Holy Grail Reached! 🏆 Multifamily REPE
I’m a SoCal based multifamily mortgage banker (think Freddie Mac, etc) who’s been in the industry for 4-5 years and just had a client ask me if I’m interested in joining their shop as basically an in-house debt broker.
Client is an owner operator/ multi family real estate private equity shop that’s run by 2 people total, been around for about a couple years with ~1000units under management, and average deal size around $15m.
What kind of comp structure should I ask for? Base salary, etc. Shop is SoCal based
Should I ask to be made a junior partner or is that too bold? I’m 27 fyi. What would be pros/ cons of this?
Thank you!
I think I know the firm you are talking about. Just went through this with these guys but couldn’t make it work.
Curious why? What salary/ package were they offering you?
Not to knock your holy grail, but I have a feeling their comp package is going to be pretty underwhelming / they lack a fundamental understanding of how lenders operate.
It's not like hiring you is going to allow them to circumvent all that many transaction costs. Want to go debt fund without a broker? That lender is still going to still charge you at least 1% in & out. You can't go agency without going through a seller/servicer, and those originators are required to charge a minimum fee that is anywhere from 1% - 0.25%, depending on deal size. You can't go to most Life Companies as a non-correspondent.
I just don't see how an in-house debt guy makes sense in the acq rehab/syndication space. Maybe if they were developing.... IMO, you're likely going to get strung along and asked to primarily help raise OPM.
I hope I'm wrong, because being a reasonably paid in-house debt guy for a team doing $15M MF deals would be gravy. This just sounds too good to be true.
Interesting, can you give me some numbers that I should expect for comp? Trying to see what’s considered underwhelming
Pulling this out of my ass, but I'd think they'd cap out around $115k - $130k all-in. Which I'm guessing is less than what you're making in banking, & probably w/ less upside too.
What if I was involved in dispositions, investment management, and capital raising too? Would I be able to add more value to the team/ collect a bigger base/ bonus?
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