From Real Estate Investment Sales to Debt

Hi All,

I'm currently spending my Junior summer interning at a commercial broker (think HFF/Eastdil Secured). I've realized I find the debt aspect of real estate more interesting than acquisitions or investment sales. I'll be recruiting for a full time position and will be applying to the different lenders, mainly targeting CMBS and Life companies but also open to balance sheet lenders and debt funds. I have a couple questions for all you real estate people:

1) What concepts/questions should I know going into those interviews? 2) What is the recruiting cycle like at these firms/funds? 3) What will the modeling test consist of? 4) How does the underwriting process really differ between investment sales and debt originations?

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