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Anyone know about JPM CRE Repo team?
Hey guys, I currently have the chance to join the JPM CRE Repo team. Seems like they do a lot of sponsor-backed bridge financing deals. Can anyone shine a light on the culture/comp/exits of this group, especially to JPM REGAL team internally? Thank you!
Which CMBS/Conduit lenders buy their own B-Piece?
The ones I know of are Argentic, Starwood, 3650, and KKR(?). Are there any others that also participate in their own B-piece?
Securitized Credit Research Exits
I'm currently a junior analyst at a large asset manager doing securitized products research. First job out of an MSF program. It's a relatively broad job, but the core responsibility is helping senior analysts with modeling of individual bonds / deals (collateral analysis, deal structure, relative...
CMBS Conduit Loan Profitability
On a CMBS conduit loan, how do banks make their profits? I believe it because the bank receives more bond proceeds than the underlying collateral they are contributing - is the the correct mechanism of profitability? Why would bond investors pay more than the value of the underlying loans?...
Which roles in CRE has the most upside opportunity in 2023?
My firm recently downsized, and I'm trying to determine a next move. Within multi/mixed use, I have 3.5 yrs of Agency/Balance sheet debt lending, 3 yrs in acquisitions/dispositions, and most recently 1 yr of development. Acquisitions - I imagine headwinds for 2023. Could have opportunity is acquire...
Rialto Capital Miami Last Minute 2022 Interview Help
I talked to a senior employee at Rialto Capital and explained to him I am still looking for a summer 2022 internship. He forwarded my resume to someone and now I have a Zoom call interview next week. I am a junior and summer is approaching fast. Any advice on the interview or roles would be greatly...
Opportunity: CMBS New Deal Rating Agency to small Insurance Buy Side
I recently completed a first-rounder for an Analyst role for a insurance companies management arm that focuses CRE Originations/ABS/CLO/Pref Equity. Fund size is about $2-$5 billion. The position would be to work directly under a team of portfolio managers. Sounds like a good buy side gig...
Opportunity: CMBS New Deal Rating Agency to small Insurance Buy Side
I recently completed a first-rounder for an Analyst role for a insurance companies management arm that focuses CRE Originations/ABS/CLO/Pref Equity. Fund size is about $2-$5 billion. The position would be to work directly under a team of portfolio managers. Sounds like a good buy side gig...
SITUS AMC for CMBS Investment Banking
I am currently working as a CMBS new deal analyst at one of the big 3 RAs in NYC (about 4-5 months on the job). Due to high amounts of turnover and being understaffed, I'd have the opportunity to be a bit more exposed to underwriting, modeling, and conduits/agency deals. I was recently reached out...
Structured Finance vs Municipal Finance IBD & Exit Opps
Have the opportunity to join either the Structured Finance IBD group or the Municipal Finance IBD group (haven’t discussed comp as yet). What are the exit opportunities for both and which group is better in the short and long term. I’m trying to avoid being pigeonholed.
Corporate Banking, Warehouse Lending or CMBS?
Which opportunity provides the best potential for skill-set, comp, and hours? Corporate Banking, Warehouse Lending or CMBS Origination? Thanks!
Financial Sponsors Group vs RECM
Which placement is better? Financial Sponsors Group (not within LevFin) or a RECM Rotation (CMBS Origination/Large Loans Group/Warehouse Lending) - at a BB. How many hours a week can I expect from each group? What types of projects do each primarily work on? What types of cultures are generally...
SitusAMC Role at NYC Bank's CMBS Group
Hello Monkeys, Hope everyone had a great New Year. I wanted to post about SitusAMC and its contracted teams at NYC banks' CMBS underwriting divisions. I'm currently in the running for a FT associate position at such a bank, and I'm wondering if anyone had any insight into work experience as it...
CRE Analyst Role
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Warehouse Lending & CMBS
Can somebody explain the role of a Warehouses Lender? (within the IBD CMBS group) I have an upcoming interview for this position and I still don't know too much about it. Does this opportunity align with FSG or Corporate Banking in terms of skill-set, hours, and exposure? Thank you for your...
CMBS turning out to be a bit boring - any recommended reading?
I work as a CMBS analyst, although really the bulk of my work is more like being a real estate credit analyst, as I spend the majority of my day diving into the performance of the individual mortgages, the assets that collateralize them, and the borrowers. I don't want to sound like I'm whining,...
Your best witty Quotes out there
What are your favorite (intelligent, offensive or witty) quotes you heard out there? If you have one with a source I’d love to check it out too✌️ Here’s my current favorite quote by Steve Eisman about “90’s” WallStreet guys referring to the 2008 CMBS crisis: ”They mistook leverage...
Blackstone Real Estate Debt Strategies (BREDS) Liquids FT Interview Process
I have an interview with BREDS Liquids (desk focusing on CMBS/RMBS) and was wondering what to expect as a lateral analyst? Currently at a BB (less than a year) doing CRE secured and unsecured credit deals both on a corporate and property level. I have a strong understanding of CMBS/CDOs/different...
Would CMBS Originations/Capital Markets/structured finance at BB be considered Investment Banking?
Do people in CMBS originations/structured finance/capital markets at BB call themselves investment bankers? Is it considered less prestigious than the standard investment banking divisions? 8.5.7
Insight into KKR CMBS Team?
Title says it all: looking for insight into the CMBS team at KKR (day to day/comp/hours/culture/exit ops/etc.) I know they're one of the biggest players in the b-piece space-appreciate all and any info.
Moving to CMBS Originations
I'm currently working as an analyst at a CRA doing CMBS new issuance and was wondering what skillsets would be important to transition into something like CMBS originations at a bank or lender. I know a few senior analysts who moved from a senior analyst role into the originations group at a bank so...
CMBS BB Exit Ops?
Hoping some of the older guys can provide guidance here. I have the chance to accept an analyst offer for a CMBS Originations role at a BB in NYC . Eventually, I would like to pursue an Associate role in REPE. Will taking a job in CMBS alter my chances of receiving an offer at a MF or top-tier shop?...
Agency CMBS Question - Interpreting Pricing Summaries and Term Sheets
Hey everyone - apologies in advance if I'm posting this to the wrong forum. I've been spending much of my free time (don't have much of it these days) trying to teach myself the fundamentals of CMBS over the past couple months. I've built a decent understanding of the general concepts, making (slow)...
Available Debt Products
I am looking to compile and find detailed background and general parameters on various debt products available to commercial real estate investors. Looking for anyone who has great links, articles, personal knowledge to help with this. * Conventional loan * Life Insurance * Conduit/CMBS * Debt funds...
Real Estate Debt Investor vs. Real Estate Equity Investor
If you were just about to start your career - would you prefer to be a real estate debt investor or a real estate equity investor? And why?
Pricing non investment grade CMBS tranches
With the COVID disruption, can someone please shed some light on how Non IG CMBS tranches are being valued. Specifically when the performing BBB- tranches in Feb, are being bid at distressed levels, whats the guidance on the subordinate tranches.Would love to hear thoughts on how it should be done...
Rating Agency Interview-CMBS
Can somebody please shed some light on the excel test and opinion essay for a mid to senior level CMBS opportunity at Fitch ratings. Been a while since taking any exams. Although have built models for cash flows, seem a little anxious on the format of the test and opinion essay.. Any pointers and...
CMBS Originations Comp
I'm looking to get information on how compensation progression in a CMBS origination group at a BB looks like. From talking to people, it sounds like Analysts start out at ~$90k as their base. What typical ranges would be for bonuses? How quickly does the base salary and bonus grow through the...
SQL, Excel VBA, or other suggested skill(s) for trading fixed-income (CMBS or EM)
For the traders out here, what technical skill(s) are you realizing is a game changer and will be a must-have skill for up and coming traders? Feel free to include skills you too are currently learning, hiring for, or just wish had learned. I'm currently back office of a firm that manages AUM ~$100B...
Modelling Asset Backed Securities
Hi all, do you know any good source where I can find more about modelling Asset Backed Securities (and more in general securitized products)? In particular, I am interested in the Waterfall mechanism, even if every deal has its own story. I know that it is mainly done by professionals on...
CMBS vs REIB
Could someone please talk about the differences in day to day responsibilities of a CMBS and REIB analysts. What are the differences in pay (analyst, Associate, VP), exit opps, and career progression? Which is best for REPE? Which is better for RE asset management? Is CMBS typically within the IBD...
What does "print red" or "print black" mean
I have come across this quite often but don't wanna ask in the office. There are questions that are stupid although we all say there isn't. What does "print red" or "print black" mean when issuing a securitization say CRE CLO or CMBS? Also, I hear "red line" a lot as well when in discussion of term...
deleting
deleting xxxx xxx Xxxxxxxxxxxxxxxxx this is an old post and I’m deleting this. Why WSO doesn’t have a simple delete button
CMBS Trading
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CMBS Bond Trading -
I’m deleting this old post with no responses and this is not gonna get any responses anyway so deleting
Floating Rate CMBS - Upfront Fee
This is probably a "dumb" question, however why do floating rate CMBS loans have an upfront fee but fixed-rate CMBS loans do not? Is it something to do with how the bond spreads and how the loan is monitized? Thanks for your insight.
Debt structure help - Life co, CMBS, bank, etc - pros & cons
Due to the current macro market with 10 year treasury on the upswing, I am curious to better understand the pros and cons of various debt structures from Life co, CMBS, Fannie, bank or other 3rd party lenders. Would like to understand IO, debt cost (floating or fixed), LTV, tenor, covenants, minimum...
Free research CMBS
Are there any sites or free services that allow you to search for terms on a loan in a CMBS, or terms on agency loans?
How to cope and produce high quality work in a BB CMBS shop?
About to start at a top tier CMBS shop and is worried about maintaining the high level of attention to details as the working hours increase throughout the day/week. Appreciate any feedback on any tips to keep the energy level high. I'm interested to hear how you guys do in the game.
CMBS B-Piece Buyers
I'm looking to learn more about the B-Piece buying space. How do funds value a b-piece? Do they get involved with the owner/operator in the event of a default or need of a turnaround? Are they required to hold for the entire 10 yr period? Are agency b-piece buyers separate from buyers of BB CMBS...
Buying REO from Special Servicers
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Day-to-day job ABS Investment Analyst
Hello, was wondering what a junior investment analyst in the ABS group within a fund does on a daily basis? How good is it in terms of skillset in couple of years time? (ideally non-performing-loans sub group in places like Apollo, PIMCO , Fortress etc, would be great) Thanks!
More Conduit Shops out?
There's more and more chatter about more CMBS shops going under heading into risk retention. Who have you guys heard so far?
CMBS B-Piece Buyer Dry Powder?
As you might have deduced from the post title, would any of you care to share how YOU would go about coming up with an educated guess for the amount of dry capital that is waiting around to purchase conduit CMBS BB -NR paper? Not necessarily risk-retention capable, just any b-piece. Alternatively,...
Lenders - how is your deal team structured?
I work at a BB in a CRE group that does loan origination (senior lending, both balance sheet and CMBS ) for multifamily assets. I'm curious how other banks organize their deal teams. We have a lot of people involved. Sometimes I wonder if other CRE groups run a leaner operation. Senior Originator -...
Where are my buyside CMBS people at
Any fellow NYC-based buyside CMBS traders/PMs/analysts lurking around here? I need someone to talk shop with. First round is on me *No axe murderers please
CMBS Banking vs Structuring > > HF
Between a CMBS banking role (i.e. interfacing with loan sellers, NRSROs, etc.. to bring a securitization to market) or a CMBS structuring role (i.e. modeling cash flows based on NRSRO levels and various b-buyer stipulations), which is better to ultimately make the move to a credit hedge fund?...
CMBS 101
I'm trying to get a better understanding of the CMBS market and how it works. Does the market essentially act similar to Famnie and GSEs, where they buy pools of mortgages, only these are in office, industrial, and development, and the buyers are investors not the Gov? I'm reading on it now, from...
CMBS Originations
Maybe this is a bit of a silly question, but can someone give me a bit of background on what CMBS Originations Analysts actually do? Any resources you could point me towards would be helpful too. What I have found online seems interesting, but I haven’t been able to find much granular information...
CMBS Jobs market
Hello, Whats happening with the CMBS job market. Seems like jobs are posted but does not seem to be moving along. Any thoughts. I am currently in the market looking for underwriting opportunities, can seem to be getting any traction. Appreciate any feedback. Thank you
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