Commercial Real Estate Senior Underwriter

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 Senior Commercial Real Estate (CRE) Underwriter is responsible for underwriting and managing a portfolio of complex commercial real estate relationships, including publicly traded Real Estate Investment Trusts (REITs), Real Estate Operating Companies (REOCs), and real estate private equity funds. This role performs comprehensive financial analysis, prepares credit recommendations, monitors portfolio performance, and partners closely with Relationship Managers, Portfolio Managers, and Credit Risk Management to support sound credit decisions.

The Senior Underwriter manages transactions from initial underwriting through final credit approval, including new loan requests, renewals, modifications, extensions, annual reviews, and ongoing portfolio monitoring activities. The position requires strong analytical skills, sound credit judgment, and the ability to evaluate sophisticated borrowers operating across various commercial real estate sectors nationwide.

Key Responsibilities

Credit Underwriting & Analysis

• Analyze borrower and guarantor financial statements to assess creditworthiness, repayment capacity, and overall credit risk.

• Prepare comprehensive written credit analyses and recommendations for new loan requests, renewals, modifications, and extensions.

• Complete risk rating assessments and recommend appropriate transaction structures and credit mitigants.

• Underwrite complex commercial real estate transactions, including large balance and syndicated credit facilities.

• Present underwriting conclusions and recommendations to business line and credit approval partners.

Portfolio Management

• Manage an assigned portfolio of commercial real estate relationships.

• Oversee quarterly trend analyses, annual reviews, covenant compliance testing, and portfolio monitoring activities.

• Monitor portfolio performance and identify emerging credit trends or risk concerns.

• Ensure timely receipt and analysis of borrower financial reporting requirements.

• Maintain compliance with credit policies, underwriting standards, and regulatory expectations.

Financial Analysis

• Perform detailed financial statement spreading and analysis.

• Evaluate borrower operating performance, capital structures, liquidity, cash flow, leverage, and debt service capacity.

• Utilize financial models to assess credit quality and support underwriting recommendations.

• Analyze industry, market, and borrower-specific trends impacting credit performance.

• Maintain accurate financial and covenant tracking databases.

Business Partnership

• Partner with Relationship Managers and Portfolio Managers to support existing client relationships and business development efforts.

• Collaborate with Credit Risk Management throughout the underwriting and approval process.

• Participate in client meetings and internal discussions regarding transaction structure, borrower performance, and credit strategy.

• Provide insights and recommendations regarding portfolio and industry trends.

Day-to-Day Responsibilities

• Input and analyze borrower financial statements.

• Prepare underwriting models and financial analyses in Excel.

• Complete quarterly monitoring reports, trend analyses, and annual reviews.

• Conduct covenant compliance testing and portfolio monitoring.

• Prepare and present credit approval packages.

• Support borrowers requesting new financing, loan renewals, modifications, and extensions.

• Manage transactions through the full underwriting and approval lifecycle from initial analysis through final approval.

Basic Qualifications

• Bachelor's degree, or equivalent work experience

• Three or more years of experience in a finance/analytical related role

Preferred Qualifications

• Experience underwriting commercial real estate transactions involving REITs, REOCs, real estate funds, or institutional real estate investors.

• Strong knowledge of commercial credit analysis, financial statement analysis, and risk assessment methodologies.

• Experience managing complex borrower relationships and large credit exposures.

• Ability to independently analyze credit requests and develop underwriting recommendations.

• Strong written communication and credit memorandum writing skills.

• Effective verbal communication and presentation skills.

• Ability to work independently while managing multiple priorities and deadlines.

• Experience interacting with business line partners, portfolio managers, and credit approvers.

• Ability to analyze large volumes of financial and portfolio data accurately and efficiently.

• Advanced proficiency in Microsoft Excel, including financial modeling and analysis.

• Experience utilizing nCino or similar commercial lending and credit workflow systems.

• Strong understanding of financial spreading tools and portfolio management systems.

Location expectations

This role requires working from a U.S. Bank location three (3) or more days per week. This position is available at the Atlanta Concourse 2 or the Denver Tower locations.

If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

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 mind. Our benefits include the following:

• Healthcare (medical, dental, vision)

• Basic term and optional term life insurance

• Short-term and long-term disability

• Pregnancy disability and parental leave

• 401(k) and employer-funded retirement plan

• Paid vacation (from two to five weeks depending on salary grade and tenure)

• Up to 11 paid holiday opportunities

• Adoption assistance

• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

Review our full benefits available by employment status here.

U.S. Bank is an equal opportunity employer. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and other factors protected under applicable law.

E-Verify

U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, U.S. Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401(k) contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $98,175.00 - $115,500.00

U.S. Bank will consider qualified applicants with arrest or conviction records for employment. U.S. Bank conducts background checks consistent with applicable local laws, including the Los Angeles County Fair Chance Ordinance and the California Fair Chance Act as well as the San Francisco Fair Chance Ordinance. U.S. Bank is subject to, and conducts background checks consistent with the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA). In addition, certain positions may also be subject to the requirements of FINRA, NMLS registration, Reg Z, Reg G, OFAC, the NFA, the FCPA, the Bank Secrecy Act, the SAFE Act, and/or federal guidelines applicable to an agreement, such as those related to ethics, safety, or operational procedures.

Applicants must be able to comply with U.S. Bank policies and procedures including the Code of Ethics and Business Conduct and related workplace conduct and safety policies.

Posting may be closed earlier due to high volume of applicants.