What are the best exits from Freddie Mac multifamily?
Underwriter at Freddie Mac multifamily. Would like to hop over to something with more breadth.
I think ideally a capital markets or private credit role on the buyside. Maybe portfolio management. Debt Funds / REITs / LifeCos also sound good to me. How attractive are candidates with agency backgrounds?
I know the smoothest transition would be going to a bank with an agency license but I’d like to go somewhere that gives me exposure to broader deals and products.
How much non agency and non multifamily experience do you have?
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Ive done higher quality commerical underwriting at freddie mac on mixed use stuff than in my time at the bank
Best bet, honestly, with having no exposure to other structures, I'd go to any GSE lender that has other products, like IB side or balance sheet that focus on MF but also do other classes. Look at any lender that has broad CMBS and CLO exposure, or they directly with some of the big CMBS/CLO origination groups.
Thank you
Most people exit to an agency debt broker after a few years given that is where you gain reps at Freddie Mac Multifamily. Some with strong undergrad/networks are able to break into REPE acquisitions straight from FM, however this is more rare. Had one such kid end up at Eastdil after a year at FM. Many exit to asset management as well.
Pref equity investor or debt shop. Seen it both ways
Best and most played exit is going to a seller servicer, usually becoming a producer or underwriter as the end game.
However, aren't most roles at the GSEs pretty cushy? I know people hardly leave.
Yeah it’s not bad. I just don’t have a ton of exposure. It feels a little early to just commit to Agency lending for 30 years.
Everybody saying move to a seller servicer, but would that not be essentially a lateral? Is UW experience at an optigo lender really looked at any different than being an UW at FM/FNMA? I suppose if you were on a specific high volume deal team that brokers all types of deals rather than MF on repeat it could be advantageous, but that is very few teams at these shops...
Is moving to being a producer really feasible? At FM, you wouldn't really have direct contact with any sponsors, so you would essentially be back to square 1 on the phones. Most UW types aren't producer types either. There's hunters and skinners in this world after all.
Going to a S/S gives you more optionality than sticking at FM or whatever GSE they are at. If I'm looking at resumes from a Freddie underwriter vs Berkadia underwriter, I'm going with Berkadia because he's likely seen more than the Freddie guy.
Plus, being an agency producer is one of the easiest "broker" paths out there. Product is simple, vanilla, and easy to sell. So much rinse and repeat. Find a couple clients with decent portfolios, and rip cash-out refis until you retire. Saw all this first hand when I was at a seller/servicer. Even the most inexperienced, inept producers were able to close deals.
Maybe it’s easy to “be” an agency producer, certainly not “become” one. Like ya, no shit, just “find a couple clients w decent portfolios”…. To make ~$100k a year you would need a client w like 5k units, good luck just walking into a relationship with them. At most brokers, you would have to bring in like $1mm in fees (yearly) to not be put on probation, there’s a reason producers are like 60+
Yeah this is exactly what has me itching. I have a million reps on deals that fit the same, relatively narrow box
I honestly like the job overall i just see this becoming a problem as i get further down the road
I definitely have more of a producer personality than underwriter personality. But not super far on the producer side of that spectrum
Why didn't you take the REPE gig you posted about a few months ago?
Didn’t end up getting it.
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