Hi All,
I've seen some posts cover this topic over my time perusing this site as well as a few that pop up when searching, but not many as of late so I'd like to get some feedback from those who are willing to lend their insights.
I work in CRE underwriting and have been attempting to make a transition to originations for some time now. It's difficult to compare my current role to the market because we have a very niche business model, to the point where there are maybe 2 other groups nationwide that operate in a similar manner. As result I feel like I'm comparing apples to oranges and am not sure what to expect. I don't want that ignorance skew my expectations going into a meeting/negotiations.
I have a meeting scheduled with a national bank, think US Bank/BofA/Citi. Market is semi-major metro, think Phx/Denver/Philly/Dallas. This is for an Associate role working on a multifamily lending team. I'm curious what type of expectations I should have in terms of comp, hours, and exit ops down the line, in say 3-4 years
Additionally, I've seen some contrast between Bank vs Lifeco vs Brokerage vs Agency. Any comments there would be helpful - I have limited experience with the multifamily product from the underwriting chair
Any advice is greatly appreciated.
Multifamily origination is easily $150k+ at junior-mid level in national banks, $200-300k at manager level and $350k+ at director level
Btw ORIX (red capital) is hiring 30-40 multifamily originators
Thanks for the response - I would've had no idea as to what sort of compensation Banks would pay for this position so that's good to know.
What about a Bank vs Non Bank (Like ORIX)? I assume there are some major differences especially when contrasting with a brokerage group, Non Bank Lender, etc.
and would exit ops down the line be, debt shop? MF Owner/Operator?
Life is tougher at non-bank, I won’t recommend ORIX but it’s much easier to get into non-bank plus ORIX is in a hiring spree right now
National banks like Wells Fargo and capital one have much higher hiring bar for analysts, because they are paying you a good base and offer you job security
As for pay, I think if you can be a star originator at a non-bank, your comp upside is unlimited. Though non-bank cost is higher due to warehouse lending cost, they can pretty much spilt all profit their own because they are mostly private companies and don’t have to answer to shareholders
As for exit path, I am biased but I think bank/lifeco is where you want to be. The pay and job security is simply unmatched by any small companies.
I’d only consider leaving bank for places like harbor, bridge investment, redwood trust, Berkshire, axonic, related etc.
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