Underwriting Associate

 Job Summary:

CoreVest is the leading private lender to residential real estate investors nationwide.  We provide short-term financing for acquisitions and fix/flip projects and long-term loans for rental properties.  We are seeking an experienced Underwriter to join our team as an Associate.  The underwriter will work closely with clients, internal teams and various third parties involved in bridge loan transactions.

Essential Functions and Responsibilities: Include the following but not limited to, other duties may be assigned.

• Lead underwriting efforts for bridge loans and lines of credit for the purpose of acquiring, developing, repositioning, and financing Residential Commercial Real Estate assets and portfolios secured by multifamily, residential condominium and mixed-use projects
• Interface with borrowers during the underwriting and due diligence period to collect information and discuss their business plan
• Conduct income underwriting, cash flow analysis, credit reviews, business plan and track record due diligence
• Perform financial analysis including trend and cap rate analysis, construction budget reviews, capital expenditure requirements, proforma NOI, DSC calculations, exit and stress test analyses
• Regularly communicate loan status updates to underwriting team and originators as appropriate
• Compile independent data and form conclusions on market conditions, management, property condition, and sponsor capabilities
• Analyze and evaluate complex ownership borrower structures relative to legal and financial responsibilities and obligations and other relevant items
• Review reports prepared by third party consultants to determine market value, physical needs, environmental concerns, architectural/cost requirements, construction issues and entitlement related matters are being met for multifamily and built for rent projects
• Develop underwriting memoranda and present recommendations to CoreVest’s Investment Committee
• Work closely with closing and related third parties for timely closing of the transaction
• Strong organizational and time management skills—ability to successfully work on several transactions concurrently in a fast-paced, team-oriented deal environment
• Exercise discretion, independent judgement and problem-solving abilities to complete work assignments while displaying a high degree of initiative and accuracy
• Demonstrated ability to organize & prioritize projects, complete multiple tasks on schedule
• Ability to work productively under minimal supervision
• Perform other related duties and special ad hoc projects

Minimum Requirements: The responsibilities listed below are required. Accommodations may be made to enable the individual with disabilities to ensure the individual can perform the essential functions and responsibilities.

• Bachelor’s degree required
• Minimum 2 years of underwriting experience, strong preference for previous experience in, bridge loan, construction loan or commercial loan underwriting
• Strong financial modeling capabilities
• Advance Word, PowerPoint and Excel skills
• Highly developed analytical, research and written/verbal presentation skills
• Superior attention to detail, and organizational skills