Mid-career change to Commercial Real Estate Lending: Is it possible?
I am currently a residential mortage loan originator and I recently returned to school to fininsh my BA in Finance. I have a backgound in IT but I woke up and realized that I had no passion for the field and that I only went that route because it was a "hot" major at the time. I was always attracted to the real estate field so 2 years ago I became a licensed MLO and now I would like to make a switch to commercial mortgage lending/brokerage. Of course I know that I won't get a job at a Wall Street firm but I wanted to know what of my chances of landing at a place like BofA or Wells with a GPA above 3.5. Also is there any other path or training that I could pursue to learn more about the commercial side of things? Would a Bachelors in Real Estate be more marketable? Or will I just be considered to old? I will be in my mid 30's when I graduate...about 2 years from now.
You're never too old and honestly you do have some experience in lending. Were you only doing single family origination or multifamily as well? I think you need to start at a smaller community bank or a regional one before you can jump to the big guys. I honestly think with good networking, the jump isn't too bad.
Thanks for the advice. Unfortunatly I only have experience with single family at this time. When it comes to networking, can you give me some advice on how to approach a stranger for a sit down. Should I just try to get through to them by email or phone and invite them out to coffee to pick their brain. I would like to be persistent but at the same time I don't want to be a pest.
Agree with the guy above. Your networking approach should be no different than what's advised elsewhere here on wso. CRE lending can be elitist sometimes and there's a chance you'll run into an asshole here or there, but for the most part, it's pretty laid back and it's not rocket science. Maybe look into something GSE -related? Also, a good guy to talk to here would be DCD Depository.
There's a open position in Houston. PM if you're interested in applying.
Ut dolorum suscipit qui hic. Corrupti laboriosam explicabo voluptas suscipit quaerat. Et sit ullam porro quia sit. Ipsa cupiditate quam impedit temporibus esse quam.
Velit id qui praesentium itaque ea et. Nihil incidunt consectetur quos sed eligendi in repellat et.
Aut corrupti doloribus voluptas. Nulla est soluta omnis velit. Odio ad sunt sint rerum repellat beatae totam ut. Facilis et ut qui sunt quae fuga.
Consectetur aut laborum enim. Incidunt quos vel quidem ab aliquid autem quis. Voluptates dolores rem ducimus eum assumenda et enim.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...