Real Estate Underwriter (Commercial Real Estate - US Focus)

We are seeking a highly proficient and independent Real Estate Underwriter with direct, hands-on experience in complex commercial real estate underwriting. The primary function of this role is to build institutional-quality financial proformas and advanced underwriting models from scratch for US commercial real estate investments, operating with the analytical rigor of a private equity professional.

Key Responsibilities

• Model Development: Design, build, and maintain sophisticated financial models and underwriting proformas from the ground up for commercial real estate investments, including calculations for IRR, XIRR, equity multiple, cap rate, and DSCR.
• Complex Underwriting: Directly model and underwrite various complex deal types, including development, value-add, and land acquisitions (US-based experience preferred).
• Waterfall Logic: Implement and accurately model complex debt and equity waterfall distribution logic for capital partners and institutional investors.
• Scenario and Sensitivity Analysis: Integrate nested formulas, INDEX/MATCH, and other advanced features (e.g., scenario toggles and sensitivities) into models to stress-test assumptions and provide data-driven recommendations.
• Financial Communication: Act as a proactive communicator, moving beyond just delivering raw numbers to summarize "What this means" and articulate the financial implications of the models to executives.
• Institutional Output: Ensure all financial outputs meet the highest standard of accuracy and are suitable for presentation to capital partners and investor-grade audiences.

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Required Experience & Skills

Must-Have Core Expertise

• Direct Commercial Real Estate Underwriting: Proven, direct experience in commercial real estate underwriting (not merely administrative support or data entry).
• Advanced Modeling: Demonstrated ability to build sophisticated, fully-functional financial models from scratch.
• Deal Type Experience: Must have experience modeling development, value-add, or land deals (exposure to US markets is a significant plus).
• Capital Markets Familiarity: Familiarity with the financial outputs and presentation standards expected by institutional investors and capital partners.

Technical Requirements

• Advanced Spreadsheet Proficiency: Expert-level proficiency in Google Sheets / Excel is required, including:
  • Fluency with IRR and XIRR calculations.
  • Mastery of complex and nested formulas (e.g., INDEX/MATCH, SUMIFS, OFFSET).
  • Ability to integrate scenario toggles and sensitivity analysis into models.
• Investment Logic: Strong comfort level with US CRE investment logic and typical deal structures.
• Bonus Skills (Preferred): Experience with basic macros or automation, and/or underwriting Manufactured Housing Communities (MHC) or Build-to-Rent (BTR) projects.

Personal Qualities Required

• Analytical Mindset: Possesses the ability to think like a private equity analyst, focusing on value creation, risk assessment, and strategic decision-making, rather than a data encoder.
• Highly Independent: A self-starter who is highly independent and does not require step-by-step instructions; capable of owning the underwriting process end-to-end.
• Executive Presence: Confident in presenting and defending financial logic, assumptions, and conclusions to senior management and executives.
• Communication: English fluency (written and spoken) at a professional finance/investment level is mandatory.
• Rigor & Reliability: Obsessively accurate, detail-oriented, and deadline-reliable—modeling accuracy is paramount.

Independent Contractor Perks

• HMO Coverage for eligible locations
• Permanent work from home
• Immediate hiring
• Steady freelance job