CRE Credit Roles Exits
I've been at a well known bank for 6 months doing real estate credit, specifically reviewing proposed underwriting (by the originators), deal structures, etc. for all asset types across the country. We look for holes in the transaction and try to patch those up before presenting the deal to credit committee and then try to sell the deal to them for us to lend on. The deal profiles we look at are institutional level borrowers targeting large loans ($75MM+)
Wanted to see what exit opps could come out of a role like this?
Damn already looking for an exit 6 months in?
Anyhow, the question is less "What are my exit ops?" and more "What do I actually want to do for a living?"
Figure that out and it's a lot easier for people to point you in the right direction. Life isn't a flow chart.
Not looking for an exit, just curious as to what they may be. I've been in the industry for a few years prior to this doing debt originations and asset management, and I like being around deals in general. I'm in a good spot, but like I said, wanted to see what thoughts are on opportunities after a couple years here.
And like I said, what do you want to do?
Your "exit ops" could be literally anything.
What specifically is your role? Do you do all the modeling, loan doc negotiations, and powerpoint?
6 months in you don’t have meaningful exit ops but in general from re credit you could join a re developer (some of them lend to other developers too) depending on your educational background and prior experience, a PE fund, or a re debt fund if you are with an institutional bank. Just some of the options.
Thank you. Don't plan on leaving my job any time soon but wanted to see what is out there and what people think. My bank is intuitional so I think that should play well in the future.
Brother, underwriting at a bank and a debt fund are completely different skillsets. Unless you’re doing construction at a bank, the underwriting for stabilized term deals is dead easy.
At the debt fund I work for, we go as deep if not deeper than our equity group. When underwriting mezz/pref deals, we are laser focused on the biz plan, and how we get paid out in a foreclosure/default scenario. You don’t get that at a bank.
Let’s not act like underwriting mezz is rocket science. CRE just isn’t that complicated. Yes, understanding loan docs is important but underwriting just isn’t very complex in this business.
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