Hi - I got approached by a recruiter for an opportunity with a special servicer's loan work out team and I wanted to know if anyone had any thoughts regarding exit opportunities. The job responsibilities include underwriting cmbs loans for b-piece acquisitions and working out loans. I have a debt background and would like to remain in credit ideally in CMBS originatoins or debt placement for a good shop.
Thanks
Depends on what side of the business you are on, but exits to b-piece buyers, CMBS origination shops, boutique debt/equity shops, or REPE, typically for Asset Management, are fairly common.
@disre Thanks for the input. Would you mind explaining a little more the "what side of the business" you're going to be on? Thanks
If you are running a portfolio of properties that are in special you are more likely to exit into Asset Management for REPE. If you are working loans out the exit is probably more towards originations or debt/equity placement. If you are working on the bond side/B-piece UW more likely to exit to a b-piece buyer. Basically whatever you do at the servicer will influence the exit opportunities.
Would love to get more input on careers in cmbs special servicing. Thanks
Special Servicing Analyst - Exit Ops (Originally Posted: 01/04/2013)
I am currently employed as an analyst at a large Special Servicer. I completed an internship with my current employer in the Portfolio Oversight division of the company during my last semester of undergrad. Upon completion, I was offered a spot as an analyst in the Special Servicing department. I feel I was under qualified at the time but my MD must have wanted to extand me the opportunity due to my familiarity with the company's processes. After a few interviews I was offered the position. The analyst whose position I took was 7 years older than me and had already achieved his MBA.Many of the people who work around me have come from PE or hedge funds which is what I have been striving to work in. I feel extremely fortunate to have my position but I am getting curious as to whether this experience will lead to other opportunities on the buy side. I frequently interact and coordinate with our parent company who often purchases the notes of some of our higher rated properties. I feel even more fortunate that my MD is usually given the deals that will later be sold to our parent company. With that said, I get the chance to learn more than some of the other analysts not participating in the note sales.Can anyone tell me how my exit ops may look with a couple years of SS experience?
I can provide more color later. Thanks.
Distressed debt or distressed real estate asset mgt. I would not expect exits to LBO PE or equities HF, but any special situations group is on the table.
I would also shoot for an exit to an advisor i.e. Mission Capital.
Like everyone else you would need to network, etc. but that is my two cents.
I can't say I know specifically what their exit opps would be, but I have spoken with special servicers, dealt with them, etc. I would agree with sk824. They work on some large, interesting capital structures and tend to do a pretty rigorous analysis of each decision. They hire smart people. They are all well-known (if you tell someone, "I worked at Berkadia," they will definitely know who that is). You should be able to move somewhere good.
Thanks for the input guys. I have only been in my spot for approx. 6 months but am really starting to enjoy it. I am really learning a lot and have the opportunity to work with some truly smart people. Glad to know I ended up in a decent spot and have some good mentors teaching me. Please feel free to make any suggestions or ask questions about the position if this interests anyone.
How has your positioned developed since the last time this thread was active? Do you enjoy your work? Challenging?
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