Full-time International Private Bank, Head of Commercial Real Estate Underwriting & Portfolio Management, Executive Director, London, Goldman Sachs

01OUR IMPACT

• The Private Bank is a business unit of the Asset and Wealth Management Division
• (AWM) that provides tailored banking and lending products, such as deposits,
• bank loans, mortgages and margin financing, to high-net-worth clients of the
• firm’s global Wealth Management businesses.
• Our Global Private Wealth franchise provides bespoke advisory, structuring, and
• balance-sheet financing solutions to leading Ultra-High-Net-Worth (UHNW)

individuals, Family Offices, and privately held property companies. As part of a

strategic initiative to scale our secured lending activities, we are expanding

our pan-European Commercial Real Estate Lending platform headquartered in

London. The role will also expand into key markets in Asia.

This platform originates, structures, and executes both senior investment

facilities and complex construction/development loans secured against

institutional-quality commercial and residential real estate assets across major

Western European jurisdictions (including the UK).

02YOUR IMPACT

• We are seeking a senior, seasoned Real Estate professional to build, lead, and
• develop our Pan-European CRE Underwriting and Portfolio Management team.
• In this role, you will hold operational and strategic accountability for the pre

and post origination credit lifecycle. You will establish robust underwriting

policies, build credit templates, direct financial and risk modeling, lead

negotiations on complex credit and security documentation, manage ongoing loan

performance, and oversee the construction monitoring framework. You will partner

closely with Private Banking Relationship Managers, Origination Bankers, Risk

Executives, and Legal Counsel to deliver tailored, sound financing structures

for our most sophisticated clients.

• Build and Lead the Underwriting Function: Recruit, develop, and mentor a
• high-performing team of CRE underwriters and portfolio managers.
• Governance and Framework Design: Partner with Chief Risk Officers and Credit
• Committees to define pan-European CRE lending standards and underwriting
• playbooks.
• Resource Allocation: Direct deal assignments, balance pipeline priorities
• against underwriting turnaround times, and promote a disciplined and
• consistent credit risk culture.
• End-to-End Deal Underwriting: Lead the credit assessment for large-ticket,
• multi-jurisdictional CRE debt opportunities (typically spanning €20 million
• to €150 million+ / £20 million to £100 million+) across prime asset classes
• (logistics, residential/BTR, prime office, student accommodation, and
• operational real estate).
• Construction & Development Lending Expertise: Assess construction
• feasibility, development budgets, program schedules, cost-to-complete tests,
• procurement approaches (e.g., JCT / FIDIC contracts), contractor covenant
• strength, and planning/zoning approvals.
• Financial Modeling & Sensitivities: Oversee robust financial modeling across
• the capital structure, stress-testing exit values, cap rates, debt yields,
• ICR/DSCR metrics, and interest rate hedging arrangements.
• Credit Committee Sponsorship: Defend high-conviction credit memoranda to
• Regional and Global Credit Committees, clearly articulating risk drivers,
• structural protections, and mitigants.
• Document Negotiation: Partner with external legal counsel and internal teams
• to negotiate bespoke Loan Market Association (LMA) standard facilities and
• ancillary finance documents from inception to closing.
• Security & Intercreditor Structuring: Structure complex, multi-jurisdictional
• security packages across the UK and Continental Europe, including debentures,
• mortgages, share pledges, duty of care deeds, performance bonds, and
• collateral warranties.
• Construction-Specific Safeguards: Draft and negotiate conditions precedent
• (CPs), milestone-based disbursement mechanisms, cost overrun guarantees,
• interest reserves, and builder step-in rights.
• Construction Drawdown Monitoring: Direct the progress-draw process in
• coordination with Independent Monitoring Surveyors (IMS), ensuring rigorous
• validation of invoices, site inspections, and contingency usage before
• approving disbursements.
• Ongoing Loan Surveillance: Supervise regular portfolio reviews, compliance
• certificate assessments, covenant tracking (LTV, ICR, DSCR, debt yields), and
• annual credit reviews.
• Early Warning & Problem Asset Management: Proactively identify emerging
• credit deterioration, manage watchlist assets, execute waiver/amendment
• requests, and structure work-out or restructuring solutions when required.

03REQUIREMENTS

Experience & Technical Background

• Extensive CRE Credit Experience: 10-15+ years of institutional commercial
• real estate lending and underwriting experience gained within an
• international investment bank, private bank, commercial bank, or
• institutional debt fund.
• Demonstrated Construction Lending Track Record: Deep, hands-on experience
• structuring, underwriting, and administering development and construction
• debt facilities.
• Pan-European Jurisdiction Familiarity: Proven familiarity with lending and
• security enforcement frameworks across the UK and core European markets.
• Documentation & Legal Mastery: Deep familiarity with LMA-based documentation,
• facility agreements, security agreements, intercreditor deeds, and
• third-party reliance letters.
• People Leadership: Proven track record of recruiting, managing, coaching, and
• motivating a team of junior and mid-level underwriters and portfolio
• managers.
• Client & Stakeholder Management: Experience interacting directly with UHNW
• sponsors, family office principals, external legal counsel, real estate
• appraisers, and monitoring surveyors.

04Skills & Competencies

• Exceptional financial modeling and analytical capabilities in Microsoft
• Excel.
• Comprehensive understanding of European CRE valuation approaches (e.g., RICS
• Red Book valuations) and technical due diligence standards.
• Strong verbal and written communication skills with the ability to summarize
• complex real estate structures concisely for senior executive audiences.
• Fluency in English is required; professional proficiency in additional
• European languages (such as German or French) is highly regarded.
• Relevant academic background (Bachelor's or Master's degree in Finance, Real
• Estate Finance, Economics, or Law) or equivalent professional credentials
• (CFA, CAIA, MRICS).

05ABOUT GOLDMAN SACHS

• At Goldman Sachs, we commit our people, capital and ideas to help our clients,

shareholders and the communities we serve to grow. Founded in 1869, we are a

leading global investment banking, securities and investment management firm.

Headquartered in New York, we maintain offices around the world.

We believe who you are makes you better at what you do. We're committed to

fostering and advancing diversity and inclusion in our own workplace and beyond

by ensuring every individual within our firm has a number of opportunities to

grow professionally and personally, from our training and development

opportunities and firmwide networks to benefits, wellness and personal finance

offerings and mindfulness programs. Learn more about our culture, benefits, and

people at GS.com/careers.

We’re committed to finding reasonable accommodations for candidates with special

needs or disabilities during our recruiting process. Learn more:

https://www.goldmansachs.com/careers/footer/disability-statement.html

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Goldman Sachs is an equal opportunity employer and does not discriminate on the

basis of race, color, religion, sex, national origin, age, veterans status,

disability, or any other characteristic protected by applicable law.