Underwriting Associate

IceCap Group is one of the largest private money lenders in the country, providing short-term loans for the purchase, renovation, and construction of single-family, multifamily, and mixed-use real estate. Founded in 2017, we funded $1.1 billion in loans in 2025 and were named Private Lender of the Year by the NPLA. We're an entrepreneurial, relationship-driven team built around personal service and fast, reliable execution. About IceCap Group IceCap Group is one of the largest private money lenders in the country, providing short-term loans for the purchase, renovation, and construction of single-family, multifamily, and mixed-use real estate. Founded in 2017, we funded $1.1 billion in loans in 2025 and were named Private Lender of the Year by the NPLA. We're an entrepreneurial, relationship-driven team built around personal service and fast, reliable execution. About the Role IceCap Group is seeking a Multifamily Underwriting Associate to drive multifamily bridge and DSCR loans from initial underwriting through credit and investment committee approval and funding. This is a deal-driving role: you\'ll own the underwriting analysis and credit narrative on deals typically ranging from $3 million to $20 million — spanning stabilized, transitional, adaptive reuse, conversion, and ground-up construction projects — and present those deals for approval alongside the Head of Multifamily Lending. This role is central to IceCap\'s push to expand its lending footprint nationwide, with a particular focus on building underwriting depth in West Coast submarkets. It\'s a strong fit for an experienced multifamily underwriter who is comfortable owning a deal end to end and confident presenting to committee. Our multifamily lending channel is still early in its growth, giving this role substantial room to shape and scale it — and turning that growth into a lucrative, long-term career at IceCap. What We\'re Looking For Critical: deep, hands-on command of multifamily property financials and operating statements, including deriving and stress-testing NOI 3–5 years of multifamily underwriting experience Strong multifamily underwriting skills, including deep familiarity with LTV/DSCR analysis, debt yield analysis, and Asset Summary Reporting (ASR) Solid understanding of takeout/exit financing (permanent DSCR, agency, or other takeout options) and how it factors into bridge and construction loan credit risk Ability to analyze commercial appraisals and evaluate tax incentive programs nationwide (e.g., NYC\'s 421-a/485-x and J-51; California\'s Mills Act and Welfare Exemption, plus Proposition 13 reassessment considerations; and PILOT programs elsewhere) and their impact on cash flow and valuation Working knowledge of the different approaches to valuation, including sales comparison, income approach (direct capitalization, discounted cash flow), and band of equity/investment Strong presentation skills; confident and clear presenting to credit and investment committees Experience communicating and negotiating directly with third parties (borrowers, brokers, appraisers, attorneys, and other deal participants) Knowledge of construction project underwriting and the third-party reports involved (Property Condition Assessments, Phase I/Phase II environmental site assessments) and how their findings and recommendations affect credit risk Strong ability to analyze asset performance trends (occupancy, rent growth, expenses) and translate them into sound underwriting judgment Knowledge of market demographics, including Area Median Income (AMI) and rent/income restrictions tied to affordable housing programs Proficiency building discounted cash flow (DCF) models to project cash flows and exit value over a deal\'s hold period CoStar experience and proficiency navigating the platform — required Experience with loan origination systems (LOS) and standard mortgage underwriting workflows Bachelor\'s degree in finance, real estate, business, or a related field (or equivalent experience) #J-18808-Ljbffr