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PNC’s Real Estate Banking (REB) is a leading provider of capital and financial services for public and private commercial real estate owners, developers, and investors across the United States.
The Corporate & Institutional Banking (C&IB) Development Program, Real Estate Banking track, delivers structured development through rotations in loan administration, market research, underwriting, syndications, and pre-screen/sales, which are all crucial to the Real Estate Banking platform.
Analysts will complete an intensive 8-week learning program in accounting and commercial loans to business in order to better understand PNC core competencies and become a well-rounded banker.
Market Research (3 months): Basic real estate research skills will be applied, including knowledge of primary and secondary providers of real estate data and data collection method, how to identify issues and inconsistencies in the data, the critical demand/supply elements for each major property type, and the macro issues impacting real estate including economic, capital markets, and market/geographic trends. Analysts will prepare reports analyzing properties for proposed and existing loans to assist the credit team in comparing performance of a real estate development to relevant markets.
Entity Finance Underwriting (3 months): Analysts will have the opportunity to familiarize themselves with other Credit and non-credit products offered to public and private clients, the majority of which will be unsecured. Examples include (but are not limited to) REITs, Homebuilders, and Funds. Analysts will have the opportunity to complete loan approvals, analytical Excel templates, and subsequent reviews to gain insight into how we assess unsecured credit, the importance of various ratios/metrics, as well as leverage resources for industry and property type comparisons
Portfolio Underwriting (4 months): Analysts will have the opportunity to complete loan approvals, understanding the various stages of deals along the way, and be exposed to various legal documentation (appraisals, environmental reports, guarantor/borrower financials, loan term agreements) to understand the credit file structure and terms and conditions. Analysts will learn how to identify loan strengths and potential weaknesses and be responsible for completing quarterly and annual reviews independently.
Syndications (2 months): While learning about PNC’s syndications business, analysts will assist in the preparation of term sheets and financing presentations and the negotiation and closing process as well as pre-screen potential syndication deals and research similar deals in the broader syndications market.
Loan Administration (1 month): Analysts will work with loan systems, databases and web-based systems/services to accurately maintain and report loan closing data, including taxes, insurance and repayments while following internal policies and procedures. Analysts will also learn how loan documents are prepared and negotiated, participate in loan closing calls with the Relationship Team and ensure the accurate and efficient funding of a loan from inception to final repayment.
Production Underwriting (10 months): Analysts will spend the initial four months in Pittsburgh and final six months in placement market prior to program graduation. Analysts will help with the initial sizing of deals to create a pre-screen memo and presentation and assist with client meetings and follow-ups and prepare the appropriate documentation for closing deals, including term sheets. Analysts will also work with outside legal counsel and senior bankers to help review and negotiate loan documents.
As a rotational Real Estate Banking analyst, job responsibilities will vary depending on the rotation. Analysts will work directly with the Relationship Team and senior management to support daily operations related to underwriting (portfolio administration, periodic reviews, loan offerings, loan documentation and fulfillment, prescreen) and sales functions (pre-call planning, client research, pitch books, relationship reviews, and follow-up).
Work sets will require analysts to interact with internal and external clients. Analysts must be able to work independently on systems, databases and software in order to retrieve information and complete tasks.
A comprehensive understanding of PNC’s risk appetite and credit solutions is required.
Analysts will be expected to build rapport with coworkers during each rotation (including but not limited to loan administrators, closers, market research analysts, underwriters, capital markets associates, relationship managers and more) as these relationships will be crucial in successfully completing work upon placement.
Based on business need and upon successful completion of the C&IB Development Program, graduates may have the opportunity to become a Relationship Manager or Underwriter supporting Real Estate in one of our growing offices throughout the U.S.
First 18 months: Pittsburgh
Atlanta, Boca Raton, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, East Brunswick, Los Angeles, New York, San Francisco, Washington DC
Preferred Areas of Study: Accounting, Business Administration, Economics, Finance, Marketing, Mathematics
Desired Skills: Highly motivated, results-driven, exceptional quantitative skills including the abilities to analyze data sets and apply financial and analytical theories. Competitive spirit yet the ability to work well on a team. Impressive written and verbal communication skills, robust work ethic, with strong attention to detail.
Minimum Requirements: Bachelor’s Degree from a 4-year school or university, 3.2 GPA.
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