Want people's take on this role presented by a recruiter. Bulge Bracket bank (think GS, MS, JPM) Asset Management Analyst in their CRE debt lending group. Job description reads like back-office portfolio management. Snippets from what was sent my way:
Asset management team has ownership for all facets of the loan portfolio post-closing, including asset monitoring, reporting, handling borrower and co-lender requests and interacting/building relationships with key constituents (e.g. regulators, credit department, borrowers, co-lenders etc).
Daily responsibilities would include:
• Onboarding loans from originations including data input and verification
• Tracking and following-up on borrower & servicer reporting status
• Prepare loan and asset-level reporting on a quarterly and annual basis
• Assist in preparing portfolio-level reporting on a quarterly and annual basis
• Calcuating and tracking financial covenant calculations on loans
• Creating/updating quarterly and annual reviews for final review by asset managers
• Assist asset manager in handling borrower and co-lender servicing requests
• Market and property level research
• Assist in performing and documenting annual property inspections
Have a buddy at this bank on the REIB side. His response when I asked him about this group: "totally separate part of the bank."
Doesn't seem like there is any origination, property-level underwriting, etc. What are the exit ops here?
Goals: trying to get into investment/acquisitions/development from both the debt and equity side, eventually. If this wasn't BB, I'd have already pushed this aside. Small piece of me thinks this might provide some great exposure though...for what it's worth, enrolled in NYU Masters RE. Could these two together make for a pivot into the investment side down the road?
I'm in debt AM for a life co. The interesting part of the job is really the borrower requests. Loan documents are fairly restrictive in what they allow borrowers to do, so borrowers have to go to the lender for approval. It could be for approval of a major lease, a transfer of the asset/loan assumption, waiver of some covenant, all the way to creating a condo for the property and then selling off part of the collateral.
You won't be front line underwriting, but most lenders do some sort of internal valuation for their properties at least once a year, so you will get asset level experience.
I've jumped around a lot in the industry, working in appraisal, servicing, debt AM, debt origination and portfolio management. I personally find debt AM interesting, but it is definitely more on the financial analysis/number side of the business vs. Equity, which is generally a lot of "gut feel".
That said, if your goal is acquisitions/originations, the trying for a spot in that area coming out of school would be much better than going to AM and trying to transfer over.
While I've been able to move around, I don't think that my story is typical of most others in the industry.
Interested as well
thanks for the input. interested to see any other takes.
My first gig out of undergrad was in a similiar role (CRE debt AM at a BB). It definitely feels middle/back office, but you have a tremendous opportunity to learn from the underwriters and originators. I put my head down to soak up as much as possible for just over a year and then moved into an aquisitions analyst role at an REPE (to be fair though, this was not common). Just consider it a job, not a career.
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