Multifamily Underwriting Associate

Ice Cap Group is one of the largest private money lenders in the country, providing short-term loans for the purchase, renovation, and construction of single-family, multifamily, and mixed-use real estate. Founded in 2017, we funded $1.1 billion in loans in 2025 and were named Private Lender of the Year by the NPLA. We're an entrepreneurial, relationship-driven team built around personal service and fast, reliable execution.

About Ice Cap Group

Ice Cap Group is one of the largest private money lenders in the country, providing short-term loans for the purchase, renovation, and construction of single-family, multifamily, and mixed-use real estate. Founded in 2017, we funded $1.1 billion in loans in 2025 and were named Private Lender of the Year by the NPLA. We're an entrepreneurial, relationship-driven team built around personal service and fast, reliable execution.

Ice Cap Group is seeking a Multifamily Underwriting Associate to drive multifamily bridge and DSCR loans from initial underwriting through credit and investment committee approval and funding. This is a deal-driving role: you ll own the underwriting analysis and credit narrative on deals typically ranging from $3 million to $20 million — spanning stabilized, transitional, adaptive reuse, conversion, and ground-up construction projects — and present those deals for approval alongside the Head of Multifamily Lending.

This role is central to Ice Cap s push to expand its lending footprint nationwide, with a particular focus on building underwriting depth in West Coast submarkets. It s a strong fit for an experienced multifamily underwriter who is comfortable owning a deal end to end and confident presenting to committee. Our multifamily lending channel is still early in its growth, giving this role substantial room to shape and scale it — and turning that growth into a lucrative, long-term career at Ice Cap.

• Critical: deep, hands-on command of multifamily property financials and operating statements, including deriving and stress-testing NOI
• 3–5 years of multifamily underwriting experience
• Strong multifamily underwriting skills, including deep familiarity with LTV/DSCR analysis, debt yield analysis, and Asset Summary Reporting (ASR)
• Solid understanding of takeout/exit financing (permanent DSCR, agency, or other takeout options) and how it factors into bridge and construction loan credit risk
• Ability to analyze commercial appraisals and evaluate tax incentive programs nationwide (e.g., NYC s 421-a/485-x and J-51;
  California s Mills Act and Welfare Exemption, plus Proposition 13 reassessment considerations; and PILOT programs elsewhere) and their impact on cash flow and valuation
• Working knowledge of the different approaches to valuation, including sales comparison, income approach (direct capitalization, discounted cash flow), and band of equity/investment
• Strong presentation skills; confident and clear presenting to credit and investment committees
• Experience communicating and negotiating directly with third parties (borrowers, brokers, appraisers, attorneys, and other deal participants)
• Knowledge of construction project underwriting and the third-party reports involved (Property Condition Assessments, Phase I/Phase II environmental site assessments) and how their findings and recommendations affect credit risk
• Strong ability to analyze asset performance trends (occupancy, rent growth, expenses) and translate them into sound underwriting judgment
• Knowledge of market demographics, including Area Median Income (AMI) and rent/income restrictions tied to affordable housing programs
• Proficiency building discounted cash flow (DCF) models to project cash flows and exit value over a deal s hold period
• CoStar experience and proficiency navigating the platform — required
• Experience with loan origination systems (LOS) and standard mortgage underwriting workflows
• Bachelor s degree in finance, real estate, business, or a related field (or equivalent experience)