Real estate debt fund modeling case studies + interviews
Interviewing for a few associate level roles at real estate debt funds on their originations/underwriting teams. Does anyone have any case studies they completed that they can share and what kind of technical questions should I expect in an interview?
Interviewed for a bit before, don’t have the model, but it was pretty standard. A lot is actually still standard repe to check the assumptions of the sponsor model.
Honestly, there’s not many resources out there for re debt, but from everything I’ve bought online, I found realestate interviewing (dot)com to be the most useful for my interviews, good review materials imo. Hope that helps.
Would love some practice case studies as well!
I have a few. Also depends on the type of firm. I’ve had firms like PIMCO ask bond math questions and other debt funds really hone in on where I’d invest. Just depends how “sweaty” the firm is
Any you care to share?
One of the debt guys at PIMCO seemed like an ass lol. He was not chill at all. Asked some blended rate question, gave like 10 different numbers, and wanted all mental math... and the proceeded to talk about the NYC grind lifestyle. That guy can kick rocks.
I know exactly who you’re talking about too. Let me guess - used to work at Related? Lol
In my experience they are pretty easy, had no issue with KKR, ACORE to name a few. Just know how to model PIK financing and do index match match to make things dynamic, etc. I will say, it’s very important to interview consistent and to know markets like the back of your hand.
I started at a very technical, modeling heavy place that would go very deep into assumptions so I had more troubles with verbal parts.
How’d you learn PIK financing and any resources online that might be helpful? Thanks!
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