COMMERCIAL ASSET MANAGER

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Job description

Overview

The Commercial Asset Manager (the "AM") will be responsible for maximizing the performance of a portfolio of performing and non-performing commercial loans, which may include small-balance, portfolio loans (both transitional senior loans and fixed rate loans), Mezzanine and other asset-backed loans on behalf of internal and 3rd party clients. The AM will perform these functions in conjunction with terms and conditions of various servicing agreements.

Essential Duties / Responsibilities

• Collaborate with senior management and origination team to perform specific duties and ensure most recent re-underwriting, accurate data, and clear surveillance commentary is presented in Quarterly and Annual Asset Summary Reports.
• Monitor loan performance and compare against annual budgets and original internal underwritten projections.
• Ensure compliance with all investment terms, conditions, tests, thresholds and documentation/ report submission to management through ability to interpret covenants and conditions of the underlying loan documents.
• Present loan workout strategy recommendations and credit rationale to senior management, warehouse partners, CMBS rating agencies and investors as required. These may be performed in accordance with the servicing agreements or on an ad-hoc basis upon request.
• Perform regular reviews, analysis and recommendations of day to day loan matters such as major leases, draws, escrows, etc. within the specified time frame in the underlying loan agreement to senior management for approval.
• Work with escrow department to make sure that property and liability insurance coverage, tax payments, UCC coverage are at the required amounts and coverage limits to be in compliance with the specified sections in the loan documents.
• Collaborate with commercial associates, property managers, and loan sponsors to ensure critical items (financials, leases, etc.) are being received in the required time periods as per the loan documents.
• Communicate directly with sponsors and property managers to obtain the most recent business plan updates, property performance information, leasing updates, construction progress, etc.
• Review commercial property operating statements & rent rolls, along with CRE market activity/trends, to proactively identify material concerns that could potentially impact loan performance.
• Assign/update internal risk scores, identify watchlist assets, strategize/ develop internal action plans, and update surveillance commentary, through the utilization of existing or new servicing technology tools. Risk scores may be per specific investor or CREFC guidelines.
• Perform re-underwriting that drives decisions on post-close requests such as assumptions, ownership transfers, release of TI/LC reserves, CapEx draws, earn-out disbursements, etc. Monitor loan reserve disbursements, monthly debt service collections, and property repairs to ensure accurate and timely completion of work per the loan documents.
• Engage outside counsel for handling foreclosure and bankruptcy matters. Manage and/or monitor defaulted commercial loans in bankruptcy and foreclosure status to ensure that lender interests are protected while concluding in regulated timelines. May require the use of NPV analysis or other financial modeling to make appropriate resolution recommendations to senior management and investors.
• Develop stabilization and/or disposition business plans for commercial REO properties using discounted cash flow or other investment models as appropriate. These business plans will require lease-up, CapEx, TI/LC and other market assumptions to achieve desired return targets for recommendations to senior management and investors. Disposition plans will utilize network of commercial brokers to maximize value while meeting investor KPIs.
• Work with servicer to approve and monitor invoicing, receipt and analysis of monthly principal and interest remittances, required reporting items re: property, operations, market and sponsor, based on the underlying loan documents.
• Timely analysis and reporting of significant event impact to the loans in the asset manager's portfolio (i.e. natural disasters).
• Engage 3 rd parties to perform property site inspections and meet with borrowers and/or property managers to ensure that work in reserve disbursement requests have been completed and business plans are progressing as planned.
• Identifies process improvement opportunities and may create and update policies and procedures as necessary.

Skills and Experience:

• Bachelor's degree from a college or university with major coursework in a discipline related to Accounting, Finance or Commercial Real Estate is preferred.
• Minimum requirement of 5 years' experience in commercial real estate finance, mortgage lending, loan workout asset management, underwriting/due diligence, servicing; or equivalent combination of education and experience.
• Experience with transitional/bridge commercial real estate lending and/or CMBS special servicing.
• Thorough understanding of credit risk impact and consequence of errors in formulating decisions.
• Significant experience with loan documentation review and ability to read, analyze, and interpret commercial real estate property related financial reports and legal documents.
• Property valuation skills and knowledge of major commercial real estate markets, and non-performing loans. Relationships with commercial brokers, a plus.
• Ability to produce deliverables with little to no supervision, work independently, multi-task, and meet tight deadlines in a fast-paced environment.
• Strong communication skills (written and verbal) with internal and external partners; ability to convey findings in a concise and comprehensive manner.
• Expertise with Microsoft Word and Excel.
• Proficiency with commercial real estate data/research providers such as CoStar, REIS and CRE advisory firms such as CBRE, Cushman, JLL.

Responsibilities

Qualifications