Moving from Sales to Debt &amp; Structured Finance
Hi, 

Have any of you gone down this route? Im currently on the Investment Sales side (Multi Family), considering moving to the Debt Side. Any advice or stories you can share?
[{"id": "fkve1mv", "text": "Debt can be fun and exciting. However my world (structured finance) has practically grinded to a halt, sucks but it\u2019ll pick up soon.\n\nIf you have basic underwriting skills you\u2019ll be fine. Each originator has their own way of doing things so just tailor it to them.", "replies": [{"id": "fkvf51j", "text": "Mind if you go into more detail abt what you do in SF? I work at a CRA in new issuance for SF and was hoping to move to the other side of things", "replies": [{"id": "fkwibs6", "text": "I originate and lead the securitization process for cmbs deals for a large bank. We deal with sasb and conduit loans so you\u2019re talking anything from $10mm to a few billion per deal.", "replies": [{"id": "fkxcd10", "text": "I actually work on CMBS new issuance. What advice can you give someone who wants to make the leap over and have you seen it done before?", "replies": [], "depth": 4}, {"id": "fky9ky1", "text": "Are you guys doing any new deals at all right now? When do you foresee CMBS market being active again, or do you have no idea. I imagine getting any CMBS deal done that is none class A multi family and highly stabilized will be impossible.\n\nI\u2019m getting emails from CMBS and debt fund originators sayings \u201cdon\u2019t worry we are still active\u201d but I just don\u2019t know if I can trust an originator at this point who is probably scraping for anything he can get", "replies": [{"id": "fkyqqvq", "text": "It depends who the shops are, we heard rumors some people weren\u2019t funding. I know we\u2019re active and funding but it also depends on asset classes, I don\u2019t think anyone is doing hospitality without a ton of reserves. I think it\u2019ll be slow through April but to be honest no one knows right?\n\nEven multi is having a hard time (tenants not being able to pay) but there\u2019s always a way to make a deal. I wouldn\u2019t trust the small guys, only the 800 pound gorillas to get stuff done in this time period.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fl7gits", "text": "Appreciate you sharing! Talking with a few Debt shops now.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fkvxaeo", "text": "I'm in D/E brokerage. You'll probably love the fact that there is more deal flow (or at least you'll have the capacity for more deal flow), you don't have to be out showing properties all the time, and you can do whatever property type you want. Are you coming in in a support/analyst role, or are you originating?", "replies": [{"id": "fkxyn9g", "text": "I want to come in and Originate. I guess my question is, would a solid Debt shop or Brokerage/Debt shop consider me with my background?", "replies": [{"id": "fkxzr30", "text": "Yea they\u2019d consider someone with investment sales experience. Look at some boutique debt brokerages in your market. Beef up on real estate finance knowledge.", "replies": [{"id": "fle0t3s", "text": "Very cool thanks so much. Any suggestions where I could find some solid real estate finance material?", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fkxraqo", "text": "Its very similar in terms of being able to understand cash flows, market stats, etc. Underwriting does have its differences, we (Debt side) typically underwrite deals more conservatively than the sales side for obvious reasons. Instead of you (sales side) telling potential buyers what the business plan should be, we have to understand the borrowers business plan in order to go out to the lenders that make the most sense. There will still be some things that you have to learn but shouldnt be too difficult of an adjustment.", "replies": [{"id": "fl7geuk", "text": "Thanks for that!", "replies": [], "depth": 2}], "depth": 1}]