Multifamily Underwriter
2 days ago
IceCap Group is a relationship lender headquartered in New York City which focuses on creating and nurturing strong partnerships with borrowers giving them the ability to expand their portfolios and optimize their real estate investments. With over $2 billion in loans funded since inception in 2017, IceCap carries a strong value in speed, service, leverage, and surety of close. IceCap provides Short Term, Fix and Flip, Bridge, and 30 Year Term Loans for the purchase, renovation, and construction of residential 1-4 Family, Multifamily, Mixed-Use properties and other CRE properties.
Position Summary:
The Commercial Underwriter will be responsible for the underwriting of both bridge and investor loans and assist on re-underwriting and valuation of certain portfolio loans especially as they approach maturity. We are looking for an individual who is interested in joining a dynamic and fast-paced real estate firm by leveraging their underwriting experience into a more dynamic environment than traditional CRE lending institutions.
Essential Job Responsibilities:
· Underwrite Multifamily, Mixed-Use and other commercial real estate properties for both bridge and permanent financing in compliance with internal credit policy and underwriting guidelines
· Lead discussions with borrowers, originators, attorneys and third parties in the analyzing and closing of loans
· Ensure loan files are complete and thoroughly reviewed prior to loan closing
· Identify potential property or borrower risks and understand all loan details prior to loan closing with proposed mitigants to any identified risk
· Underwriting review will include borrower/sponsor review, property condition and proposed plans to renovate the property and how the renovation will impact future property value based on future rents, expected occupancy, regulatory impact, property taxes, etc.
· Help manage third party vendor relationships including appraisal firms, AMCs, diligence vendors, etc.
· Work with junior staff in coordinating the receipt and analysis of all third party reports and borrower information
· Liaise with senior management, origination staff and asset management
Location: Manhattan strongly preferred but will consider remote arrangements
Qualifications:
· Education: Bachelor’s degree in Real Estate, Finance, Economics or a related discipline
· Experience: Minimum of two years year work experience in Multifamily underwriting
· Preference to have experience with rent control underwriting especially in New York City
· Strong problem-solving ability and independent thinker with an ability to handle multiple assignments
· Attention to detail and accuracy while displaying a high degree of initiative.
· Entrepreneurial mind-set who is seeking a dynamic, fast-pace environment in a non-traditional banking/insurance company environment
· Strong computer skills especially in Microsoft Office
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