If your goal is to work at larger lenders, no, as you’d be going in the opposite direction here.

I am currently working as an investment analyst in one of the largest developer in the UK, with average transaction size over GBP 500m.
I recently got an offer from a boutique real estate debt fund with a fund size less than GBP 500m, do you think it is a good opportunity? My long-term career goal is to work in much bigger lenders such as ING, Brookfield or CBRE etc.
I feel like I will be better off by staying at my company as I will be get exposed to much larger scale projects.

Not memo drafting, specifically. There are case studies in the course with more of a credit focus, but usually there are just written questions at the end. We don’t cover full memos because people complain that everything is too long.

Thanks! Not really. We have several upcoming articles on real estate lending at banks, and the comments on exit opportunities seem to match up.

Potentially, yes, although a lot of people from CMBS attempt to move to the equity side instead (an upcoming article will feature CMBS). But your chance should actually be higher for debt roles since the work is far more relevant.

I’m not 100% certain of that one (I’ll see if the interviewee can answer it), but I believe the mezzanine loan department just takes on the additional risk and the lending becomes possible because everything is considered internal.

How does this work from a capital stack vs. risk perspective? Do you have the delineate the “traditional” risk vs. the mezz risk and therefore take on lower cost of capital debt for a portion of the total loan?

Or does the mezz loan department just take on the additional risk and lending becomes possible because it’s all internal funds?