Workout Associate - Remote

Santander • Boston, MA

3d • $76,875 - $135,000 • Remote

About The Position

The Associate Workout Officer is responsible for managing a portfolio of low- to mid-complexity non-performing commercial real estate loans, primarily secured by rent-regulated multifamily properties in New York City. The role requires demonstrated knowledge in commercial loan documentation, underwriting, and credit risk analysis, as well as the ability to negotiate and structure solutions with clients. The successful candidate will leverage strong analytical, negotiation, and relationship management skills to protect the bank’s interests while seeking pragmatic, regulatory-compliant outcomes.

Requirements

• Bachelor’s degree in Finance, Real Estate, Accounting, or a related field required
• 5+ years of experience in commercial real estate workouts, special assets, or credit risk management, ideally within a regulated financial institution.
• Proven ability to review and negotiate commercial loan documentation.
• Demonstrated experience underwriting rent-regulated multifamily properties in the NYC market.
• Strong background in credit analysis, collateral valuation, and borrower negotiations.
• Advanced financial modeling and credit risk assessment capabilities.
• Working knowledge of rent regulation laws and NYC multifamily market dynamics.
• Excellent negotiation, communication, and interpersonal skills.
• Proficiency in Microsoft Excel, Word, and loan servicing or risk management systems.
• Applicants must be legally authorized to work in the United States on a full-time basis without requiring employer sponsorship to commence employment.

Nice To Haves

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

Responsibilities

• Manage a portfolio of distressed and criticized multi-family loans.
• Analyze collateral, borrower financials, guarantor strength, and market dynamics to recommend resolution strategies.
• Implement and monitor approved workout plans, including modifications, forbearance agreements, and foreclosure proceedings.
• Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, intercreditor agreements, and loan modifications.
• Coordinate with internal and external legal counsel to ensure accuracy and compliance with Santander’s standards and regulatory requirements.
• Evaluate rent-regulated property performance, including rent rolls, operating expenses, reserve accounts, and capital needs.
• Prepare and present credit memoranda and risk assessments for management review.
• Lead discussions with borrowers, including institutional sponsors, investors, and legal representatives to achieve mutually acceptable outcomes.
• Maintain effective communication with internal stakeholders, including Credit, Legal, Appraisal, and Compliance teams.
• Ensure all activities adhere to internal policies, regulatory standards, and applicable laws, including those governing rent-regulated properties.
• Maintain accurate loan files and produce periodic portfolio and risk management reports.

Benefits

• A fair and competitive rewards package that reflects the impact you create and the value you deliver.
• Benefits are designed to support you, your family and your well-being, now and into the future.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level