Wells Fargo CIB Real Estate
Did some digging around and was not able to find much. Does anyone have insight on which real estate lending teams at Wells are the strongest/best exit opps. Also which offices have the most people/deal flow? Appreciate any input.
Teams:
- Real Estate Banking: Provides on balance sheet loans to facilitate the construction, acquisition and repositioning of multi-family, office, industrial, retail, and residential properties, serving both regional and institutional private developers.
- Senior Housing Finance: Offers a comprehensive suite of traditional banking and credit products, as well as other services, to the top owners, operators and developers of senior housing properties nationwide. More specifically, the group is solely focused on the private pay rental independent living, assisted living and memory care property types.
- Hospitality Finance: Delivers financial products and services specifically to leading hotel owners nationwide, including well-capitalized private owners and operators, institutional real estate funds dedicated to hospitality, and public REITs.
- REIT Finance: Delivers corporate banking products and services to public and private Real Estate Investment Trusts (REITs), including corporate-level lending, asset-level lending and capital structure advisory.
- Community Lending and Investment: Provides debt and equity capital for economic development, job creation, and affordable housing to our communities nationwide.
- Multifamily Capital: Provides non-recourse permanent multifamily and healthcare facility financing for experienced multifamily, senior housing and healthcare developers, investors and owners through Fannie Mae, Freddie Mac, and FHA programs.
- Real Estate Capital Markets: Meets the non-recourse, permanent debt needs demanded by today’s commercial real estate owners through balance sheet and CMBS lending on stabilized commercial real estate properties in loan amounts of $1million and upwards.
REB, RECM, & REIT Finance.
Forgot to add but I would most definitely say NY office sees most deal flow all around.
How would you rank some of the other offices like LA, San Fran, Chicago, Dallas, Charlotte?
Speaking strictly for CRE…NY and Charlotte are really the main two offices with deal flow. Dallas and Boston are also solid. If you really want to see where deal flow is, look at how many analysts are in each office. The more analysts, the higher the deal flow is (speaking for Wells CRE specifically).
Do you think REIT Finance's exit ops would just be REITs? Seems like what the group does is really only focused on underwriting a REITs Balance Sheet to make credit lines and doesn't really care about the real estate.
I have experience with REIT Finance, roughly 80% of the deals I was involved in were unsecured RLOC / TL facilities. The remaining ~20% were more strategic / stimulating opportunities like bridges for M&A transactions and secured portfolio facilities.
Despite the corporate-level nature of the group, I'd say there was still a large emphasis on knowing / caring about the real estate.
Would concur with that list, Hospitality Finance is also really good if you want to go in that area since they specialize in large hotel deals and work on the biggest projects in the space. Also REB is the largest out of those groups and probably takes more interns/analysts than the rest combined.
Is there a difference in pay between the groups or pretty much the same?
Same pay between the groups, might be a slight difference in bonus but that is probably more affected by city than anything else.
Interesting that you have same pay. Because no two groups are the same. You have balance sheet which is the life blood of the business. Hospitality which is a brutal business and MF/Agency on the other end of the spectrum is a piece of cake and I would assume it is very profitable given the business model.
Was at WF a few years back so maybe things have changed.
Multi-family capital is the agency platform. Based out of NYC. The group is extremely active and profitable.
REB & RECM have a lot of crossover with each other. RECM is technically the CMBS/CLO products…but that group will also handle larger balance-sheet transactions (especially the non-recourse options) depending on how/where the deal was originated.
Be careful, WF has been disposing a lot of business units, consolidating offices, etc (RCBO locations have seen deep cuts nationwide). The agency group is the safest bet by far and you’ll see a lot of large/flashy/newsworthy deals there too.
Here is what you need to know:
Wells Fargo CRE is within the corporate and investment bank. CRE pay is the same as corporate banker pay (at least for base salary).
REB: regular balance sheet lending to all asset classes
RECM: CMBS lending (on the RE side, NOT THE CAPITAL MARKETS SIDE). The CMBS securitization is handled by the investment bankers
Multifamily capital is run by Alan Weiner and is basically its own company. They do agency lending to multifamily.
Best exit ops comes from IB division REGAL. Otherwise REB will underwrite all asset classes and take balance sheet risk. REIT finance is just lending huge revolvers or loans to REIT at the ENTITY LEVEL. They don't do the asset level underwriting that REB does (REB would do the construction loan to a REIT, while REIT finance would do the revolver to the greater organization).
Wells Fargo is the strongest Real Estate commercial bank in the country. While other banks may have stronger IB REGAL groups, no one beats Wells in terms of deal flow on the balance sheet lending side.
Out of curiosity, who do you think is next in line after WF? For some reason I thought I read W&D or Berkadia took #1 last year. Maybe that is just agency vs agency + BS ?
WF is full service, those others are mostly just agency
I have a super day (internship) with this group in 2 weeks. Has anyone who has gone through that process give me any insight on what to expect?
Anyone hear back from the superday yet?
They sent me an offer, I accepted. NY REB
Last week I was put "on hold" so basically waitlisted. This week I got an offer. Don't panic if you're on the waitlist. Also email the recruiting team to reiterate your interest. You might think that's dumb but I did it and got the job so...
bump
I just started as an analyst in RECM. Deal flow is insanely good and we work on deals ranging from 10mm to a billion. Hours are like 60 avg per week and pay is the same base salary as IB (100k)
Wow that’s great for you considering wells Corporate banking is still $85k base. Any idea what bonus % you expect?
10-20%
What office are you based out of? Does location affect pay?
I’m based out of Los Angeles,and im not sure about how much location affects pay
Isn’t IB 110? Also how did you get into the RECM group? I’m in REB now but have a strong desire for RECM.
IB at Wells Fargo isn’t 110. They haven’t raised it yet. And I got this job from a referral straight out of college, so I’m not sure how laterals from REB work. But we work on the same floor as REB so it’s honesty now hard to network. Just try to reach out to people in RECM and I’m sure they would talk to you.
Is the 100k base pay for a first-year analyst?
Yes
Given the potential down year for agency and possibly missing budget are there not going to be mid year raises, promotions, etc in MCF? What's the general feel?
Following up on this, can we help each other, share insights we know about pay and bonuses and still be anonymous? I can offer insights on comp (base & bonuses) for senior commercial mortgage specialists within MFC, anybody want to offer insights on other roles?
1st year - 85K base + 10K bonus (confirmed)
2nd year - 95K base + 15K bonus (estimated)
1st year associate - 125K base + 25-30K bonus (confirmed)
They overhauled base pay last summer. Everyone at the same level, no matter the location, gets the same base (i.e 1st year in LA gets the same as first year in CLT).
I can only speak for their Multifamily Capital group and the Community Lending group, but those are both extremely strong in NYC. Probably the most active in both spaces among major lenders. Their tax credit pricing is almost always a couple cents higher than competitors.
For the employees on the call today, can you share what's the new pay for 1st, 2nd and 3rd year analysts & associates?
For capital markets groups:
1st year - $110,000
2nd year - $115,000
1st year associate - 150,000 (unconfirmed but very likely)
Also bonuses will be impacted as well. Because base is up, expected bonus will be up but not by a whole lot. BTW, there are no 3rd year analysts in Wells CRE. You’re promoted to associate after 2nd year.
1st and 2 year analyst pay is right (3rd year analyst is $125K) but 1st year associates were already at $150K at 2021 year end. I am not sure what the new base is for 1st, 2nd, or 3rd year associates.
This is IB pay An1 110 / An2 125 / An3 135 / A1 175 / A2 200 / A3 225 / VP 250 / D300
Since the pay for CRE is 110/115/125 for AN1/2/3, looks like there is a slight difference between IB pay. Does not really line up with the whole CRE is truly a part of Corporate & Investment banking shtick that was said on the call.
Does anyone here know the pay for 1st year, 2nd year and 3rd year associates after the recent bump?
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Can anyone speak to the REIT FINANCE ANALYST interview process?
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Which CRE group?
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What are expectations looking like for the bonuses this year?
How technical should I expect the WF CRE first round/spd to be, and what is the best way to prep?
First round and superday were very behavioral from my experience. Just be ready to explain why you are interested in real estate and just know the general ways you would go about valuing a piece of real estate. Maybe just general knowledge about debt and equity when it comes to funding investments, but overall very behavioral and relaxed from my experience.
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