Analyst - Commercial Mortgage Credit

Manulife Investment Management is seeking an Analyst to join our Commercial Mortgage Credit team. This role supports credit underwriting, risk assessment, and ongoing oversight across a diversified portfolio of commercial mortgage investments in Canada and the United States. You will contribute to the review and analysis of commercial mortgage financing opportunities submitted by regional offices across multiple markets and property types, supporting well-informed credit decisions.

As part of a global credit platform, you will gain exposure to the full credit lifecycle, including new originations, ongoing monitoring, and credit governance while developing strong underwriting, analytical, and stakeholder engagement capabilities.

This role is suited for early- to mid-career professionals (typically 2–5 years of relevant experience) and offers increasing responsibility, ownership of deliverables, and exposure to senior stakeholders and credit decision-making forums.

• Credit Underwriting & Transaction Analysis
• Support the credit review and underwriting of commercial mortgage loan opportunities across property types and geographies.
• Prepare clear, concise credit memos, deal summaries, and risk assessments with increasing independence.
• Perform detailed financial analysis, including cash flow modelling, sensitivity analysis, and scenario testing.
• Assess borrower strength, property performance, and market dynamics to identify key risks and mitigants.
• Review third-party reports and due diligence materials and incorporate findings into credit recommendations.

• Conduct ongoing monitoring of existing loans, including annual reviews, risk rating updates, and trend analysis.
• Identify emerging credit risks and contribute to proactive credit oversight of assigned exposures.
• Ensure accuracy, completeness, and integrity of credit data and internal reporting.

• Synthesize quantitative and qualitative information to support clear, well-reasoned credit recommendations.
• Support and, where appropriate, take ownership of components of materials for Credit Committees and senior management.

• Monitor real estate markets, economic conditions, and sector trends across regions.
• Incorporate market insights into transaction analysis and credit recommendations.

• Maintain complete, well-organized, and audit-ready credit files in accordance with internal standards.
• Ensure documentation appropriately supports credit analysis and decision-making.
• Support adherence to internal credit policies, procedures, and governance requirements.
• Partner with internal control functions and support internal and external audit requests.
• Provide accurate and timely documentation and analysis in response to audit and review activities.

• Collaborate with origination, portfolio management, and global credit risk teams across Canada and the U.S.
• Build effective working relationships with internal and external stakeholders.
• Communicate analysis and recommendations clearly and professionally, including to senior management where appropriate.
• Contribute to presentations and discussions in credit and governance forums.
• Clearly articulate key risks, mitigants, and rationale for credit recommendations.
• Contribute to recurring and ad hoc reporting, ensuring outputs are accurate, relevant, and well-structured.

• 2–5 years of relevant experience in commercial real estate, lending, credit analysis, or financial analysis.
• Bachelor’s degree in finance, Business, Economics, Real Estate, or a related field.
• Experience with lender-side underwriting or credit analysis within a financial institution is preferred.
• Strong financial modelling and analytical capabilities (advanced Excel).
• Solid understanding of commercial real estate fundamentals (NOI, cap rates, DSCR, LTV).
• Strong attention to detail with a focus on accuracy and data integrity.
• Ability to organize, analyze, and present credit information clearly and effectively.
• Strong analytical…