Builder Finance Vice President

Annaly Capital Management, Inc.; Northern, New York (KY, NY); Hybrid; USD 180,000 - 240,000; Full time

Job summary

Annaly Capital Management, Inc. seeks a Vice President to underwrite, execute, finance, and surveil builder finance investments across residential construction lending.

You will evaluate opportunities in land banking, A&D loans, and joint ventures with homebuilders, supporting underwriting, modeling, due diligence, and portfolio surveillance. The role involves market research, development of development finance models, preparation of investment memoranda, and collaboration with legal, lenders,

Qualifications

• Bachelor’s degree required with strong analytical and modeling skills.
• 8+ years in fast-paced capital markets or homebuilder environment.
• Real estate finance, land banking, or development experience preferred.

Responsibilities

• Underwrite, execute, finance, and surveil builder finance investments.
• Create and refine project-level financial models with timelines and debt scenarios.
• Prepare investment memoranda and approval materials for committees.
• Coordinate due diligence, market research, and transaction materials.
• Collaborate with counsel, lenders, developers, and partners during execution.
• Report portfolio performance, collateral values, and project progress.

Skills

Analytical thinking

Financial modeling

Multi-project management

Communication skills

Education

Bachelor's Degree

Tools

Excel

Zonda

John Burns Research

Job description

Annaly Capital Management, Inc. (“Annaly” or, together with its wholly-owned subsidiaries, the “Company”), is a publicly traded real estate investment trust (REIT) with investment strategies across mortgage finance. Its common stock is listed on the New York Stock Exchange under the symbol “NLY”. Annaly’s wholly-owned subsidiaries include several regulated and licensed entities, including Annaly Credit Opportunities Management LLC, an SEC registered investment adviser (“ACOM”), Arcola Securities, Inc., a FINRA member broker-dealer (“Arcola”) and, Onslow Bay Financial LLC, a mortgage aggregator and master servicer (“Onslow Bay”). The Company is headquartered in New York, NY with an additional office in the Dallas-Fort-Worth Metropolitan Area.

About This Role

Annaly is seeking a Vice President to underwrite, execute, finance, and surveille investments in the builder finance/residential construction lending market. The role will provide direct exposure to institutional real estate investing, structured finance, and capital markets activities supporting the horizontal and vertical construction across both homebuilders and developers.

The Builder Finance Vice President will evaluate, recommend and monitor residential development and construction financing opportunities including land banking, structured lot options, acquisition and development (A&D) loans, vertical construction loans, preferred/mezz lending and joint ventures with homebuilders and land developers. The candidate will support underwriting, financial modeling, market research, due diligence, transaction execution, financing strategies, and ongoing portfolio surveillance for builder finance investments.

The candidate should have the necessary skills or attributes to work in a dynamic, fast-paced group. The candidate will evaluate new investment opportunities, maintain and enhance development finance models, prepare investment memoranda and approval materials, and monitor market developments, builder activity, housing supply and demand trends, construction costs, entitlement timelines, and project-level performance.

• Assist in the analysis of builder finance opportunities including land banking/structured lot options, acquisition and development (A&D) financing, vertical construction and joint ventures across both equity and debt
• Build, maintain, and refine project-level financial models incorporating development timelines, lot takedown schedules, debt service, return waterfalls and related scenario analysis
• Analyze and report on housing market fundamentals including supply-demand dynamics, absorption rates, construction costs, lot inventory levels, demographic trends, and home price trends in relevant housing submarkets
• Coordinate due diligence, market research, entitlement review, budget analysis, and transaction materials for potential and existing builder finance investments
• Collaborate with legal counsel, third-party consultants, developers, homebuilders, lenders, and capital partners during transaction execution.
• Produce detailed portfolio surveillance and reporting on project performance, collateral values, construction/development progress, and investment returns.
• Prepare investment committee memoranda, approval packages, portfolio reporting, budget variance analyses, and management presentations
• Support special projects and strategic initiatives requested by senior management.

Qualifications/Requirements

Basic Qualifications:

• Bachelor’s Degree and strong analytical and modeling skills required
• 8+ years of experience in a fast-paced capital markets-focused organization or homebuilder
• Real estate finance, land banking, residential land acquisition and development, homebuilding, or relevant investment banking experience preferred

Desired Characteristics:

• Ability to manage multiple projects at a time and prioritize accordingly
• Advanced Excel financial modeling skills required, including discounted cash flow analysis, sensitivity analysis, debt structuring, and project-level development modeling
• Familiarity with development pro formas, land development budgets, construction schedules, entitlement processes, and residential housing market analysis a plus
• Experience using Zonda, John Burns Research & Consulting or similar market intelligence platforms is a plus
• Ability to effectively communicate, both written and verbally, with Senior Management regarding the progress and results of projects and initiatives
• Ability to work effectively under time constraints

Eligibility Requirements:

• Must be willing to work in New York, NY onsite 4 days per week
• Must be willing to submit to a background investigation
• Must have unrestricted work authorization to work in the United States
• Must be willing to work additional hours as needed to complete deadline driven projects

Annaly is committed to offering a comprehensive and competitive total rewards package. The salary range for this position at commencement of employment is expected to be between $180,000 and $240,000/year; however, base salary offered may vary depending on multiple individualized factors, including market location, job-related knowledge, skills, and experience. The total compensation package for this position may also include other elements, such as a sign‑on bonus, restricted stock units, and/or discretionary awards, in addition to robust health and wellness benefits, retirement savings, paid time off, tuition and learning reimbursement, backup childcare, paid parental leave and more. Additional details about total compensation and benefits will be provided during the hiring process.

Annaly is committed to equal employment opportunity and providing reasonable accommodations to qualified candidates and employees pursuant to applicable law. We value and encourage diversity and solicit applications from all qualified applicants without regard to race, color, gender, sex, age, religion, creed, national origin, ancestry, citizenship, marital status, sexual orientation, physical or mental disability, medical condition, military and veteran status, gender identity or expression, genetic information, or any other characteristic protected by federal, state, or local law. If you require reasonable accommodation as part of the application process, please contact our Human Resources department.

Equal Opportunity Employer
This employer is required to notify all applicants of their rights pursuant to federal employment laws.For further information, please review the Know Your Rights notice from the Department of Labor.