Chief Underwriter, Real Estate Credit

Leon Capital Group; Dallas (TX); On-site; USD 180,000 - 280,000; Full time

Job summary

Leon Financial, LLC seeks a senior Chief Underwriter to own underwriting, structuring, portfolio risk, and diligence across its CRE platform. Immediate contribution is expected, with responsibilities spanning initial sizing through IC review, closing, and ongoing performance.

As a senior underwriter and structuring specialist, you will assess risk, shape structures, defend recommendations to the CIO and IC, and coordinate with counsel and third parties through closing.

Qualifications

• 7+ years underwriting commercial real estate at a multi-asset institutional platform, debt fund, CMBS shop, or bank, with exposure to both senior and subordinate positions and a verifiable history of closed transactions.
• Strong tenant, guarantor, and sponsor analysis. A record of identifying risks others missed.
• Advanced Excel and cash flow modeling. Argus or equivalent. Comfort building waterfalls and structured returns. Ability to build and stress underwriting models independently.
• Hands-on experience structuring and negotiating loan and structured equity terms.
• Demonstrated experience authoring and presenting IC credit memoranda and the confidence to hold a position under questioning.
• Strong credit judgment and comfort underwriting transactions across property types and market cycles.
• Proven ability to operate autonomously with high accountability and minimal oversight.
• Bachelor’s degree in finance, real estate, economics, or a related field, or equivalent practical experience. Advanced degree preferred.

Responsibilities

• Own underwriting on loans, structured equity, and acquisitions across property types, including lease and tenant credit analysis, cash flow modeling, loan sizing analyses, and sensitivity scenarios.
• Develop and negotiate structure for senior, subordinate, preferred equity and bridge positions, including covenants, reserves, guaranties, waterfalls and exit mechanics.
• Prepare the analysis supporting soft quotes and term sheets.
• Give origination fast, candid feedback on fit, structure, and execution risk.
• Author investment committee memos and defend them live to the CIO and committee as senior credit underwriter.
• Order, review, and challenge third-party reports (appraisal, property condition, environmental, survey, title) and coordinate with counsel through closing.
• Conduct due diligence on borrowers, sponsors, principals, and guarantors.
• Monitor and apply real estate market, property fundamentals, and capital markets perspectives to every credit, including sector, rate, and liquidity views.
• Oversee portfolio risk across property types, markets, sponsors, and capital stack positions.
• Report portfolio performance and emerging risks to firm leadership.
• Deploy artificial intelligence (AI) and data tools to improve underwriting speed, consistency, and portfolio monitoring.

Skills

Underwriting CRE

Cash flow modeling

Credit judgment

Autonomy

Excel modeling

Education

Bachelor’s degree in finance, real estate, economics, or related field

Advanced degree preferred

Tools

Argus

Excel

Job description

Leon Financial, LLC is seeking a Chief Underwriter to own underwriting, structuring, portfolio risk, and diligence across its growing commercial real estate (CRE) credit platform. The Chief Underwriter will serve as a senior credit underwriter on the firm’s transactions, from initial sizing and underwriting through investment committee (IC) review, closing, and ongoing portfolio performance. You will be the person who finds what could go wrong, shapes the structure that mitigates it, and gives the Chief Investment Officer and Investment Committee a clear, defensible recommendation.

This is not a training or ramp-up role. The expectation is immediate contribution. This role is not a policy writer; it is an underwriter and structuring specialist.

Key Responsibilities

• Own underwriting on loans, structured equity, and acquisitions across property types, including lease and tenant credit analysis, cash flow modeling, loan sizing analyses, and sensitivity scenarios.
• Develop and negotiate structure for senior, subordinate, preferred equity and bridge positions, including covenants, reserves, guaranties, waterfalls and exit mechanics.
• Prepare the analysis supporting soft quotes and term sheets.
• Give origination fast, candid feedback on fit, structure, and execution risk.
• Author investment committee memos and defend them live to the CIO and committee as senior credit underwriter.
• Order, review, and challenge third-party reports (appraisal, property condition, environmental, survey, title) and coordinate with counsel through closing.
• Conduct due diligence on borrowers, sponsors, principals, and guarantors.
• Monitor and apply real estate market, property fundamentals, and capital markets perspectives to every credit, including sector, rate, and liquidity views.
• Oversee portfolio risk across property types, markets, sponsors, and capital stack positions.
• Report portfolio performance and emerging risks to firm leadership.
• Deploy artificial intelligence (AI) and data tools to improve underwriting speed, consistency, and portfolio monitoring.

Qualifications & Experience

• 7+ years underwriting commercial real estate at a multi-asset institutional platform, debt fund, CMBS shop, or bank, with exposure to both senior and subordinate positions and a verifiable history of closed transactions.
• Strong tenant, guarantor, and sponsor analysis. A record of identifying risks others missed.
• Advanced Excel and cash flow modeling. Argus or equivalent. Comfort building waterfalls and structured returns. Ability to build and stress underwriting models independently.
• Hands-on experience structuring and negotiating loan and structured equity terms.
• Demonstrated experience authoring and presenting IC credit memoranda and the confidence to hold a position under questioning.
• Strong credit judgment and comfort underwriting transactions across property types and market cycles.
• Proven ability to operate autonomously with high accountability and minimal oversight.
• Bachelor’s degree in finance, real estate, economics, or a related field, or equivalent practical experience. Advanced degree preferred.

This position is classified as exempt under the Fair Labor Standards Act (FLSA).

What This Role Is Not

• Not an origination or production role.
• Not a brokerage, appraisal, or third-party advisory role.

Why Leon Financial, LLC

Leon Financial, LLC is a diversified real estate credit platform specializing in the origination, structuring, and servicing of CRE debt investments, with active focus areas that include industrial, multifamily, healthcare, retail, net lease, and self-storage. The firm partners with experienced sponsors and operators to originate and structure risk-adjusted credit solutions across the capital stack.

Leon Financial, LLC offers its Chief Underwriter the mandate to shape the platform’s credit underwriting and portfolio risk standards and process, backed by permanent capital and a long-term investment horizon. The role sits on a founder-led, lean team with direct access to firm leadership and an AI-native operating model, supported by a competitive compensation and total rewards package.

Note to Search Firms and Agencies

Leon Capital Group does not accept unsolicited submissions from search firms or employment agencies. Any resume submitted to any employee of Leon Capital Group without a valid written search agreement in place will be deemed the sole property of Leon Capital Group, and no fee will be paid in the event the candidate is hired.