Multifamily Underwriting Associate | IceCap Group

IceCap Group; New York (NY); On-site; USD 90,000 - 130,000; Full time

Job summary

IceCap Group is seeking a Multifamily Underwriting Associate to drive bridge and DSCR loans from underwriting through committee approval and funding. You will own the underwriting analysis and credit narrative for deals typically ranging from $3M to $20M, presenting them to the Head of Multifamily Lending for final approval.

This role supports IceCap Group's nationwide lending expansion, with emphasis on building underwriting depth in West Coast submarkets.

Qualifications

• Deep, hands-on command of multifamily financials and operating statements; derive and stress-test NOI.
• 3–5 years of multifamily underwriting experience.
• Strong skills in LTV/DSCR analysis, debt yield, and ASR reporting.
• Understanding of takeout/exit financing and its impact on credit risk.
• Ability to analyze appraisals and tax incentives nationwide.
• Experience with cash flow models and valuation approaches.
• Familiarity with CoStar and underwriting workflows.

Responsibilities

• Own underwriting analysis and credit narrative for deals from start to funding.
• Present deals for approval to credit and investment committees with clarity.
• Assess and document risk across stabilized, transitional, and construction loans.
• Support expansion into West Coast submarkets and scale the lending channel.
• Communicate with borrowers, brokers, appraisers, and attorneys during underwriting.

Skills

Multifamily underwriting

LTV/DSCR analysis

ASR reporting

Takeout financing

Appraisal analysis

DCF modeling

CoStar experience

LOS systems

Presentation skills

Negotiation with third parties

Education

Bachelor's degree in finance, real estate, business, or related field

Tools

CoStar

LOS

Underwriting software

Job description

IceCap Group is one of the largest private money lenders in the country, providing short-term loans for the purchase, renovation, and construction of single-family, multifamily, and mixed-use real estate. Founded in 2017, we funded $1.1 billion in loans in 2025 and were named Private Lender of the Year by the NPLA. We're an entrepreneurial, relationship-driven team built around personal service and fast, reliable execution.

About IceCap Group

IceCap Group is one of the largest private money lenders in the country, providing short-term loans for the purchase, renovation, and construction of single-family, multifamily, and mixed-use real estate. Founded in 2017, we funded $1.1 billion in loans in 2025 and were named Private Lender of the Year by the NPLA. We're an entrepreneurial, relationship-driven team built around personal service and fast, reliable execution.

About the Role

IceCap Group is seeking a Multifamily Underwriting Associate to drive multifamily bridge and DSCR loans from initial underwriting through credit and investment committee approval and funding. This is a deal-driving role: you\'ll own the underwriting analysis and credit narrative on deals typically ranging from $3 million to $20 million — spanning stabilized, transitional, adaptive reuse, conversion, and ground-up construction projects — and present those deals for approval alongside the Head of Multifamily Lending.

This role is central to IceCap\'s push to expand its lending footprint nationwide, with a particular focus on building underwriting depth in West Coast submarkets. It\'s a strong fit for an experienced multifamily underwriter who is comfortable owning a deal end to end and confident presenting to committee. Our multifamily lending channel is still early in its growth, giving this role substantial room to shape and scale it — and turning that growth into a lucrative, long-term career at IceCap.

What We\'re Looking For

• Critical: deep, hands-on command of multifamily property financials and operating statements, including deriving and stress-testing NOI
• 3–5 years of multifamily underwriting experience
• Strong multifamily underwriting skills, including deep familiarity with LTV/DSCR analysis, debt yield analysis, and Asset Summary Reporting (ASR)
• Solid understanding of takeout/exit financing (permanent DSCR, agency, or other takeout options) and how it factors into bridge and construction loan credit risk
• Ability to analyze commercial appraisals and evaluate tax incentive programs nationwide (e.g., NYC\'s 421-a/485-x and J-51; California\'s Mills Act and Welfare Exemption, plus Proposition 13 reassessment considerations; and PILOT programs elsewhere) and their impact on cash flow and valuation
• Working knowledge of the different approaches to valuation, including sales comparison, income approach (direct capitalization, discounted cash flow), and band of equity/investment
• Strong presentation skills; confident and clear presenting to credit and investment committees
• Experience communicating and negotiating directly with third parties (borrowers, brokers, appraisers, attorneys, and other deal participants)
• Knowledge of construction project underwriting and the third-party reports involved (Property Condition Assessments, Phase I/Phase II environmental site assessments) and how their findings and recommendations affect credit risk
• Strong ability to analyze asset performance trends (occupancy, rent growth, expenses) and translate them into sound underwriting judgment
• Knowledge of market demographics, including Area Median Income (AMI) and rent/income restrictions tied to affordable housing programs
• Proficiency building discounted cash flow (DCF) models to project cash flows and exit value over a deal\'s hold period
• CoStar experience and proficiency navigating the platform — required
• Experience with loan origination systems (LOS) and standard mortgage underwriting workflows
• Bachelor\'s degree in finance, real estate, business, or a related field (or equivalent experience)