Workout Associate - Remote

It Starts Here:

Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer-centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference.

If you are interested in exploring the possibilities We Want to Talk to You!

The Associate Workout Officer is responsible for managing a portfolio of low- to mid-complexity non-performing commercial real estate loans
, primarily secured by rent-regulated multifamily properties in New York City
. The role requires demonstrated knowledge in commercial loan documentation, underwriting, and credit risk analysis
, as well as the ability to negotiate and structure solutions with clients
.

The successful candidate will leverage strong analytical, negotiation, and relationship management skills to protect the bank’s interests while seeking pragmatic, regulatory-compliant outcomes.

• Workout & Portfolio Management

  • Manage a portfolio of distressed and criticized multi-family loans.

  • Analyze collateral, borrower financials, guarantor strength, and market dynamics to recommend resolution strategies.

  • Implement and monitor approved workout plans, including modifications, forbearance agreements, and foreclosure proceedings.

• Commercial Loan Documentation

  • Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, intercreditor agreements, and loan modifications.

  • Coordinate with internal and external legal counsel to ensure accuracy and compliance with Santander’s standards and regulatory requirements.

• Underwriting & Financial Analysis

  • Evaluate rent-regulated property performance, including rent rolls, operating expenses, reserve accounts, and capital needs.

  • Prepare and present credit memoranda and risk assessments for management review.

• Negotiation & Relationship Management

  • Lead discussions with borrowers, including institutional sponsors, investors, and legal representatives to achieve mutually acceptable outcomes.

  • Maintain effective communication with internal stakeholders, including Credit, Legal, Appraisal, and Compliance teams.

• Compliance & Reporting

  • Ensure all activities adhere to internal policies, regulatory standards, and applicable laws, including those governing rent-regulated properties.

  • Maintain accurate loan files and produce periodic portfolio and risk management reports.

• Education:
  Bachelor’s degree in Finance, Real Estate, Accounting, or a related field required; MBA or advanced degree preferred.

• Experience:

  • 5+ years of experience in commercial real estate workouts, special assets, or credit risk management, ideally within a regulated financial institution
    .

  • Proven ability to review and negotiate commercial loan documentation
    .

  • Demonstrated experience underwriting rent-regulated multifamily properties in the NYC market.

  • Strong background in credit analysis, collateral valuation, and borrower negotiations
    .

• Skills &
  
  Competencies:
  
  

  • Advanced financial modeling and credit risk assessment capabilities.

  • Working knowledge of rent regulation laws and NYC multifamily market dynamics.

  • Excellent negotiation, communication, and interpersonal skills.

  • Proficiency in Microsoft Excel, Word, and loan servicing or risk management systems.

• Analytical Thinking & Judgment – Applies critical thinking to evaluate credit situations and make sound recommendations.

• Relationship Management – Builds productive relationships with borrowers, institutional investors, and internal partners.

• Execution & Results Orientation – Drives timely and effective resolution of distressed assets.

• Risk Awareness – Understands and mitigates potential risks in line with regulatory and policy frameworks.

Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.