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About the Role
This position will support senior team members in the management of distressed and stressed CRE loans and OREO assets. The role focuses on financial analysis, underwriting, and credit assessment of distressed CRE transactions, evaluating collateral performance, borrower creditworthiness, repayment capacity, and potential resolution strategies.
Responsibilities
- Perform detailed underwriting of distressed and underperforming CRE loans, including analysis of property-level operating statements, rent rolls, lease expirations, tenant credit, net operating income, debt service coverage ratios (DSCR), loan-to-equity (LTV), debt yield, and debt repayment capacity.
- Assess collateral quality, market fundamentals, leasing assumptions, capital expenditure requirements, property valuations, and projected cash flows to determine current and prospective recovery values.
- Identify and evaluate deteriorating credit trends, borrower and guarantor financial capacity, covenant breaches, maturity risks, and other factors that may affect loan performance and ultimate recovery.
- Evaluate potential loan resolution alternatives, including loan modifications, extensions, restructurings, discounted payoffs, note sales, foreclosure, and disposition of OREO.
- Build and maintain financial models to evaluate downside scenarios, projected recoveries, collateral liquidation timelines, and the relative economics of alternative resolution strategies.
- Prepare detailed credit analyses, approval memoranda, portfolio updates, and recommendations for senior management and credit committees.
- Monitor assigned loans and identify changes in property performance, market conditions, borrower behavior, and credit risk that may warrant changes in strategy or escalation.
- Support the implementation of approved workout strategies, including coordination with borrowers, legal counsel, brokers, asset managers, and other internal and external stakeholders.
- Review loan documents, financial reporting, appraisals, broker opinions of value, environmental reports, and other diligence materials to inform credit decisions and resolution strategies.
Requirements
- Bachelor's Degree and 4 years' experience OR High School Diploma or GED/Equivalent and 8 years' experience in commercial real estate lending, credit underwriting, portfolio management, or related CRE finance experience.
- Strong foundational knowledge of CRE credit analysis, including property cash flow underwriting, DSCR, LTV, debt yield, capitalization rates, and collateral valuation.
- Demonstrated ability to analyze financial statements, rent rolls, leases, borrower financials, and property operating performance.
- Experience building or reviewing financial models and performing sensitivity and downside scenario analyses.
- Strong written and verbal communication skills, including the ability to clearly articulate credit risks and support recommendations with quantitative analysis.
- Proficiency in Microsoft Excel and PowerPoint.
- Familiarity with loan documents.
- CoStar experience.
- Strong attention to detail, organizational skills, and ability to manage multiple assignments in a deadline-driven environment.
- Experience with distressed CRE credits or loan workouts is preferred but not required for candidates with strong CRE underwriting experience.
Skills
- Risk Mitigation
- Critical Thinking Skills
- Credit Portfolio Monitoring
- Financial Analysis
- Negotiating
- Microsoft Excel
- Microsoft PowerPoint
Location
- 11 West 42nd Street New York NY 10036
Work Type
- Hybrid
Experience Level
- 4 years experience
- 8 years experience
Education Level
- Bachelor's Degree
- High School Diploma or GED/Equivalent
Salary/Compensations
- $150,000 - $180,000
Benefits
- Competitive, thoughtfully designed and quality benefits program
About the Company
- At First Citizens Bank, we believe meaningful careers are built through meaningful relationships.
- For more than 125 years, we've supported our clients, communities and colleagues through a culture rooted in connection, collaboration and long-term success.