Commercial Mortgage Analyst

The Role

This position is responsible for the underwriting of both conventional and CMHC annual reviews, renewals, assumptions, assignments, amendments, loan modifications, etc. for review and approval by the Director of Portfolio Management.

The Commercial Loan Analyst will provide support to the Director of Portfolio Management by structuring, underwriting and conducting in depth assessments of credit worthiness and loan quality on commercial loans.

General duties will include analyzing financial and operating statements and other associated due diligence items in order to prepare loan memorandums, renewal agreements, assumption agreements and loan summaries. The incumbent also will coordinate rate sets, construction advances and resolve loan funding matters under the supervision of the Director of Portfolio Management.

Preparation of Loan Submissions for assigned deals

• Ensure compliance with the company’s established policies and procedures with recommendations submitted for approval to management based on approved delegations of authority
• Obtain all relevant information, . rent roll, financial statements, operating statements, property management contracts, leases, personal net worth statements, 3rd party reports, etc. required to complete in-depth loan analysis for renewals, assumptions, assignments, etc.
• Summarize all property details, figures and analysis into a Loan Summary to be circulated to Management for review and approval
• Complete in-depth loan analysis/underwriting for both conventional and CMHC loans supported by appropriate due diligence and a well-reasoned recommendation.
• Take a solution focused approach to underwriting by offering alternative structures and/or conditions/solutions as appropriate.
• Review credit packages prior to submission for policy compliance, structural soundness and credit weakness
• Assist in completing annual reviews of conventional, CMHC insured and CMBS loans.
• Provide overflow support to CMG as required

Prepare Loan Agreements

• Prepare Loan Renewal, Assumption and Extension Agreements for submission to the broker or borrower outlining the terms and conditions reflecting the loan approval.

Loan Modifications (. corporate reorganization, release of security, 2nd mortgage consent, easements consents, postponement of interests,

• Obtain required information . proposal, P&S Agreement, financials, rent rolls, PNW statements to summarize all current detail in a prescribed format to be submitted for approval by management, investor, master servicer, controlling class representative, or rating agency as required.
• Prepare and issue communications to the Borrower to document the proposed course of action.
• Receive executed Borrower communications, fees or documents and liaise with the servicing group to carry out the approved plan.
• Assist with any ongoing due diligence items required to successfully complete the modification.

Subsequent Construction Draws/Advances

• Review of Development Agreements, Site Plan Approval, Legal Survey, Soils &Environmental reports, Insurance, Pre Funding Conditions, and Certificates and Declarations to ensure requirements are met before each advance
• Review and confirm Committed Costs and Cost to Complete are acceptable as a % of the construction budget by way of contracts, purchase orders, change order, invoices, unit price contract, etc.
• Review of the budget and update the relevant costs to determine if there has been any negative changes in the overall budget, contingency, interest reserve, scheduling, etc. and recommend solutions to mitigate findings
• Review and recommend draw requests to Management for approval.

Mandatory Repairs, Holdbacks and Undertakings

• Receive and review regular Precision LM generated reports identifying action items that require ongoing monitoring and follow up.
• Recommend to management, investor, master servicer or rating agency where a borrower has satisfied requirements for the release of an undertaking, repair and maintenance holdback, escrow or other obligation.
• Ensure the closure of items and update the Precision LM mortgage system as required.
• Responsible for regular reporting to investors for repair, holdback and undertaking items and the completion of outstanding items.
• Responsible for timely completion of the mandatory repairs.

Property Inspections

• Contract for annual property inspections through an external agency where obligated or identify, schedule and co-ordinate inspections to be completed internally by MCAP personnel. Schedule property inspections with the external agency and communicate with Borrowers to advise of a pending site visit.
• Receive and review inspection findings and report to management, investor or master servicer as required.
• Formulate and action plan for approval and carry out corrective steps where deferred maintenance has been identified.
• Diarize and update the Precision LM mortgage system for tracking purposes for any corrective measures and to establish the scheduling for future property inspections.

Default Management

• Assist in management of a portfolio of non-performing mortgages compliant with the terms established by MCAP’s investors, CMBS requirements and CMHC guidelines.
• Collect relevant material to formulate a well-reasoned action plan which is to be circulated for review and approval. To be updated with periodic progress reports consistent with company policy and MCAP’s contractual obligations to its investors and stakeholders.
• Carry out the terms of approved action plans while maintaining regular dialogue with borrowers, investors, lawyers, property managers, appraisers and realtors as may be required.
• Analyze borrower covenants pertaining to default accounts and assess prospects for recovery.

Management, Investor, Rating Agency and Regulatory Reporting

• Prepare regular management, investor, insurer and regulatory reporting per established parameters or contractual obligations on a monthly, quarterly, semi-annual or annual basis including but not limited to: maturities report, CREF C reporting, watch list reporting, overhold report, construction surveillance reporting, annual review reporting, etc.
• Maintain and update a tracking system within the Precision LM mortgage system for ongoing and recurring portfolio management duties and surveillance activities.

What You Bring To The Team

• Minimum 3 years’ experience in a commercial underwriting capacity
• Minimum 3 years knowledge of financial statement analysis
• Knowledge of conventional, commercial loan underwriting for office, retail, industrial, and other forms of commercial real estate . construction lending
• In depth market knowledge of commercial real estate, as it relates to office, retail, industrial and multi-unit residential market trends, transactions, pricing and cap rates.
• Knowledge and understanding of CMHC policies and procedures related to multi – unit residential property
• Knowledge and understanding of the commercial real estate market and construction loans
• In depth knowledge and understanding of conventional loan underwriting
• Solid experience in analyzing AACI Appraisals, Environmental Reports (Phase I/II etc), Building Condition reports, Quantity Surveyor, Cost Consultant and other reports relating to commercial real estate and construction financing
• Up to date knowledge of current market trends and economic conditions
• Proficient with MS Word, MS Excel, MS PowerPoint
• Ability to demonstrate initiative/confidence and is decisive.
• Exceptional oral and written communication skills
• Excellent organizational and time-management skills
• Ability to multi-task in a fast-paced environment
• Strong analytical and problem-solving skills
• Proven ability to foster relationships
• Strong customer service skills.
• Self-driven, motivated with the ability to work independently and in a team environment
• Carries out duties with integrity and takes responsibility for actions
• A bachelor degree in business/commerce with a minimum five of year’s relevant experience