Special Servicer - Good Place to Get reps?
Currently in the middle of processes for a role at a special servicer with strong capital backing and in aggressive expansion mode. They invest in all sorts of asset types/ investment strategies and I would have a lot of exposure, esp bc they run the team very much like a NY shop (long hours and strong comp). Position seems to be split between asset management of CMBS and REO assets and heavy underwriting B-Piece debt.
My background is in the on the equity AM side; my question is if I take this role, what do exit ops look like? I have strong personal motivations to move cities within the next few years - if my goal is to move to a transactional role would this be a step in the right direction? Thanks
Congrats on Rialto man, enjoy miami
funny but not rialto
Is this in Dallas?
Not a great place to get reps. Remember as a special servicer, you are a representative of a trust. You are not putting dollars to work for yourself, so your options are quite limited.
can you explain what you mean? Not sure I understand what you mean by money working for yourself. Isn’t that any firm when ur at the junior levels? Does it differ from working at a traditional debt fund?
A SS is just fulfilling fiduciary duty and not investing its own money compared to a debt fund or any lender.
Congrats on STWD! Miami Beach is sick!
Congrats on LNR
Is this like when the massage comes with a happy ending? What about the service is special?
I know some people are trolling you here, but I worked at a special servicer for 5 years and then moved to a large RE platform based in NYC.
Special servicing does get you good reps for specific things:
-distressed asset management
-cmbs underwriting
-negotiation
-legal doc writing
-interactions with brokers
- Exposure to rating agency world
-direct exposure to investors who are at the tip of the spear in CRE. Someone who runs a B piece shop knows real estate, debt, bonds, ratings, etc. they also know how things go to shit.
Acquisition people like to think they are always the smartest guys in the room. I will tell you what I have heard over and over here: nobody gets the top job without knowing what the downside looks like. Nobody wants to invest with people who only know how to make money when times are easy
In terms of exit ops, it’s not something that’s going to be handed to you. People (like those in this thread) clown special servicers all the time. They also think because you’re a service provider then you’re just someone’s bitch.
However, serious decision makers like the broad types of experience you get in special. Let’s say you stay for 3 years: how many CMBS loans would you see in that time? Hundreds. How many loans would you work out (or work on)? Dozens. All good shit for your resume or just good for your own career in CRE.
You also make a ton of connections quick. All the brokers and lawyers are going to know you. The other servicers will recognize you. If you’re a rockstar, maybe a b piece shop will poach you. All depends on how you do and who you connect with.
Pariatur perferendis dolorem quo. Delectus vero officia est ut odio cumque reprehenderit. Tempore libero aut accusamus libero nulla deserunt. Id aut sit voluptatum dolore.
Rem est ut alias dolores dolores dolores. Autem provident quo laboriosam qui. Hic aut sed accusamus expedita ratione occaecati dolorem. Et non molestias fuga laudantium qui consectetur delectus.
Ex est incidunt qui alias soluta. Unde libero ullam inventore quia inventore modi. Repellat sed qui molestias itaque. Est consequuntur nesciunt error eum quia voluptatem neque.
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...