Hey fellow monkeys,
As some of you may know from my other posts, I am currently doing retail residential mortgages within Wells Fargo. I am a recent college graduate from a non-finance targeted school. I have networked extensively within the bank to try to leverage myself into an interview for the FAP CRE program, but have not gotten any calls back yet. I have been in touch with all the individuals that have any pull in the program, but the call backs are essentially run by the central recruiting offices.
Due to the compensation nature of mortgages (commission), I need to make my move to a salaried position by the end of October for financial reasons. I was planning on waiting out as long as I could at WF hoping I would get a call about the FAP program, but now the clock is ticking.
I was recently put in touch with a VP of Investment Sales at Marcus & Millichap that forward my information to their Capital Corporate division. This connection of mine has a strong relationship within M&M, and with his vouching I wouldn't be surprised if it lands me a interview, if not the position. It would most likely be an analyst position underwriting commercial loans.
My question is, does anybody have any experience with M&M Capital Corp? Interview process? Any idea as to what I'll be exposed to? Exit ops? My ultimate goal is to move into the development field, and like everyone else eventually do my own deals.
I really appreciate any input!
Update:
Just got a call from Marcus and Millichap and I have an interview next Thursday morning. It's a essentially an analyst position for their commercial loan brokerage department. Does anyone have any advice on what to study specifically for the interview? Is this a good position to eventually transition to development or REPE?
Thanks!
Study up on the basics, which are pretty simple on the loan side. Property valuation at the brokerage level involves understanding of GRM, Cap Rates, Debt Service Coverage Ratios, Loan to value and Cash on Cash. In the last few years Debt Yield is a go to analysis for lenders as well. Go to a CBRE or M&M site and download some apartment offerings. There you will see these terms and how they are used. They are applied differently to each asset type (office, apartments, retail).
You're in a production based industry working for a broker. I would imagine you having a bulk of your compensation still being commission.
Pac, really appreciate your input.
I'm going to go ahead and go through the apartment offerings, along with my BIWS Real Estate & REIT courses before next Thursday.
In terms of resume building and experience, would this be a prominent enough position to leverage? I will be exposing myself to as many deals as possible and attempting to network with clients, but I also want to make sure my experience in this position would be relevant to moving up to a JLL/CBRE/HFF for example.
You are only as good as the deals you see.
I will not sugar coat my answer. It is going to be tough to go from M&M to a JLL/CBRE/HFF etc. It will depend on the amount of deals you underwrite, and how much you hustle and try to absorb everything about the job. You can make some good money this way, Pac is right the job is about production. Now don't get me wrong, I've met a bunch of M&M guys in nyc, they are great guys. But in the context of you wanting to move to a more REIB/Brokerage job your major challenge will be your exposure to equity, jv and pref modeling. So learn CRE, learn modeling an in 1-2 years time you should have decent enough experience. I've done what you have want to do and it is not easy but don't let that dissuade you.
If you have more questions I'd be glad to answer.
Shervin, really appreciate your unfiltered input, that's exactly what I'm looking for.
I'm located in Los Angeles and the office would be on the Westside, so I'm assuming the average transaction amount would be high. I agree with your statement as I'd be planning on absorbing as much information as possible in a 1-2 year span, along with trying to network with clients/relationships my originator would have (if possible). I figure with real deal experience and some side modeling courses (BIWS is what I have) I might have a shot at a position.
If it's not too much trouble, could you describe how you specifically transitioned from a brokerage like MM to a JLL/CBRE/HFF? What kind of market were you in and how much exposure did you get in your position? Did you have prior experience to the brokerage position or was it your first step into the industry as well?
Khaelee mamnoon (hope you get that lol)
Bump!
Update: Had the interview this morning and it was more of a meet and greet with the Sales Manager, Regional Manager, and one of the top Loan Originators in the US within M&M. Overall got a great vibe from all of them, extremely courteous and interested in why I wanted to join. Go through your resume, why M&M, what experience do you have, where do you see yourself in 5 years, typical general questions.
Next interview will be setup soon with the another heavy hitter originator regarding the analyst position. They have one already, so I really need to know my numbers going into it.
Any more input on specifics to know, interview experiences, or anything of the sort please let me know!
Great, it is likely they will have you go in for an additional round after the next. FYI, don't worry about the fact they already have 1 analyst, most big teams have 2-3 depending on production. Questions might range from: what is debt yield, to explain construction draws. They should not ask you technical questions unless you presented yourself as proficient or knowledgeable in underwriting. They should have an idea looking at your resume, and I believe they have a very good training program.
They want hungry guys who are willing to hustle, end of story. If you can convey that in your interview you will be OK. Good Luck.
I sent a follow up thank you email to all that I met, and also to the individual I am supposed to reach out to.
They gave me a copy of her business card and it says "IPA - Institutional Property Advisors, A Marcus & Millichap Company"
M&M has IPA listed as so: "Marcus & Millichap’s Institutional Property Advisors (IPA) division is one of the country’s leading providers of institutional-quality investment services, including portfolio and property-level analysis, capital market solutions, research, acquisition sourcing and property sales. The IPA platform is designed to support the needs of institutional and major private commercial property investors by combining the customized client services of a boutique brokerage firm with the broad resources and market coverage of Marcus & Millichap Real Estate Investment Services."
So I'm assuming that if I were to be an Analyst under this individual I would be dealing with more than just debt underwriting, but equity as well?
Iure quas asperiores animi rem quos corporis et. Id tempore quam quaerat.
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