Commercial Real Estate Underwriter

About Us:

Piermont Bank is a boutique specialty commercial bank focused on serving modern businesses with a digital first approach. As the first cloud native bank launched in the United States, Piermont was built on modern infrastructure that allows us to operate with greater flexibility, efficiency, and scalability than traditional banks.

We combine disciplined commercial banking with innovative technology to deliver value added solutions for small and medium sized businesses and our fintech partners. Our team is dedicated to thoughtful risk management, strong client relationships, and building a bank designed for the future of financial services.

The Role:

The Senior Commercial Real Estate Underwriter will support the Bank’s commercial real estate lending and deposit origination and management activities while assisting in the evaluation of new lending opportunities.

Responsibilities:

• Perform technical (i.e., spreadsheet) analysis of project economics, historical income, and pro forma income.
• Conduct market and industry research (e.g., comparable rents/sales and submarket supply and demand conditions).
• Prepare related internal memoranda, including credit memo for credit supervision review and face sheet and discussion summary memoranda on standard bank templates.
• Order third-party consultant reports (i.e., appraisal, environmental assessment, property condition report, plan, and cost review) through the RIMS portal. Procure current collateral property flood status certifications.
• Produce, in coordination with the Account Officers, new and modified loan recommendation packages, including Order internal due diligence (“front and back sheets”) and annual loan reviews.
• Lead analysis efforts for:
  • Stress test, and report on pro forma and historical collateral property cash flows.
  • Sources of repayment.
  • Guarantor and borrower financial condition, liquidity, and cash flow.
  • Risk factors and mitigating circumstances.
• Conduct research on industry and submarket research, including the utilization of bank vendors such as REIS and perform property level research including property taxes.

Qualifications:

• 7+ years commercial real estate finance experience.
• Formal credit training preferred.
• Knowledge of all AML / KYC requirements.
• Proficiency with the Microsoft Office software suite of applications.

The hiring range for this position is $120,000 to $150,000 per year. The base pay actually offered will take into account internal equity and also may vary depending on the candidate’s job-related knowledge, skills, and experience, among other factors. A bonus and/or incentives may be provided as part of the compensation package, in addition to the full range of medical, dental, vision, 401k, and other benefits.

Piermont Bank is an equal-opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. We do not discriminate based upon race, religion, color, national origin, political affiliation, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability or other applicable legally protected characteristics.