Senior Commercial Credit Analyst

MCAP; Toronto; On-site; CAD 80,000 - 110,000; Full time

Job summary

An established industry player is seeking a Senior Commercial Credit Analyst to join their dynamic team in Toronto. This role involves underwriting complex commercial loans, ensuring compliance with lending practices, and providing exceptional client service. The ideal candidate will have extensive experience in commercial real estate underwriting, particularly with CMHC insured loans, and possess strong analytical skills. Join a forward-thinking company that values teamwork and offers continuous learning opportunities in a fast-paced environment where your contributions will make a significant impact.

Benefits

Competitive total rewards offering

Continuous learning and development

Dynamic work environment

Team-oriented culture

Qualifications

• 5+ years of underwriting experience in commercial real estate.
• Extensive knowledge of CMHC policies and procedures.
• Strong analytical and problem-solving skills.

Responsibilities

• Structure and underwrite complex loans for commercial real estate.
• Analyze property income statements and market conditions.
• Prepare detailed loan reports for internal approval.

Skills

Underwriting

Financial Statement Analysis

Risk Mitigation

Market Analysis

Communication Skills

Analytical Skills

Customer Service

Time Management

Education

Bachelor's Degree in Business/Commerce

Tools

MS Word

MS Excel

MS PowerPoint

Job description

Senior Commercial Credit Analyst

MCAP at a Glance

Joining MCAP means you will be a part of our diverse workforce of highly talented individuals who are recognized for their expertise and success! At MCAP, your professional expertise, commitment to teamwork and passion for service excellence are recognized and rewarded with competitive total rewards offering, a career with continuous learning and development (formal & informal training), and exciting opportunities in a dynamic, entrepreneurial environment.

The Role

MCAP is seeking an experienced, energetic seasoned underwriting specialist to join their growing Commercial Mortgage Group. The individual must have extensive experience in underwriting commercial real estate (with an emphasis on CMHC term and insured construction) and a solid understanding of standard lending practices but also focused on finding creative solutions to mitigate risk. The role is results driven and requires that work be completed in a timely manner to achieve a high level of client service while meeting established annual volume targets. The position will also be responsible for working alongside the Associate Director to allocate loans to our Investors based on their specific eligibility criteria and then coordinating the loan sale. This position is suitable for someone who enjoys a fast-paced entrepreneurial environment, has meticulous attention to detail along with the ability to multitask and consistently meet deadlines

This position is primarily responsible for the structuring, underwriting and in-depth assessment of both CMHC and conventional loans that are generated by the Commercial Origination Team; with an emphasis on CMG’s most complex loans (including construction and bridge financing) and dealing with our most sophisticated/valued clients. Loans being underwritten are typically in the range of $20MM to $75MM but could be as much as $150MM.

General duties will include analyzing property income statements, assessing the market and conducting a fulsome review of the Borrower and Guarantors to determine their financial strength and experience alongside any other associated due diligence items in order to prepare CMHC Applications, Loan Summaries for MCAP or its Investors, and Commitment Letters. The incumbent will also approve loans (in compliance with delegated authorities which at time of writing include loans up to and including $10MM) coordinate rate sets, work closely with the Funding Team to ensure all disbursement conditions are satisfied. In addition, this position will play an active role with the Associate Director allocating CMHC loans to Investors, obtaining their credit approval and selling the loans ~ this is all part of the Canada Mortgage Bond (CMB) program.

Underwriting Analysis

• Obtain all relevant information, i.e., rent roll, property level operating statements, invoices, Borrower/Guarantor financial statements, property management contract, leases, required to complete in-depth loan analysis.
• Review all 3rd party reports which may include appraisal, environmental site assessment, building condition assessment and for new builds/construction loans, the quantity surveyor reports/engineer certificates. Opine on adequacy of the reports and discuss any shortcomings/issues.
• Complete in-depth analysis/underwriting of the property to determine the level of financing available based on acceptable thresholds for loan-to-value, loan-to-cost and debt coverage.
• Review market reports to determine an acceptable capitalization rate for purposes of determining market value
• Review market reports to assess the long-term viability/performance of the property’s rent and occupancy levels
• Determine the financial and management capacity of the Borrower and Guarantors; this will include reviewing up to 3 years of financial statements to assess their equity position as well as reviewing the operations of all their real estate assets.
• In addition to the above, for construction loans, one must review the Construction Budget to assess reasonableness against market Cost Guides and to assess the experience of the Developer
• Review requests to waive bonding and determine the experience and credit worthiness of the sub-trades
• Assess all possible exit scenarios, including renewal, refinance or sale.

Loan Summary/CMHC Mortgage Insurance application

• Prepare a detailed report demonstrating the cashflow analysis and NOI calculations, to ensure LTV, LTC and DSCR are met as per policy. In addition, the summary will include property description, market analysis for vacancy and cap rate calculation, financial analysis of the borrowing entity and corporate guarantors, along with confirmation of personal net worth. For construction, the report is further detailed to support the anticipated construction budget, development experience, financial capacity and liquidity,
• The report will be used to obtain internal loan approval. It requires a thorough and well-reasoned recommendation within MCAP’s policy and risk tolerance
• For CMHC applications, follow a similar process to the above ensuring CMHC’s policies are respected. Provide any additional information they may require supporting MCAP’s financing recommendation and negotiate the terms and conditions of the mortgage insurance in order to obtain their approval, the CMHC Certificate of Insurance and accompanying Special Conditions.
• Review and approve loan submissions (within delegated authority ~ currently $10MM for term loans) ensuring policy compliance, structural soundness while addressing any credit weaknesses

Assessment of property value and property condition

• Review all third-party reports provided (Appraisal, Building Condition, Environmental and in the case of construction and new rental, that of the Quantity Surveyor)
• Explain any discrepancies between third party reports and MCAP’s assessment
• Perform estimate of property value and confirmation of third-party property value provided
• Review the PQS report to facilitate the first and last insured construction advance, ensuring all CMHC conditions are satisfied, and risk is appropriately mitigated.

Prepare Commitment Letter

• Once the loan request has been approved by CMHC and MCAP, prepare a Loan Commitment Letter for submission to the broker or Borrower outlining the terms and conditions reflecting the loan approval
• Negotiate any changes requested in coordination with Origination and Legal counsel
• Issue Minutes and circulate to MCAP’s Executive Team

Support Loan Funding and Investor Loan Sales

• Coordinate rate sets with Borrower, MCAP Capital Markets and in the case of conventional loans, the Investor
• Work in collaboration with the Funding to proactively ensure all loans fund within targeted timelines by satisfying any outstanding items (including ensuring final organizational structure and all other conditions are consistent with original approval).
• For any discrepancies noted during the closing process, review and provide a recommendation on how to proceed. Following which a revised Loan Summary and/or Commitment Letter may need to be prepared
• Maintain and update the business pipeline to ensure accuracy
• As part of the CMB program, under the direction of the Associate Director/Vice President, participate in the allocation of CMHC loans to Investors, by assessing their specific eligibility criteria against the loans available for sale. Following which, work to obtain the Investor’s credit approval (i.e., consult and answer questions, etc.) and then complete any documentation required to effect the loan sale

Provide market data support for borrower/broker, Investment Management and Investor clients as directed

• Research and maintain records relating to market conditions (e.g., vacancy rates, rental rates, cap rates, property values)
• Present market information to borrower and investor clients
• Significant interaction with CMHC, Investors, borrowers, mortgage brokers, lawyers and other professionals required. Ability to communicate effectively in order to develop and maintain strong relationships, with a focus on the growth of MCAP’s commercial loan portfolio

Provide support to Investment Management

• Leverage historical program knowledge / experience in order to present solutions for program improvement / creation of greater efficiencies within the team
• Drive the continued improvement of the group by assisting in the implementation of new processes and procedures
• Onboard new hires to the team
• Promote a team environment
• Provide technical advice/guidance/mentor team members by imparting knowledge to assist with ongoing development within the Team

What You Bring To The Team

• Experience with conventional loan underwriting for office, retail, industrial, and other forms of commercial real estate
• Extensive experience with CMHC underwriting (term and construction)
• Extensive understanding of CMHC policies and procedures related to multi – unit insurance
• In depth market knowledge of commercial real estate, as it relates to multi-unit residential, Office, Retail and Industrial transactions (including pricing, vacancy, rental rates and cap rates).
• A minimum of five years’ underwriting experience in commercial real estate including CMHC insured term and construction.
• Minimum 5 years’ experience of financial statement analysis
• Knowledge of CMHC securitization (preferred) including prior experience in the execution / coordination of commercial loan sales
• Extensive knowledge and understanding of the commercial real estate market
• In depth knowledge and understanding of conventional and CMHC loan underwriting
• Knowledge of multi residential construction underwriting and advancing
• Solid experience in analyzing AACI Appraisals, Environmental Reports (Phase I/II etc.), Building Condition reports, PQS reports and other reports relating to commercial real estate finance
• Up to date knowledge of current market trends and economic conditions
• Proficient with MS Word, MS Excel, MS PowerPoint
• Ability to demonstrate initiative/confidence and is decisive.
• Exceptional oral and written communication skills
• Excellent organizational and time-management skills; able to manage conflicting priorities
• Ability to multi-task in a fast-paced environment
• Strong analytical and problem-solving skills
• Proven ability to foster relationships
• Strong customer service skills.
• Self-driven, motivated with the ability to work independently and in a team environment
• Carries out duties with integrity and takes responsibility for actions
• A bachelor’s degree in business/commerce with a minimum of seven year’s relevant experience

If this sounds like you and you are looking to be a part of one of Canada’s largest independent mortgage finance companies, then we want to hear from you!

Be A Part Of Something Great

MCAP is Canada’s largest independent Mortgage Finance company with over $150 billion in assets under management providing mortgage solutions for residential and commercial properties. For over 35 years, MCAP originates, trades, securitizes and services mortgages in offices across Canada. MCAP originates residential mortgages exclusively through the mortgage broker channel as we believe that a professional mortgage broker is a consumer's best option and MCAP actively promotes the services of mortgage brokers across the country. MCAP is also a leader in the Canadian residential construction lending market with over 25 years in the business. Our teams of dedicated professionals serve a variety of developer, construction and lender clients across Canada.

Position #: req2028

Employment Status: Permanent Full Time

Location:Toronto; Ontario

Number Of Openings:1

Department: Commercial Mortgage

Internal Job Title:Senior Commercial Credit Analyst

The above information in this description has been designed to indicate the general nature and level of work performed by employees in the position. It is not designated to contain a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

MCAP provides equal opportunities for all applicants and is committed to fostering an inclusive, accessible environment, where all employees feel valued, respected and supported throughout the recruitment and employment process. If you require accommodation, we will work with you to meet your needs.