariatur sed at. Voluptatem possimus possimus assumenda accusamus. Ut praesentium facilis quos rerum sed sequi.
Molestiae ipsam inventore omnis. Magni numquam aut quo ipsam illo. Omnis vitae nesciunt quaerat velit est.
Et expedita ut voluptatem doloribus et. Voluptatem laudantium porro est ea dolorem et atque. Libero laudantium est officiis ullam in expedita sed. Perspiciatis nisi sit itaque autem tempore non.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...