Q&A: Real Estate Acquisitions Analyst. Uni -> BO -> Mtg Financing -> Acquisitions

Graduated 2017. Had opportunities in consulting, commercial banking, and real estate. Gambled on real estate route by starting in back office role. After ~2.5 months in BO, transitioned to more "front office" analyst role. Did that for ~18 months before a recruiter got in touch and recently (less than 6 mo) made the switch to a solid developer. 

 
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  1. In short, did good work and asked to move. BO role was internship/co-op over the summer (May-August). By mid-July I had finished all of the work that I was given so after that I went about asking for more work / side-projects that I could help folks out with. I met with senior managers in both BO & FO about future opportunities and roles. The FO analyst team got slammed towards the end of August so the company realized that I was basically twiddling my thumbs in BO, and they put me to work with the FO guys. After the crazy period ended, I was offered the chance to stick around and prove myself.

  2. Real Estate Analyst is the title. Role consisted of underwriting/analyzing commercial real estate. I would be the bridge between our brokers and our investors, doing my best to provide the investor(s) with solely the facts, as apart from regurgitating the broker's sales pitch (read: bullshit). Tasks: underwriting & sizing deals, managing/doing all credit/risk work, and writing the legal commitment letter.

 
  1. Rarely top-quality product but if you're asking more about asset class then all major ones: industrial, office, retail, multi-family, mixed-use. We also would do high-yield and construction but I was only exposed to a handful of high-yield opportunities. Construction was a different ball game I didn't get to touch.

  2. Avg/Median ~ $7 million (for funded loans that I personally worked on). Lowest: $900k 2nd mortgage. Highest: $~25 million. The more senior analysts were usually handpicked to lead deals that were in the $70 - 100 million range. I worked on a handful of larger deals (10?) w/r/t sizing them up and trying to find an investor, but I frankly didn't have the experience to manage an $80 million deal solo. Full due diligence procedure for these larger deals were carried out by usually 2+ analysts.

  3. Term, high-yield, construction (wasn't exposed to), A/B/C, 1/2/3. Basically everything, or nearly. We had enough investors that we could find solutions for most Borrowers' needs.

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