Senior Associate, Commercial Workout Officer

Santander Consumer USA Inc.; New York (NY); On-site; USD 94,000 - 170,000; Full time

Job summary

Santander Consumer USA Inc. in New York is seeking a senior Commercial Real Estate Loan Workout professional to manage a portfolio of distressed CRE loans and lead complex restructurings in a regulated environment.

The role requires deep NYC market knowledge of rent-regulated multifamily assets, judicial foreclosure processes, and the ability to drive recovery while safeguarding risk controls. Collaboration with legal counsel and senior stakeholders is essential.

Qualifications

• Bachelor’s degree in Finance, Real Estate, Accounting, or related field – Required.
• 9+ years in CRE workouts, or credit risk management within a regulated financial institution.
• Experience in CRE lending, underwriting, loan workouts, restructuring, asset management, or related areas.
• Deep understanding of commercial loan documentation and intercreditor agreements.

Responsibilities

• Manage a portfolio of distressed CRE loans, monitoring collateral and borrower condition.
• Evaluate property operations, rent rolls, financial statements, market conditions, and capital needs to identify risks and opportunities.
• Develop and execute loan resolution strategies, including modifications and forbearances.
• Perform underwriting, financial modeling, collateral valuation, and risk analysis to support credit recommendations.
• Prepare credit memoranda and presentations for management and credit committee.

Skills

Analytical skills

Negotiation

Communication

Relationship management

Excel

Education

Bachelor’s Degree in Finance, Real Estate, Accounting, or related field

Master's Degree in Finance, Real Estate, Accounting, or related field

Tools

Word

PowerPoint

Loan servicing systems

Risk management systems

Excel

Job description

It Starts Here:

Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer‑centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference.

The Difference You Make:

We are seeking a highly experienced Commercial Real Estate Loan Workout professional to manage and resolve a portfolio of distressed loans secured primarily by rent-regulated multifamily properties in New York City.

This is a senior, highly visible role designed for someone who has deep expertise navigating complex CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes. The ideal candidate has successfully worked through multifamily workout scenarios in the NYC market and understands the legal, financial, and regulatory nuances unique to this asset class.

If you thrive navigating large portfolios, can negotiate sophisticated restructurings, and understand how to maximize recovery in regulated multifamily environments, this role is for you.

Essential Functions / Responsibilities

• Manage a portfolio of distressed commercial real estate loans, monitoring collateral performance, borrower financial condition, guarantor support, and covenant compliance.
• Evaluate property operations, rent rolls, financial statements, market conditions, and capital needs to identify risks and opportunities.
• Develop and execute loan resolution strategies, including modifications, restructurings, forbearances, and other workout solutions.
• Perform underwriting, financial modeling, collateral valuation, and risk analysis to support credit recommendations and recovery strategies.
• Prepare credit memoranda, action plans, and presentations for management and credit committee approval.
• Review, interpret, and negotiate commercial loan documentation, including loan agreements, mortgages, guarantees, intercreditor agreements, and workout-related documentation.
• Partner with internal and external legal counsel to ensure documentation accuracy and compliance with applicable policies and regulations.
• Identify legal, structural, and collateral‑related issues that may impact loan recovery or enforceability.
• Lead or support negotiations with borrowers, sponsors, investors, legal representatives, and other stakeholders to achieve effective workout outcomes.
• Oversee judicial foreclosure proceedings and coordinate with legal counsel throughout the process.
• Manage REO assets following foreclosure, including stabilization efforts, valuation analysis, asset management, and disposition activities.

• Maintain effective communication with borrowers, internal management and partners throughout the workout lifecycle.

What You Bring:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education:

• Bachelor’s Degree: Finance, Real Estate, Accounting, or a related field – Required.
• Master's Degree: Finance, Real Estate, Accounting, or a related field – Preferred.

Qualifications:

• 9+ years of experience in commercial real estate workouts, including special servicing / special assets, or credit risk management within a regulated financial institution.
• Experience in commercial real estate lending, credit underwriting, loan workouts, restructuring, asset management, special assets, or related areas.
• Deep understanding in commercial loan documentation, mezzanine financing and related intercreditor agreements.
• Extensive experience in analyzing property financial statements.
• Strong analytical, negotiation, communication, and relationship management skills.
• Ability to prepare and present credit recommendations and workout strategies to senior stakeholders.
• Proficiency with Word, PowerPoint, and loan servicing or risk management systems.
• Expert level Excel.

Preferred Qualifications

• Expertise in commercial real estate loan workouts either serving in CMBS Special Servicing or within special assets at a regulated financial institution.
• Knowledge of rent-regulated multifamily housing in New York City.
• Extensive experience in managing judicial foreclosures, Chapter 11 bankruptcies, related 363 sales, and REO assets.

It Would Be Nice For You To Have:

• Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.

Work Authorization & Sponsorship:

Applicants must be legally authorized to work in the United States on a full-time basis without requiring employer sponsorship to commence employment.

What Else You Need To Know:

The base pay range for this position is posted below and represents the annualized salary range. For hourly positions (non‑exempt), the annual range is based on a 40‑hour work week. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.

Base Pay Range:

Minimum: $93,750.00 USD

Maximum: $170,000.00 USD

We Value Your Impact:

Your contribution matters and it’s recognized. You can expect a fair and competitive rewards package that reflects the impact you create and the value you deliver. We know rewards go beyond numbers. Offering more than just a paycheck our benefits are designed to support you, your family and your well‑being, now and into the future. Santander Benefits - 2026 Santander OnGoing/NH eGuide (foleon.com)

Risk Culture:

We embrace a strong risk culture and all of our professionals at all levels are expected to take a proactive and responsible approach toward risk management.

EEO Statement:

At Santander, we value and respect differences in our workforce. We actively encourage everyone to apply. Santander is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status or any other characteristic protected by law.

Working Conditions:

Frequent minimal physical effort such as sitting, standingand walking is required for this role. Depending on location, occasional moving and lifting light equipment and/or furniture may be required.

Employer Rights:

This job description does not list all of the job duties of the job. You may be asked by your supervisors or managers to perform other duties. You may be evaluated in part based upon your performance of the tasks listed in this job description. The employer has the right to revise this job description at any time. This job description is not a contract for employment and either you or the employer may terminate your employment at any time for any reason.

What To Do Next

We are committed to providing an inclusive and accessible application process for all candidates. If you require any assistance or accommodation due to a disability or any other reason, please contact us at [e-mail] to discuss your needs.