CRE Debt AM Question
For those of you on the debt AM side, how many positions do you typically manage at any given time? I've seen firms assign 10 per AM, and I've seen others assign 35 per AM. Fully aware that the time investment varies from loan to loan, but curious what is "typical."
Used to work in debt AM, are you talking "positions" as in how many loans are in your portfolio?
Sorry for the confusion - yes, that's what I was referring to
I worked in agency debt AM so may be different, but the analysts covered around 70 loans working with several asset managers. I'd say each AM maybe had 30-40 in their own portfolio? Can't really remember though.
I work for a life co but I am not on the AM side. I think our Asset managers have around 60 each with a large pool of analysts helping them.
The wide range you see is mostly because of the complexity of assets. If you only have 10 and are a senior associate/VP level, it is probably because they are all 100mm+ ground up construction loans. On the other side, If you are working on small balance commercial, having 4-500 positions isn't crazy because the way you manage/your level of approvals/control is different ($1mm loans have very few covenants vs. a $100mm loan).
In my previous life on the life company side, I handled between 40 and 65 assets at any given time ($4-7bn).
My current book (high yield debt fund) is more like $5bn, 50 deals, 70 positions (we count each internal fund investment as a separate position) across about 100 properties.
Wow, 50 loans...I can't imagine what your life would be like if a sizable amount of them went into workout mode...
I did mods/workouts for about 10% of my portfolio last year during the depths of COVID. Definitely busy (and more than a couple late nights), but it was also a lot of fun because it isn't something you get to do all that often.
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