International Private Bank, Head of Commercial Real Estate Underwriting & Portfolio Management, Executive Director, London Greater London, United Kingdom Area

OUR IMPACT

The Private Bank is a business unit of the Asset and Wealth Management Division (AWM) that provides tailored banking and lending products, such as deposits, bank loans, mortgages and margin financing, to high-net-worth clients of the firm’s global Wealth Management businesses.

Our Global Private Wealth franchise provides bespoke advisory, structuring, and balance-sheet financing solutions to leading Ultra-High-Net-Worth (UHNW) individuals, Family Offices, and privately held property companies. As part of a strategic initiative to scale our secured lending activities, we are expanding our pan-European Commercial Real Estate Lending platform headquartered in London. The role will also expand into key markets in Asia.

This platform originates, structures, and executes both senior investment facilities and complex construction/development loans secured against institutional-quality commercial and residential real estate assets across major Western European jurisdictions (including the UK).

YOUR IMPACT

We are seeking a senior, seasoned Real Estate professional to build, lead, and develop our Pan-European CRE Underwriting and Portfolio Management team.

In this role, you will hold operational and strategic accountability for the pre and post origination credit lifecycle. You will establish robust underwriting policies, build credit templates, direct financial and risk modeling, lead negotiations on complex credit and security documentation, manage ongoing loan performance, and oversee the construction monitoring framework. You will partner closely with Private Banking Relationship Managers, Origination Bankers, Risk Executives, and Legal Counsel to deliver tailored, sound financing structures for our most sophisticated clients.

• Build and Lead the Underwriting Function: Recruit, develop, and mentor a high-performing team of CRE underwriters and portfolio managers.

• Governance and Framework Design: Partner with Chief Risk Officers and Credit Committees to define pan-European CRE lending standards and underwriting playbooks.

• Resource Allocation: Direct deal assignments, balance pipeline priorities against underwriting turnaround times, and promote a disciplined and consistent credit risk culture.

• End-to-End Deal Underwriting: Lead the credit assessment for large-ticket, multi-jurisdictional CRE debt opportunities (typically spanning €20 million to €150 million+ / £20 million to £100 million+) across prime asset classes (logistics, residential/BTR, prime office, student accommodation, and operational real estate).

• Construction & Development Lending Expertise: Assess construction feasibility, development budgets, program schedules, cost-to-complete tests, procurement approaches (e.g., JCT / FIDIC contracts), contractor covenant strength, and planning/zoning approvals.

• Financial Modeling & Sensitivities: Oversee robust financial modeling across the capital structure, stress-testing exit values, cap rates, debt yields, ICR/DSCR metrics, and interest rate hedging arrangements.

• Credit Committee Sponsorship: Defend high-conviction credit memoranda to Regional and Global Credit Committees, clearly articulating risk drivers, structural protections, and mitigants.

• Document Negotiation: Partner with external legal counsel and internal teams to negotiate bespoke Loan Market Association (LMA) standard facilities and ancillary finance documents from inception to closing.

• Security & Intercreditor Structuring: Structure complex, multi-jurisdictional security packages across the UK and Continental Europe, including debentures, mortgages, share pledges, duty of care deeds, performance bonds, and collateral warranties.

• Construction-Specific Safeguards: Draft and negotiate conditions precedent (CPs), milestone-based disbursement mechanisms, cost overrun guarantees, interest reserves, and builder step-in rights.

• Construction Drawdown Monitoring: Direct the progress-draw process in coordination with Independent Monitoring Surveyors (IMS), ensuring rigorous validation of invoices, site inspections, and contingency usage before approving disbursements.

• Ongoing Loan Surveillance: Supervise regular portfolio reviews, compliance certificate assessments, covenant tracking (LTV, ICR, DSCR, debt yields), and annual credit reviews.

• Early Warning & Problem Asset Management: Proactively identify emerging credit deterioration, manage watchlist assets, execute waiver/amendment requests, and structure work-out or restructuring solutions when required.

REQUIREMENTS

Experience & Technical Background

• Extensive CRE Credit Experience: 10-15+ years of institutional commercial real estate lending and underwriting experience gained within an international investment bank, private bank, commercial bank, or institutional debt fund.
• Demonstrated Construction Lending Track Record: Deep, hands-on experience structuring, underwriting, and administering development and construction debt facilities.
• Pan-European Jurisdiction Familiarity: Proven familiarity with lending and security enforcement frameworks across the UK and core European markets.
• Documentation & Legal Mastery: Deep familiarity with LMA-based documentation, facility agreements, security agreements, intercreditor deeds, and third-party reliance letters.
• People Leadership: Proven track record of recruiting, managing, coaching, and motivating a team of junior and mid-level underwriters and portfolio managers.
• Client & Stakeholder Management: Experience interacting directly with UHNW sponsors, family office principals, external legal counsel, real estate appraisers, and monitoring surveyors.

Skills & Competencies

• Exceptional financial modeling and analytical capabilities in Microsoft Excel.
• Comprehensive understanding of European CRE valuation approaches (e.g., RICS Red Book valuations) and technical due diligence standards.
• Strong verbal and written communication skills with the ability to summarize complex real estate structures concisely for senior executive audiences.
• Fluency in English is required; professional proficiency in additional European languages (such as German or French) is highly regarded.
• Relevant academic background (Bachelor's or Master's degree in Finance, Real Estate Finance, Economics, or Law) or equivalent professional credentials (CFA, CAIA, MRICS).

ABOUT GOLDMAN SACHS

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