Bridge Underwriting Senior Associate

CoreVest is the leading private lender to residential real estate investors nationwide.  We provide long-term loans for rental properties and short-term financing for acquisitions and fix/flip projects. The Senior Associate will work in a fast-paced work environment, work closely with clients, internal teams and various third parties involved in financing transactions in order to properly verify the information provided by the borrower team and underwrite a transaction.

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

•    Support underwriting efforts for commercial real estate construction loans, 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 clients and collect underwriting due diligence material on guarantor, borrower and property level information maintaining loan file up to date in Salesforce and BOX, and deliver completed due diligence loan file to UW once complete

•    Oversee and approve term sheets, ensuring alignment with company policy, market conditions, and client needs.

•    Review financial statements and Income Tax returns as collected for completeness and escalating any red flags early in the process. 

•    Analyze and evaluate complex ownership borrower structures relative to legal and financial responsibilities and obligations, and assist in order appropriate background and legal searches to fulfill KYC/AML requirements

•    Review loan budgets for ground up construction, heavy lift and light lift renovations and calculate required borrower equity and loan to cost. 

•    Appropriately size construction loan budgets to ensure adequate contingencies for hard and soft costs, and an adequate interest allocation to carry project through stabilization. 

•    Structure appropriate loan terms including milestones for construction completion and project stabilization. 

•    Review construction agreements for adequacy and completeness. 

•    Review general contractor experience to ensure that they have adequate experience in the market, job scope and creditworthiness (include calling references). 

•    Communicate with general contractors and development team to outline post-closing draw process and necessary documentation required. 

•    Underwrite the stabilized project proforma based on market data, borrower proforma and supporting third party reports. 

•    Regularly review and provide recommendations to underwriting guidelines to reflect market trends, regulatory changes, and company strategy.

•    Coordinate the order of and the collection of reports prepared by third party consultants and regularly communicate status and delivery of reports to underwriting team

•    Prepare and present Investment Committee memoranda

•    Stay informed on market trends and economic factors that may impact multifamily lending and adjust underwriting strategies accordingly.

•    Potential opportunity to manage team members, at manager’s discretion.  Limited to management of one person.

•    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

•    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.

•    Minimum of 4-6 years’ experience in commercial lending – single family rental, multifamily, bridge, ground up and/or new construction lending.

•    Some experience in real estate, commercial lending, finance, or a related field

•    Superior attention to detail, analytical and organizational skills

•    Excellent Word, PowerPoint and Excel skills

•    Strong written and verbal communication skills

•    Ability to multitask and perform in a fast-paced work environment

•    Daily phone and email interaction with customers and third-party vendors is required

A reasonable estimate of the base compensation range for this role is $120k - 140k annually. The actual salary offer to the successful candidate will be based on job-related education, geographic location, training, licensure and certification, and other factors. Our company also offers a competitive benefit package including discretionary corporate bonus program, multiple health plans, STD and LTD options, company sponsored life insurance, fitness reimbursement, paid parental leave, time to volunteer, Paid Time off, ESPP, and 401K matching.

At Redwood Trust, we are committed to fostering an inclusive workplace where diversity is valued, and everyone has the opportunity to thrive. We welcome applications from individuals of all backgrounds and experiences. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.