Just wondering what kind of long term career paths exist on the lending side of RE and what kind of incomes go alone with those roles.
I'm starting out in multifamily asset lending (small balance loans) for a DUS shop in NYC. So ill be working primarily with fannie and freddie loans. if I were to stay in lending what kind of career paths/options would I be looking at with this starting job?
how easy or possible would it be to move over to lifeco's or banks and work on larger assets?
anyone?
My only worry with doing Fannie and Freddie loans is that you might become an agency debt guy. It would be a little tricky to move over to a BS, LifeCo, or CMBS shop because your experience is MF focused. It is also the easiest asset class to underwrite so there is that too.....That being said I think you could do it but it wouldn't be as easy it would be for a traditional lending analyst.
However, being an originator of agency debt is freaking cush. You can make good money $200k+.
thank you, I was wondering about long term career options in the GSE space. good to know it can be lucrative.
If you like doing GSE deals, I would strongly suggest trying to move over to a bank. You basically get fed take out financing for all MF construction loans.
I know debt guys who make a million+ a year. I also know guys who are struggling to push 50+. MF is a volume business on the debt side so If you are pushing big numbers for a large community bank, national bank or other B.S lenders you could make serious cash.
Not counting Chase, cause they don't pay a salary to their MF loan officers here in CA, but most regional banks are paying commercial/multifamily loan officers about $85k - $100k base and 30 to 40bps per deal. If you're not productive you'll get fired. I see a lot of the same bankers over the years who do ok but not great volume bounce from bank to bank, CU to CU.
The big heavy hitters tend to stay in one place for a long time.
Chase has a commercial division that pays a base plus salary similar to what I mentioned above. Their commercial side is much pickier on assets though. They don't lend on just anything like their MF side. On the commercial side, their regional manager feels each loan officer needs to produce 75mil a year minimum. The base is 100k. The potential is fantastic but the lending box is narrow. Very narrow. I got in to lending in 1995 and still have not done a deal with Chase, lol.
Curious about those commercial/multi family loan officers in banks, can somebody working in Walker/Dunlop or Berkeley Point Capital make the switch to Chase? and do those loan officers have to have a NMLS license like the residential mortgage folks? Thank you!
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