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Loan Asset Management is not a sexy area of real estate at all, but if you’ve graduated and have nothing lined up, I promise it’s better than sitting around not getting work experience. They should still be hiring during times like these
Groups include: -Special Servicers (Rialto, Trimont) -Agency Lenders (at minimum the loan asset management portion of these group will be here, there could also be underwriting jobs). Every major brokerage should have an agency loan group and you can google Fannie Mae / Freddie Mac Multifamily brokers for a full list. These are guys that underwrite / broker multifamily / senior housing loans on behalf of Fannie Mae / Freddie Mac -Balance sheet banks (Every big American bank you can think of but Wells is the biggest RE player) -Life Insurance Companies (Prudential, NY Life etc) -Debt Funds -Situs. Not sure where these guys fit into the above, but I’ve heard mixed things about culture / pay there
If you have the option, balance sheet / life co / Debt Fund is best due to variety of property type
I have no experience in this space, worked almost exclusively on the equity side of things during my internships - do some of these places require direct debt experience from internships? Or might they have training programs that get analysts up to speed?
Loan asset management is significantly easier to break into than the equity side or even debt originations, the job requires little to no modeling, and the work can be mundane depending on the shop you’re at. All of these things mean your equity experience would be looked upon favorably.
If anything, they’ll see your equity experience and think that you’re a flight risk - someone that has good experience and will likely leave soon because they’ll get a job offer in a better position.
I’m telling you about Loan AM because if you need work fast (maybe your parents can’t support you, you’ve exhausted every other lead you can possibly find) then loan asset management is the highest probability way to get a RE job as soon as possible.
But if you’ve had multiple RE internships on the equity side, I think you will be disappointed with loan AM. It depends on how badly you need work and what other leads you have. If I’m fresh out of college, I would take a year of Loan AM experience rather than sitting around for a year 10/10, but there’s no way to know if the only other alternative is sitting around for a year.
If you have a good RE background, I’d say lending shops are a better bet (being on the team that underwrites / originates loans). Harder to break into, but better experience. I feel like agency lending shops are always hiring. Know your debt metrics DSCR, LTV, Debt Yield, LTC etc
at a special servicing shop now and would arguably say it's probably one of the better places to be in cre right now. getting experience with distressed/ non-performing assets will be a huge resume booster later on and I know our originations arm wants all the bankers to have substantive down cycle experience. as of now the only asset class I haven't seen something in is industrial. special is much less sexy in a good economy but esp. for someone just starting out has a lol to offer given the current situation.
Where are you based? If in London, PM me and I can provide some guidance and a list of recruiters.
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Just wrapped up hiring an acq analyst.
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