Senior Underwriting Associate
3 days ago
Charlotte
Job Description Position Summary The Senior Underwriting Associate will operate in a fast-paced environment, partnering with clients, internal teams, and third parties to verify borrower information and underwrite financing transactions. This role requires strong analytical skills, sound judgment, and the ability to manage multiple deals simultaneously while maintaining accuracy and professionalism. Responsibilities & Duties • Lead underwriting efforts for Business Purpose – RTL Loans (Ground up Construction, Fix and Flip, DSCR and Short-Term Bridge. Analysis of credit to acquire, develop, reposition, and financing residential real estate assets and portfolios secured by residential assets (1-4 Family), residential condominium, and mixed-use projects. Understand and create the escalation process. Have a clear understanding of organization hierarchy and interaction between departments., • Underwrite real estate construction loans, related bridge and or DSCR products to acquire, develop, reposition, and finance residential real estate assets and portfolios secured by residential assets (1-4 Family), residential, condominium, and mixed-use projects. Optimize turn times for each asset class., • Interface with borrowers during the underwriting and due diligence period to collect information and discuss their business plans., • Conduct income underwriting, cash flow analysis, credit reviews, business plan, net worth and liquidity analysis and track record due diligence, create a detailed credit memo when needed to submit to credit committee., • Perform financial due diligence including sponsor analysis (Net Worth and Liquidity), background analysis, credit analysis, construction budgets review and approval, SREO research and confirmation. Do a full GUC/FNF/Bridge/DSCR underwrite, single asset and portfolio. Analyze budgets for light, standard, and heavy rehab. Understand various markets and the MSA’s associated with them., • Understand appraisal guidelines and navigate ROV process with third party AMC’s. Coordinate construction management reviews and draw process., • Regularly communicate loan status updates to the underwriting team, loan managers, originators and management, as appropriate., • Compile independent data and form conclusions on market conditions, management, property condition, value, sponsor capabilities., • Analyze and evaluate complex ownership borrower structures relative to legal and financial responsibilities and obligations and other relevant items, Review entity documents and organization structures, and light legal review and understanding of such., • 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 residential assets (1-4 Family) projects and subdivisions., • Develop underwriting memoranda and present recommendations to CoreVest’s Investment Committee., • Review underwriting memorandum and underwriting work prepared by underwriting team to conduct thorough quality control., • Work closely with closing, funding and related third parties for a timely closing of the transactions., • Collaborate with underwriters and outside counsel to negotiate and finalize loan documents., • Collaborate with the underwriting team, management and audit teams to help develop best practices, policies and procedures, as well as make appropriate guidelines changes., • Strong organizational and time management skills to successfully work on several transactions concurrently in a fast-paced, team-oriented deal environment., • Exercise discretion, independent judgment, and problem-solving abilities to complete work assignments while displaying a high degree of initiative and accuracy., • Work with IT team to make Salesforce enhancements to support the underwriting team, as appropriate., • Demonstrate ability to organize & prioritize projects, complete multiple tasks on schedule., • Ability to work productively under minimal supervision., • Assist with warehouse financing draws, as well as securitization., • Perform other related duties and ad hoc projects as needed. Required Experience & Education • Bachelor's degree: Master’s or CFA preferred., • Minimum 3 years of underwriting experience, strong preference for previous experience in bridge loan, a construction loan, or commercial loan underwriting for business purpose loans in RTL space., • Strong financial underwriting capabilities., • Superior attention to detail, analytical and organizational skills., • Advanced in Microsoft Word, PowerPoint Excel, Salesforce, as well as strong ability to work well with other software platforms., • Highly developed analytical, research, and written/verbal presentation skills., • Superior attention to detail and organizational skills. A reasonable estimate of the total compensation range for this role is $110,000-$145,000. The actual salary offer to the successful candidate will be based on job-related education, geographic location, training, licensure and certification, and other factors. CoreVest 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 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.