Advice on a position (CRE debt brokerage startup)

This is a pretty unique situation and would like some advice. I have the opportunity for an underwriting position for an originator in NYC that recently begun a startup (1-3 employees I believe) a little over a year ago. He has a family connection to a BB and his startup is tied (backed?) to the bank; he explained it but I am not 100% what it means. He has a very solid background working at a few different IB's and seems to have a good track record of closing deals. I would be able to work remotely from home in my home city, as I am not based in NYC. I believe the pay is based on the amount I am able to underwrite, so it is not salaried, but he assured me I could make very good money (gave me some numbers he has paid his current analyst, and he's not even happy with his work). He is also willing to sponsor my RE license, and allow me to try and originate some deals myself. I am not sure about benefits yet, but will ask tomorrow. He is ready to either fly to me or me fly to NYC to meet to see if it is a fit so wondering what yall think of this arrangement before I make any commitments. I graduated in May 2019, and in the middle of interviews with a few other companies as well. Thanks for all input.

Comments (6)

Aug 2, 2019

Bump

Aug 2, 2019

I wrote a message on here yesterday and it did not appear. PM me.

Aug 2, 2019

PM'd

Aug 2, 2019

There is not a lot to say. There is so much in this that is up to your judgement on the situation. The two big questions are:

  1. Is the founder able to grow a successful organization, do you trust the founders ability? Do you trust the founder not to screw you if/when things get hard?
  2. How much can you make $? How sure are you of this?

I would probably try to negotiate a smaller commission and larger base if I were in your position. Or something tiered over time, to transition you to a fat commission as you get more comfortable with the business.

    • 1
Aug 3, 2019

Can't really answer either of those yet. Will find out answers to both of those when we meet in person. However just looking at his LinkedIn (work history, endorsements etc) and hearing him on the phone, he definitely seems to know what he's doing.

Aug 8, 2019
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