Associate, CRE Underwriting

Bellwether is a global advisory firm that helps businesses solve their most complex challenges and enhance enterprise value. We specialize in formulating and executing dynamic growth strategies through true partnership with our clients. Merging deep industry expertise, advanced analytical capabilities and best-in-class talent, we create value across the business lifecycle, from transaction management to operational transformation. Bellwether specializes in the management, analysis, and reporting of over $40 billion of AUM across a wide range of real estate related assets and corporate platforms in North America, Europe and Asia.

Bellwether is privately held and has offices in Los Angeles, Newport Beach, Salt Lake City, London and Dallas.

The Associate, Underwriting (Torchlight) role will manage a variety of real estate debt and equity products. The role will support the Torchlight Underwriting team, which is responsible for underwriting and completing due diligence on complex commercial real estate transactions, providing credit opinions on commercial mortgage‑backed securities (CMBS) transactions, and assisting the Acquisitions team on structuring new opportunities. This role will also support the Torchlight Asset Management team, which is responsible for overseeing the private real estate debt and equity investments in Torchlight’s fund businesses, which include assets throughout the U.S. in office, retail, multifamily, hospitality, and industrial asset classes.

The Associate, Underwriting (Torchlight) will be tasked with providing quantitative and qualitative underwriting support through assignments related to various debt and equity investments.

The firm is an SEC registered investment advisor with over $4.0 billion in assets under management in commercial real estate debt. Since its inception in 1995, the firm has invested over $20 billion in its funds and separate accounts. For additional information please visit

• Conduct due diligence on prospective investment opportunities across the capital stack including Senior Mortgages, Mezzanine Loans, B‑Notes, Preferred Equity, JV Equity and NPLs;
• Perform property‑level diligence and complete underwriting templates for CMBS and other CRE financing opportunities involving multifamily, industrial, hospitality, retail and office properties;
• Formulate underwriting assumptions and prepare financial models analyzing prospective transactions for a variety of property types and capital stack positions;
• Draft credit memorandums detailing key investment terms and objectives, risks/mitigants, underwriting assumptions, cash flow projections, sponsor review and market analysis;
• Assist in the preparation, review and analysis of legal documents and structuring of complex financial transactions in conjunction with senior investment team members and legal counsel;
• Provide support in the formulation of strategies for existing and new positions, which may require a dialogue with market participants, generating borrower/asset/market‑level analyses, and financial modeling of various scenarios; and
• Support ad hoc initiatives in support of the investment team’s research‑driven approach.

• A minimum of 5 years of experience in commercial real estate, with a focus on at least one of the following areas: loan origination, underwriting, commercial real estate loan workouts, debt and/or equity asset management.

• Undergraduate degree in economics, finance, real estate, or related degree is preferred.

• Bellwether seeks to hire entrepreneurial individuals who are highly motivated, mature and intelligent, with demonstrated excellence in prior endeavors. The successful candidate should have:
• Job Knowledge & Technical Ability: Familiarity with, and ability to interpret and understand, complex debt structures and cash flow waterfalls. Must have a team‑oriented attitude with a genuine interest in commercial real estate. Must be able to work efficiently with minimum supervision, meet deadlines and handle competing priorities. Strong quantitative…