Path to take to switch over to CMBS or boutique lender / RE company
My background:
3.25 gpa in finance from a non-target
Working in Baltimore for a large balance sheet lender as an analyst
I would eventually like to either go over to the CMBS side working in originations or for a boutique real estate firm where I'd be exposed to some creative financing and deal structures. I think I can obtain a GMAT somewhere north of 700, how far north I'm not sure.
I'm thinking my best course of action is to continue working so I have a lot of experience working deals and doing a few of my own loans start to finish and doing a part time MS at either Johns Hopkins or Loyola MD to "reset" my GPA at a more regionally known school. Assuming I had a mid to low 700's GMAT and a 3.7+ GPA from a MS at Hopkins or Loyola MD, do you think this would be looked at favorably at the conduits considering I'd have 4 or 5 years of experience in balance sheet lending? I understand these schools aren't the cream of the crop in the b school world but I need something within the city or a very short drive since i'll be working while completing it.
If there is any other advice or a different course of action you think I should take I'm open to suggestions.
Thanks
Why do you want to be in CMBS? That's the most important question.
raz raises an interesting point, why CMBS? It can be a tough gig (a lot of those places are meat grinders). Are you purely looking for an bump up on your resume or do you have a genuine interest in CMBS?
Biggest question - how many years of experience do you have and is it on the loan side or REO side?
I have a genuine interest. I enjoy commercial mortgage lending and would enjoy working on larger and less vanilla deals. I would also guess the compensation potential is much better in the cmbs world, though my current comp and hours are pretty good considering I'm pretty fresh out of college. I have 1 year of experience so far. It is in origination, so I'm underwriting deals, doing due diligence, sizing and structuring loans and corresponding with mortgage bankers and borrowers.
Sorry for the very delayed response and thanks for the reply.
You don't need 700 for loyola. 650 or so should position you well for jhu assuming you execute on other fronts.
No worries at all. CMBS shops in general can be tough places to work, so make sure you're taking that into consideration. Also, a large part of CMBS is plain vanilla deals (at least at the beginning - maybe not around maturity!). If you're looking for more of a challenge, perhaps a shop that specializes in either mezz or high risk loans (such as those collateralized by formerly distressed or value-add product) might be another route to look at. I don't know that I'd throw in the towel on finding another job before jumping into an MS. I think you might be surprised at what a few years of experience can do for you in the lending world.
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