Hey guys,
I have an interview with debt investment division of a top mega fund coming up very soon. I have 4 years of experience in real estate, but all my transaction experiences have been only equity thus far. (Brokerage + small REPE)
I know what I need to look for when making equity investments, but I'm pretty much oblivious when it comes to debt investing, especially strategies that top mega funds utilize .
I was wondering if any of you could chime in and give me guidance/strategy that I need to know before the interview.
Thank you so much!
Is this for a role in LA?
Shooting from the hip here since I also have no experience on the debt side, but I would imagine in terms of financials they're gonna want you to be able to underwrite a deal just like an equity investor, but place more emphasis on DSCR and debt yield / have you sensitize around those metrics. If it's an opportunistic/high-yield fund, they'll still want you to know your way around the operating side since you need to be ready to step in in the event of default.
Personally I would be focused on brushing up on the softer side of things - stuff like evaluating credit, common debt covenants, legal issues, subordination, deeds of trust, securitization, etc. But still, at the end of the day they won't expect you to know most of this stuff. They knew what they were doing when they picked your resume.
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