I am having trouble deciding which opportunity is going to be better in the long run for exit opportunities. Would a role in debt & structured finance at CBRE be better or would a role as a capital Markets analyst at Freddie Mac be better?
any advice would be extremely helpful
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90% of me says CBRE - do you know what you would focus on there?
The internship would be with their capital markets team focusing on Debt & Structured Finance for Multifamily.
Freddie I was hoping to get a role in their capital markets team either as a securitization or pricing analyst within their multifamily division.
Sounds like you'd probably be on the GSE team for CBRE (who kills it btw) - you can't go wrong with that group and I personally believe you would have more exposure there than Freddie. Doesn't sound like those Freddie positions are deal related right? Guess it depends what you are looking for but CBRE would offer a better experience IMO due to interacting with Freddie/Fannie, sponsors, and more than likely debt funds/life co's/etc due to the current market. You would have a relatively easy time exiting there if you chose to due to the nature of the role.
I don't know what type of exits Freddie offers (maybe other seller/servicers) but I do know a lot of people tend to stay for awhile due to the culture, pay, and work/life balance.
So from my understanding the Debt & Structured Finance team will have another lender like Freddie underwrite the loan alongside CBRE so the terms are favorable enough for Freddie or Fannie to purchase the loan that the CBRE structured finance team originated for the client. Then the securitization (multifamily) team at let's say Freddie will package up 25-50 of those loans from multiple brokers and then put them in the market.
The securitization I believe works with the brokers and then with investment bankers (S&T) to sell those products. Correct me if I am wrong.
Another thing to consider. The market I am looking at for this internship is in Phoenix,AZ (large multi-family portfolio) but after a year or two I would love to move into a market like LA,NY, or SF.
If this helps you help me give me any advice on top of what you told me already it would be greatly appreciated because I am lost with what to do.
Very different roles. Do you want to look at individual MF deals or on the bigger bond level finance? CBRE gig will def pay better but hours will be worse. Prestige and exits our similar but very different in nature.
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