Head of Underwriting
3 weeks ago
About the Platform
Sail Harbor Capital (“SHC”) is a boutique commercial real estate investor founded in 2017 by former partner at Fortress Investment Group, Ben Michelson, to invest in large CRE tranches across the capital stack, primarily focused on highly structured credit, structured equity, and strategic distressed opportunities. Investments are typically in excess of $100MM, with no defined upper limit, and will have significant structural complexity. As a small team, SHC focuses on a few select large transactions, which provide a better return profile than that of a large volume of more generic market mezzanine investments.
About the Role
As Head of Underwriting, you will be responsible for overseeing the new loan underwriting and closing process, supporting the SHC team members and coordinating our capital partner’s investment team. You will leverage your industry knowledge to offer best-in-class financial solutions across all major real estate asset types, working with a diverse range of clients, including developers, investors, owners, operating companies, investment funds, real estate investment trusts, and CRE Banks. Your role will involve evaluating new loan opportunities, performing in-depth due diligence, structuring complex loans, coordinating the credit approval process, and overseeing compliance with established underwriting standards and guidelines. This role requires broad skills and ability to coordinate outside resources effectively.
Job Responsibilities
• Evaluating new loan opportunities; identifying strengths and weaknesses of proposed transactions
• Analytical support for loan sourcing professionals to evaluate assets and markets
• Structuring complex loans and preferred equity investments that meet IRR and investment goals
• Coordinating the credit approval process with fund investor
• Presenting proposed loan transactions; confidently and clearly articulating the reasoning behind recommended credit decisions
• Preparing Underwriting, Investment Committee Proposals and supporting documentation
• Preparing and negotiating term sheets, negotiating loan documentation
• Coordinating the real estate closing process, including reviewing the due diligence
• Overseeing compliance with established underwriting standards and guidelines, credit approval requirements, and other policies and procedures associated with new loan originations
• Asset management and reporting on portfolio holdings as required including coordination with outside servicing and consultants
Required Qualifications, Capabilities, and Skills
• Minimum 10 years of commercial real estate lending experience, including extensive credit, structuring, closing, and loan documentation experience
• Experience in Commercial Real Estate Credit is required
• Excellent communication skills, including the ability to clearly express and support opinions in a confident and diplomatic manner, listen thoughtfully to the input and critiques of client and team members, and effectively articulate proposed solutions
• Superior interpersonal skills to interact with clients, counsel, products partners, and senior management
• Significant accounting and finance knowledge, as well as strong knowledge of real estate fundamentals and concepts
• Strong analytical and business writing skills
• Exceptional attention to detail and ability to learn quickly
• Self-motivated individual with the ability to multi-task and work in fast paced-environment
• Proficient in Financial Modeling, ARGUS Enterprise, Microsoft Word, Excel, and Power Point
• BA/BBA required
Preferred Qualifications, Capabilities, and Skills
• Completion of a major corporate banking credit training program, and/or a like kind program at an institutional debt-fund or developer
• Degree in Corporate Finance, Real Estate, Real Estate Finance, Accounting, or a related field
• Legal background a strong plus
Title and compensation commensurate with experience
Location in NYC or Atlanta office
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