Exit from Special Servicing

Hi - I got approached by a recruiter for an opportunity with a special servicer's loan work out team and I wanted to know if anyone had any thoughts regarding exit opportunities. The job responsibilities include underwriting cmbs loans for b-piece acquisitions and working out loans. I have a debt background and would like to remain in credit ideally in CMBS originatoins or debt placement for a good shop.

Thanks

 

If you are running a portfolio of properties that are in special you are more likely to exit into Asset Management for REPE. If you are working loans out the exit is probably more towards originations or debt/equity placement. If you are working on the bond side/B-piece UW more likely to exit to a b-piece buyer. Basically whatever you do at the servicer will influence the exit opportunities.

 

I can't say I know specifically what their exit opps would be, but I have spoken with special servicers, dealt with them, etc. I would agree with sk824. They work on some large, interesting capital structures and tend to do a pretty rigorous analysis of each decision. They hire smart people. They are all well-known (if you tell someone, "I worked at Berkadia," they will definitely know who that is). You should be able to move somewhere good.

 

Thanks for the input guys. I have only been in my spot for approx. 6 months but am really starting to enjoy it. I am really learning a lot and have the opportunity to work with some truly smart people. Glad to know I ended up in a decent spot and have some good mentors teaching me. Please feel free to make any suggestions or ask questions about the position if this interests anyone.

 

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