About A&M
Day in the Life
Amber Benoit's Day in the Life
Here's an account – in Amber's own words – of a typical day working with a client as an A&M Manager.
| 8:15 a.m. | After checking my BlackBerry and responding to a couple of e-mail messages, I head out to a client site. I just started working on a loan underwriting project for a commercial real estate lender. Our client is approaching its busiest season of the year, and has asked us to assist with the related excess workflow. On this assignment, I am serving as an underwriter for office, retail and multi-family properties. The first property I will underwrite is a neighborhood shopping center in Houston. |
| 8:45 a.m. | My work station at the client site is adjacent to the client's senior underwriter. She is training me on her firm's underwriting process. While I am taking the lead on underwriting this loan, she will be helping me along the way. Starting a new project at a client site is similar to starting a new job, which keeps things interesting. There are always new people to meet, and a slightly different corporate culture to which I'll need to quickly adapt. I'll also need a new security badge to enter the client's office, and will likely face some information technology issues. |
| 9:17 a.m. | I glance at the clock and notice that it is getting close to 9:30 a.m. I have a scheduled deal kickoff call with the client's borrower, and the senior underwriter has not yet arrived. Thankfully, she calls to let me know that she is on her way, but is stuck in traffic. We decide that she will dial in from the road and meet me in a conference room as soon as she gets here. In the future, I will take the lead on kickoff calls, but I am just observing the senior underwriter on this one. |
| 9:30 a.m. | I join the senior underwriter, who is still sitting in traffic, along with the borrower and broker on the kickoff call. I learn that I will be conducting the site visit in Houston tomorrow, which means I can get out of the office and see something new for the second time this week. |
| 10:00 a.m. | The senior underwriter arrives and we discuss items from the kickoff call that we need to address. The broker has just sent me information about the property, including rent roll and market statistics related to the occupancy, as well as rental prices in the subject's submarket. I review this information and identify comparable properties that I will want to visit while I am in Houston. |
| 11:30 p.m. | I have lunch with other members of the client's underwriting team. It is interesting to discuss what everyone is working on and hear about their upcoming site visits around the country. |
| 12:30 p.m. | My cell phone rings on the way back from lunch – it's my mentor calling. He asks a quick, follow- up question about a project that I helped him with over the previous month. We also chat about my new project and the progress I'm making so far. |
| 1:00 p.m. | I begin making travel arrangements for my site visit tomorrow. I'll need to allow enough time on the ground to meet the broker at the subject property, speak with each of the tenants and drive to the comparable properties. I print my outbound boarding pass and set a reminder on my calendar to print my inbound boarding pass. I also reserve a rental car for my site visit, but find that the available cars are not equipped with Global Positioning Systems. It's a good thing that I created a map of the subject and its comparables earlier this morning. |
| 2:00 p.m. | I continue to review the information I received from the broker, and begin to fill out the site inspection form for the subject property. This allows me to learn more about the property, and should ensure that the site inspection will run a little more smoothly tomorrow. |
| 3:30 p.m. | I call the team lead to discuss the status of our new project. It appears that things are on track and that we are headed in the right direction. That's good news, since I expect to be working on additional loans soon. |
| 4:00 p.m. | The office is suddenly quiet; all employees on our floor have gathered in the conference room for a mandatory meeting. I use this time to organize all of the notes and handouts that I have been given about the underwriting process. Over the next few weeks, Analysts and Associates from Alvarez & Marsal Real Estate Advisory Services will be assisting me on this project, and I will need this information to train them. |
| 5:30 p.m. | I discuss tomorrow's site visit with the senior underwriter to get a sense of her expectations. Although I have conducted site visits before, this visit will require more in-depth research. I'm looking forward to a new challenge! |
| 6:00 p.m. | I gather my map, site inspection form, the broker's contact information, travel itinerary and the all-important boarding passes for my site visit. I leave the office and make plans to spend some time with friends before my big adventure tomorrow. |