Commercial Real Estate Underwriter Jobs

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Commercial Real Estate Underwriter

Underwrite acquisition, bridge, construction, refinancing and recapitalization opportunities before they are presented to institutional lenders and private credit providers.

Salary $90,000 – $120,000
Employment Full-Time
Location London, UK
Experience 2+ Years
Commercial real estate office buildings

Underwrite the Property and the Capital Structure

The role requires judgment across property cash flow, collateral, sponsor strength, business plan, leverage and exit risk.

Responsibilities

Property and Credit Analysis

  • Review T-12 operating statements
  • Analyze rent rolls and tenant concentration
  • Calculate NOI, DSCR and debt yield
  • Analyze LTV and LTC
  • Assess lease rollover and vacancy exposure
  • Review stabilization assumptions
  • Analyze capex and construction budgets

Sponsor and Structure

  • Assess sponsor equity and liquidity
  • Review borrower and sponsor track record
  • Analyze senior and bridge debt
  • Assess junior capital where applicable
  • Review refinance and exit assumptions
  • Identify key lender risks
  • Prepare lender-facing underwriting conclusions

What Good Underwriting Looks Like

We expect an underwriter to identify the variables that determine repayment rather than merely summarize the data room. A good memo should tell a lender where the downside sits, what protects the loan and which assumptions cannot fail.

Application

Apply for the CRE Underwriter Role

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