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As a member of the Private Bank Commercial Real Estate Underwriting team, you will play an integral role in evaluating, structuring, and executing CRE-secured credit facilities for ultra-high-net-worth individuals, families, family offices, and private investment entities. You will conduct property- and borrower-level analysis, assess key risks and mitigants, prepare credit recommendations, and partner across the Private Bank to deliver thoughtful lending solutions while maintaining a disciplined approach to credit risk.
Depending on experience and level, you will support or lead the end-to-end underwriting and execution of transactions across multiple property types and lending structures. More experienced professionals will independently manage complex transactions, lead client and credit committee discussions, provide subject-matter expertise, mentor junior team members, and contribute to underwriting standards and process improvements.
Key Responsibilities
CRE Credit Analysis, Underwriting and Structuring
- Support or lead the underwriting and structuring of CRE credit facilities, including bridge loans, term loans, acquisition financing, construction and development facilities, and entity-level credit backed by diverse real estate holdings.
- Analyze property-level financial performance, including rent rolls, operating statements, historical performance, capital plans, construction budgets, leases, and third-party reports.
- Develop and review underwriting models incorporating net operating income, discounted cash flow, cap-rate sensitivity, debt service coverage, loan-to-value, loan-to-cost, and stress scenarios.
- Evaluate borrower, sponsor, and guarantor financial strength, including liquidity, leverage, cash flow, global exposure, and contingent liabilities.
- Assess property fundamentals and market conditions, including supply and demand, comparable transactions, tenant performance, geographic concentration, valuation trends, and interest-rate sensitivity.
- Structure or support the development of credit terms, covenants, reserves, recourse and guaranty frameworks, collateral packages, and monitoring requirements.
- Prepare high-quality credit memoranda, approval materials, risk assessments, and recommendations for senior credit committees.
Transaction Execution and Partnership
- Partner with Underwriters, Bankers, Capital Advisors, Investors, Structured Lending, Risk, Legal, and Operations to facilitate timely credit approval and execution.
- Coordinate transaction diligence, including appraisals, environmental reports, construction budgets, leases, market studies, and other third-party reviews.
- Support or lead discussions with clients and their advisors regarding underwriting requirements, structuring considerations, outstanding diligence, and transaction timelines.
- Coordinate documentation, internal approvals, closing requirements, onboarding activities, and resolution of outstanding transaction items.
- Manage multiple transactions and priorities in a fast-paced environment while maintaining accuracy, accountability, and strong attention to detail.
Portfolio and Risk Management
- Monitor ongoing property performance, borrower liquidity, covenant compliance, collateral sufficiency, risk ratings, and overall credit health.
- Prepare or oversee annual reviews, interim analyses, exposure summaries, covenant testing, and portfolio surveillance.
- Identify emerging risks, including property-type volatility, geographic concentration, tenant rollover, interest-rate dynamics, and construction execution risk.
- Escalate credit concerns and recommend appropriate risk-mitigation strategies.
- Ensure adherence to internal credit policies, regulatory expectations, collateral evaluation standards, and portfolio guidelines.
Market and Asset Expertise
- Build and maintain knowledge across CRE asset classes, including multifamily, office, industrial, retail, mixed-use, hospitality, and specialty properties.
- Evaluate market trends, valuation shifts, regulatory developments, and macroeconomic factors affecting CRE performance.
- Develop materials and insights on market conditions, portfolio trends, transaction precedents, structuring norms, and key risk drivers.
- Communicate complex CRE analyses clearly to credit specialists and non-specialist stakeholders.
Leadership and Platform Development
- Contribute to a collaborative, high-performing culture grounded in credit excellence, sound judgment, and client-focused execution.
- Identify opportunities to strengthen underwriting practices, product playbooks, workflows, controls, and credit standards.
- At the Vice President level, mentor Analysts and Associates on CRE underwriting, financial modeling, transaction structuring, and credit judgment.
- At the Vice President level, lead cross-functional workstreams and represent CRE Underwriting in credit committees, pipeline discussions, policy reviews, and product working groups.
- At the Vice President level, serve as a subject-matter expert on CRE structures, market benchmarks, underwriting requirements, and risk considerations.
Qualifications
Associate
- 3 to 6 years of relevant experience in commercial real estate underwriting, real estate finance, credit analysis, commercial mortgage lending, structured lending, or a related field.
- Strong analytical skills and proficiency in CRE financial modeling, including NOI, DSCR, LTC, LTV, and sensitivity analysis.
- Solid understanding of CRE financial statements, rent rolls, leases, valuation methods, and property operating fundamentals.
- Demonstrated ability to synthesize information and prepare clear, thorough written credit materials.
- Ability to manage multiple transactions in a fast-paced environment with strong attention to detail.
- Experience supporting ultra-high-net-worth clients, private investors, or family office structures is preferred.
Vice President
- 7 or more years of relevant experience in CRE underwriting, commercial mortgage lending, real estate finance, structured lending, or a related credit discipline.
- Demonstrated experience independently underwriting and structuring complex CRE credit facilities.
- Advanced knowledge of CRE financial analysis, including rent rolls, operating statements, capital plans, valuation methods, market comparables, and NOI or DCF modeling.
- Demonstrated ability to negotiate credit terms and structure appropriate covenants, reserves, recourse frameworks, and monitoring requirements.
- Ability to clearly articulate complex credit considerations and recommendations to clients, senior stakeholders, and credit committees.
- Demonstrated leadership through transaction ownership, mentorship, cross-functional influence, or underwriting process improvement.
- Experience with ultra-high-net-worth clients, family offices, private investment entities, or complex real estate partnerships is preferred.
Source: Goldman Sachs Career Page
