CRE Sr Underwriter

US Bank; New York (NY); On-site; USD 120,000 - 190,000; Full time

Job summary

U.S. Bank is seeking a Senior Underwriter for Commercial Real Estate (CRE) to manage portfolio risk, guide credit structure, and support credit decisions.

You will collaborate with Credit, Loan Administration and other groups to streamline workflow and ensure high-quality credit documents. The role covers underwriting new originations, analyzing borrower financials and cash flows, collateral, covenants, and market conditions, and supporting deal originations and monitoring.

Qualifications

• Bachelor's degree, or equivalent work experience.
• Seven to ten years of commercial lending experience.
• Strong CRE underwriting across multiple property types.
• Experience authoring credit memoranda and presenting risks and mitigants.
• Strong analytical and technical writing skills; translate diligence into clear credit narratives.
• Strong verbal and written communication skills; collaborate across teams.
• Familiarity with banking credit policy and CRE underwriting processes.
• Experience with CRE research platforms preferred.

Responsibilities

• Underwrite new originations and CRE portfolio exposures.
• Analyze borrower financials, cash flows, collateral, sponsor strength, covenants, and market conditions.
• Prepare clear, comprehensive credit analyses and supporting documentation.
• Execute straightforward credit requests for existing clients with limited supervision.
• Assist with annual company-wide credit reviews for clients with multiple properties.
• Support existing transactions, refinancings, and construction draws through project completion.
• Participate in term sheet preparation and negotiation as applicable.
• Collaborate with Credit Approvers and risk partners; support client meetings as needed.

Skills

CRE underwriting

Credit analysis

Financial statement spreading

Technical writing

Verbal communication

Risk assessment

Education

Bachelor's degree or equivalent

Tools

Excel

Microsoft Office

nCino

CoStar

Job description

At U.S. Bank, we're on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at-all from Day One.

Job Description

The Commercial Real Estate (CRE) Senior Underwriter manages portfolio risk by ensuring timeliness and accuracy of all credit actions, by providing guidance on credit structure and risk rating decisions and by participating in pre-flight discussions. Coordinates work with Credit, Loan Administration and other groups, promoting consistent quality and conciseness of credit documents and streamlining workflow among underwriting, credit approval and loan administration.

Underwriting & Credit Analysis

• Underwrite new originations and portfolio exposures for a broad range of CRE asset classes.
• Analyze borrower financials, property cash flows, collateral valuation, sponsor strength, covenant sensitivities, and market conditions
• Prepare clear, comprehensive written credit analyses and supporting documentation
• Execute straightforward credit requests for existing clients with limited supervision
• Assist with annual company‑wide credit reviews for clients with multiple property holdings, including analysis beyond bank‑financed properties

Transaction & Deal Support

• Support both existing property transactions (including refinancings) and ground‑up construction projects, including budget monitoring and monthly construction draw reviews through project completion
• Assist with new deal originations, evaluating opportunities with typical transaction sizes of $50MM-$100MM, with select transactions up to $750MM
• Participate in the preparation and negotiation of term sheets, as applicable

Portfolio Management & Credit Monitoring

• Support Relationship Managers and Portfolio Managers in managing an assigned portfolio of commercial real estate client relationships
• Perform accurate and consistent spreading of borrower financial statements in accordance with bank standards and credit policies
• Prepare quarterly trend analyses, monitoring reports, and covenant compliance testing
• Maintain compliance monitoring and financial reporting databases, including tracking credit agreement requirements, borrower financial receipt, and key credit metrics
• Participate in quarterly portfolio reviews, including analysis of operating statements, rent rolls, and risk assessments
• Proactively identify and communicate emerging risks, mitigants, and other issues at the transaction and portfolio level

Collaboration & Communication

• Collaborate effectively with Credit Approvers and internal risk partners
• Participate in client bank meetings, as needed, to support underwriting, portfolio management, and risk discussions
• Serve as a reliable first line of credit analysis, escalating issues appropriately

Basic Qualifications

• Bachelor's degree, or equivalent work experience
• Seven to Ten years of commercial lending experience

Preferred Skills & Experience

• Strong foundation in CRE underwriting across multiple property types (cash flow, valuation, sponsor analysis, structure, and covenants).
• Experience authoring credit memoranda and presenting key risks, mitigants, and recommendations to approval committees
• Strong analytical and technical writing skills; able to translate complex sponsor/tenant/technical diligence into clear credit narratives
• Strong verbal and written communication skills, with the ability to collaborate across origination, portfolio management, credit risk, and technical advisors
• Comfort operating with accountability-independently driving analyses while partnering closely with Relationship Managers, Portfolio Managers, and Credit Approvers
• Familiarity with banking credit policy, loan documentation concepts, and CRE underwriting processes (construction, bridge, term, and portfolio facilities)
• Experience with nCino, CoStar, and/or other CRE research platforms preferred
• Advanced proficiency in Microsoft Excel (cash flow modeling and scenario analysis) and the broader Microsoft Office Suite

Location expectations

This role requires working from the U.S. Bank location at the Avenue of the Americas three (3) or more days per week.

Benefits:

Our approach to benefits and total rewards considers our team members' whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mi