Underwriter - Multifamily

Description

The Underwriter position is responsible for underwriting multifamily financing transactions offered by the Investment Real Estate (IRE) team. The role is an individual contributor responsible for credit memo completion, loan committee presentations, guiding underwriting analysts and their due diligence, and may lead special projects. The Underwriter will analyze cashflows, proformas, construction/lease‑up models, review third‑party reports and market analyses, conduct guarantor and sponsor analyses, guide the due diligence process, and present loan risks and mitigants to the Loan Committee.

Full‑time

• Guide the due diligence process led by underwriting analysts and review due diligence items.
• Effectively and professionally communicate underwriting updates on deal calls (internal and external).
• Maintain loan data in the loan system and related software/programs.
• Summarize historical property operations and borrower proformas.
• Develop an underwriting proforma after synthesizing all due diligence and conduct stress testing.
• Conduct takeout/refinance analyses and stress testing.
• Perform credit and financial analysis of key sponsors and guarantors.
• Understand construction/lease‑up timelines and model accordingly.
• Research market intelligence and portfolio expense comparables and incorporate into the underwriting.
• Review third‑party reports including property appraisals, physical needs assessments, environmental reports, and others as required.
• Complete credit memos and present to loan committee.
• Underwrite loan modifications that require significant changes from original structure for closed loans in Asset Management.
• Assist Underwriting Analysts, Senior Underwriters, and Deputy Chief Underwriters.
• Travel to perform property inspections and market evaluations.
• Work professionally and respectfully with team and coworkers; make positive contributions to the team culture.
• Other projects and duties as assigned.

• Bachelor’s degree in Finance, Business, Real Estate, or related field preferred.
• 4+ years of multifamily agency/bridge experience preferred.
• Experience with Fannie Mae and/or Freddie Mac Multifamily loan programs preferred.
• Thorough knowledge of bridge, conduit, CMBS, and bank underwriting standards preferred.
• Strong credit mindset, ideally with experience in credit training.
• Ability to read, analyze and interpret complex documents and financial statements while efficiently managing multiple priorities and deadlines.
• Highly analytical thinking with demonstrated talent for identifying, scrutinizing, improving, and streamlining complex work processes.
• Applicable knowledge of Microsoft Office suite.

Merchants offers a comprehensive package of benefits for eligible employees, including, but not limited to: 401(k) employer contributions; employee stock ownership plan (ESOP); medical, dental and vision insurance; various types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability; health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance;

telehealth, optional ancillary insurance policies, education assistance, and an employee assistance program. Eligibility for benefits is governed by the applicable plan documents and policies.

With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways.

Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in‑house tax credit equity to provide a one‑stop‑shop for developers and owners. To learn more about Merchants Capital, visit