I would like to transition into a Credit role to gain some underwriting experience (specifically multifamily) and really like the deal volume banks have along with the work/life balance. I'm seeing a lot of community banks with Credit Analyst positions. How are these roles? Ive never heard of some of these banks. Do these guys use Argus or are they doing small loans that the deals aren't as complex?
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Small loans. Try to go to a regional or national.
Second this. I started with a community bank and recently moved to a significantly larger regional where the average loan size is larger, structure is more complex, and borrowers are much more sophisticated.
The last point has made my job much easier. It's so much nicer to be working with audited financials vs homemade quick-book statements that have misclassified items and unexplained adjustments to equity over periods. Not easy convincing loan committee that your borrower knows what they're doing when you have shit statements.
My work life balance hasn't deteriorated since moving to a larger bank and having a name that people recognize on the resume will help if/when I want to transition into development.
I haven't used argus in either bank. That's going to depend on where you're at - when I was making the move from my community bank and applying to larger ones, I saw some asked for it and some didn't. If you're a student, you can get the argus training/certification for $500 but if you've already graduated it goes up to $1000. At that point either watch YouTube videos or ask an employer to pay for the training, I've played with it a little and it's not too hard or daunting.
Lastly, if you're set on multifamily, look into agency lenders which specialize in it. I believe Beekadia and Hunt Mortgage Group are in most large markets. There's more that I don't know of so maybe someone else can chime in on agency lenders.
Thanks for the detailed response.
How does one break into lending with some RE experience and 2 years out of school? It seems every Analyst I look at on LinkedIn with banks come from some type of previous bank experience whether it's internship or moving up internally.
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