I would just accept this offer for now, assuming it’s for a full-time job, perform well, and then either move up or use it to move elsewhere. It’s almost always better to be working full-time than to be in the job market just searching for other offers. Working full-time also means it will be easier to get noticed and win offers at bigger/better firms as well. A lending role might be better, but, again, you’ll have an easier time winning these lending roles if you are currently working full-time in AM at a family office.

I think it would be quite difficult. You might have a better chance going for something like CMBS or maybe DCM / LevFin, but they would still probably ask you to do something RE-related.

How easy do you think it is to transition into "pure" (not RE related) investment banking?

Thanks

It doesn’t require anything special or different – learn the required technical skills (some similarities to lending, but the modeling is a bit different) and network extensively once you have enough deal experience to speak to in interviews. Moving around within real estate from the debt to the equity side isn’t that difficult because RE is already quite specialized. And there are plenty of smaller REPE firms that you can move to, even if the biggest ones are out of reach for now.

1) No, not really.

2) Yes, potentially, but I’m not sure why you can’t just move into a credit role directly. Distressed residential RE investments should be close enough because real estate is already specialized, and distressed has more to do with credit than most other roles.

3) No, not really, it still comes down to networking and interviewing well. You might be able to find some networking groups suited to your background, but that’s about it.

Thanks for the informative articles on all things commercial RE. If you don’t mind, I have a couple questions on CRE specifically the lending/debt side.

My quick background is, recent college grad working in distressed residential RE investments which I also did during college. Long story short, the SFR side has been okay and now I’m ready to move on to the commercial real estate side. I’ve picked up the basic & intermediate CRE modeling skills from several courses, completing a credit analyst certification and am networking right now (purchased the interview + networking guide as well). My questions are:
1. From a lender’s POV, is there anything I’m missing as an entry-level candidate that I can add or work on?
2. If I wish to work in an underwriting, credit analyst, etc. role, does working at a brokerage or CRE asset management role help me accomplish this? If so, is there a faster way to get to said lending roles?
3. As a minority from a “non-traditional” background, are the “steps” to get into the industry different and if so, how?
Thanks for the feedback and look forward to learning more!

You need to get some type of front-office/investing role or real estate-specific role first. I don’t know about rotational programs, but you can probably network your way into some type of RE role at a local brokerage or development firm.