Job Description
Title: Director, Asset Management
Department(s): Portfolio Surveillance/Workout
Reports to: Head of Asset Management
Location: New York, NY (Hybrid)
FSLA Status: Exempt
Summary of Position:
As a senior member of the surveillance/asset management team, the individual will oversee and manage a portfolio of commercial real estate loans in a dynamic, fast-paced environment. The ideal candidate should be goal-oriented, proactive, highly responsive, and able to think creatively to manage the portfolio efficiently. Required skills include extensive knowledge of loan analysis, loss mitigation/workout options, experience in complex CRE asset negotiations, and a thorough understanding of commercial and CMBS servicing practices.
Roles and Responsibilities:
Utilize independent analysis, decision-making skills, and discretion to assist the surveillance team and sub-servicers in managing the portfolio and help maintain overall portfolio health.Complete review and analysis of business plans attributed to non-performing or sub-performing positions within the whole loan and CMBS held portfolios.Collaborate internally on watchlist development, re-underwriting based on current rent rolls and operating statements, assignment of internal risk scores, identification of watchlist assets, and strategic action plans.Assist in providing oversight for assets considered higher risk within the REIT.Work with sub-servicers and internal parties to report on national portfolio quality and make portfolio and asset level risk recommendations to the executive team within the business and at Ready Capital's parent company.Oversight of property operations, leasing, financial analysis, and coordination with property managers and brokers on REO assets within the portfolio.Assist with testing and utilizing new technologies which Ready Capital is developing.Coordinate with internal departments, sub-servicers, and special servicers to ensure timely and accurate reporting.Prioritize, plan, and assist Director of Portfolio Surveillance and Chief Credit Risk Officer in managing people and processes to monitor problem loans, portfolio performance, and other assignments on a timely basis.Establish and maintain effective relations with internal business partners including production, processing, closing, post-closing, and legal, and with external parties including sub-servicers, borrowers, and brokers.Collaborate internally and with sub-servicers, borrowers, brokers, and counsel to identify issues in a timely manner, and formulate and propose effective strategies and solutions to bring about the best resolutions possible.Analyze property rent rolls, operating statements, borrower/guarantor financials, third party reports, and other financial information to re-underwrite loans.Review third-party reports and incorporate findings into re-underwriting analysis and surveillance commentary.As situation requires, communicate directly with sponsors and property managers to obtain most recent business plans, property performance information, leasing updates, construction progress, etc.Collaborate with Credit and Capital Markets teams on multiple securitizations per year to ensure most recent re-underwriting, accurate data, and clear surveillance commentary is presented in asset summary reports.Perform property site inspections and meet with borrower or property manager to ensure that work in reserve disbursement requests has been completed and business plan is progressing as planned.Timely analysis and reporting of significant event impact to the portfolio (i.e. natural disasters).Occasional travel required to New York and/or Servicer locations to assist in execution of job responsibilities.Understand Freddie Mac guidelines and assist with Freddie Mac reporting requirements as needed.No direct supervisory responsibility but serve as mentor for more junior coworkers.Promote a favorable image of Ready Capital to potential and existing clients.Skills and Experience:
Graduation from a college or university with major coursework in a discipline related to Accounting, Finance or Commercial Real Estate is preferred.Minimum requirement of 10 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 Freddie Mac and/or other multifamily programs is preferred.Experience with transitional/bridge commercial real estate lending is a plus.Experience in collaborating with internal surveillance and data management teams.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.Ability to produce deliverables with little to no supervision, work independently, multi-task, and meet deadlines.Superior 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 REIS and CoStar.Physical Demands:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this Job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear. The employee is frequently required to stand and walk. The employee is occasionally required to reach with hands and arms; climb or balance and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception and ability to adjust focus.
Work Environment:
The work environmental characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions. The noise level in the work environment is moderately quiet. We thrive in an environment that encourages hard work while having fun!
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