Underwriting Associate, Fix & Flip

Position Summary

CoreVest is the leading private lender to residential real estate investors nationwide. We provide short-term financing for acquisitions and fix/flip projects and long-term loans for rental properties. We are seeking an experienced Underwriter to join our team as an Associate. The underwriter will work closely with clients, internal teams and various third parties involved in bridge loan transactions.

Responsibilities & Duties

• Lead underwriting efforts for 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 borrowers during the underwriting and due diligence period to collect information and discuss their business plan

• Conduct income underwriting, cash flow analysis, credit reviews, business plan and track record due diligence

• Perform financial analysis including trend and cap rate analysis, construction budget reviews, capital expenditure requirements, proforma NOI, DSC calculations, exit and stress test analyses

• Regularly communicate loan status updates to underwriting team and originators as appropriate

• Compile independent data and form conclusions on market conditions, management, property condition, and sponsor capabilities

• Analyze and evaluate complex ownership borrower structures relative to legal and financial responsibilities and obligations and other relevant items

• 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 multifamily and built for rent projects

• Develop underwriting memoranda and present recommendations to CoreVest's Investment Committee

• 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

• Exercise discretion, independent judgement and problem-solving abilities to complete work assignments while displaying a high degree of initiative and accuracy

• 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

Required Experience & Skills

• Bachelor's degree required

• Minimum 2 years of underwriting experience, strong preference for previous experience in, bridge loan, construction loan or commercial loan underwriting

• Strong financial modeling capabilities

• Advance Word, PowerPoint and Excel skills

• Highly developed analytical, research and written/verbal presentation skills

• Superior attention to detail, and organizational skills

A reasonable estimate of the base compensation range for this role is $75 - 90K 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.