Associate, CRE Underwriting

Company: Bellwether
Location: Dallas
Posted on: February 18, 2026

Job Description:

Job Description Job Description Bellwether is a global advisory firm that helps businesses solve their most complex challenges and enhance enterprise value. We specialize in formulating and executing dynamic growth strategies through true partnership with our clients. Merging deep industry expertise, advanced analytical capabilities and best-in-class talent, we create value across the business lifecycle, from transaction management to operational transformation. Bellwether specializes in the management, analysis, and reporting of over $40 billion of AUM across a wide range of real estate related assets and corporate platforms in North America, Europe and Asia. Bellwether is privately held and has offices in Los Angeles, Newport Beach, Salt Lake City, London and Dallas. Overview The Associate, Underwriting (Torchlight) role will manage a variety of real estate debt and equity products. The role will support the Torchlight Underwriting team, which is responsible for underwriting and completing due diligence on complex commercial real estate transactions, providing credit opinions on commercial mortgage-backed securities (CMBS) transactions, and assisting the Acquisitions team on structuring new opportunities. This role will also support the Torchlight Asset Management team, which is responsible for overseeing the private real estate debt and equity investments in Torchlight’s fund businesses, which include assets throughout the U.S. in office, retail, multifamily, hospitality, and industrial asset classes. The Associate, Underwriting (Torchlight) will be tasked with providing quantitative and qualitative underwriting support through assignments related to various debt and equity investments. Torchlight Investors – Company Description The firm is an SEC registered investment advisor with over $4.0 billion in assets under management in commercial real estate debt. Since its inception in 1995, the firm has invested over $20 billion in its funds and separate accounts. For additional information please visit www.torchlight.com. Key Responsibilities Conduct due diligence on prospective investment opportunities across the capital stack including Senior Mortgages, Mezzanine Loans, B-Notes, Preferred Equity, JV Equity and NPLs; Perform property-level diligence and complete underwriting templates for CMBS and other CRE financing opportunities involving multifamily, industrial, hospitality, retail and office properties; Formulate underwriting assumptions and prepare financial models analyzing prospective transactions for a variety of property types and capital stack positions; Draft credit memorandums detailing key investment terms and objectives, risks/mitigants, underwriting assumptions, cash flow projections, sponsor review and market analysis; Assist in the preparation, review and analysis of legal documents and structuring of complex financial transactions in conjunction with senior investment team members and legal counsel; Provide support in the formulation of strategies for existing and new positions, which may require a dialogue with market participants, generating borrower/asset/market -level analyses, and financial modeling of various scenarios; and Support ad hoc initiatives in support of the investment team’s research-driven approach. Professional Experience A minimum of 5 years of experience in commercial real estate, with a focus on at least one of the following areas: loan origination, underwriting, commercial real estate loan workouts, debt and/or equity asset management. Education/Certification Undergraduate degree in economics, finance, real estate, or related degree is preferred. Essential Skills & Competencies Bellwether seeks to hire entrepreneurial individuals who are highly motivated, mature and intelligent, with demonstrated excellence in prior endeavors. The successful candidate should have: Job Knowledge & Technical Ability: Familiarity with, and ability to interpret and understand, complexdebt structures and cash flow waterfalls. Must have a team-oriented attitude with a genuine interest incommercial real estate. Must be able to work efficiently with minimum supervision, meet deadlinesand handle competing priorities. Strong quantitative background; effective organizational,interpersonal, and communication skills. Technologically savvy; fluency in Excel and Argus is required. Initiative & Dependability: Ability to perform responsibilities independently and proactively, solve problems, and improve processes and/or services. Self-directed, takes initiative and responsibility, ensures completion of tasks. Communication: Excellent verbal and written communication skills; strong listening and interpersonalskills. Highly effective at preparing and presenting information both internally and externally to clients. Professionalism & Teamwork: Acts with honesty and integrity and maintains confidentiality, adheres to company policies. Promotes a collaborative and productive work environment. Demonstrates team building, support and respect. Travel Requirements Travel is not anticipated but may be needed from time to time. Position Details Classification: Exempt Position Status: Regular / Full Time Reports To: Managing Director, Underwriting Direct Reports: No Physical and Mental Demands While performing the duties of this job, the employee is regularly required to stand, sit, and walk. Must be able to sit at an office workstation for an extended period of time. May need to reach, stoop, or kneel to access items. Must be able to talk, hear and use wrists, hands and/or fingers frequently and repetitively to operate a computer, telephone and other office productivity machinery. Must frequently prepare or inspect documents, and convey details or important instructions or ideas accurately, loudly, or quickly. Ability to work independently, and prioritize duties to ensure timely completion. The ability to collaborate is also imperative. Requires active listening, critical thinking, making decisions, time management, as well as administration skills. Ability to interact in a courteous professional manner at all times. Regular, predictable attendance is required. The physical and mental demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the functions. Work Environment No hazardous or significantly unpleasant conditions (such as in a typical office). Moderate noise (i.e., business office with computers, phones, printers and light traffic) Indoor business office environment with windows; light foot traffic within work areas The work environment characteristics described here are representative of those a teammate encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Benefits We offer a comprehensive benefits package that includes: Employer-paid Medical, Dental & Vision, with buy-up options available Flexible Spending Account, Health Savings Account Carrot Fertility Benefit - $10,000 lifetime benefit 401k company match 4%, immediately vested Generous PTO, 11 Paid Company Holidays & Paid Holiday Office Closure 14 weeks Maternity Leave & 12 weeks Parental Leave Wellbeing program offerings Cell phone reimbursement Engaging team events & holiday parties Intent of Position Description This position description describes the general nature and level of work required by the position. It is not intended to be an all-inclusive list of qualifications, skills, duties, responsibilities or working conditions of the job. The job description is subject to change with or without notice, and Management reserves the right to add, modify or remove any qualification or duty. Nothing in this job description changes the existing at-will employment relationship between the Company and the employee occupying the position. Equal Opportunity Employer Bellwether is an equal-opportunity employer. Bellwether complies with all federal, state, and local laws providing equal employment opportunities, and all other employment laws and regulations. All qualified applicants are considered for employment without regard to an individual's race, color, religion, religious creed, national origin, ancestry, citizenship, physical or mental disability, medical condition (including cancer and genetic characteristics), genetic information, marital status, reproductive health decision-making, sex, gender (including gender identity and gender expression), age, sexual orientation, protected veteran and/or military status, protected medical leaves, domestic violence victim status, political affiliation, or any other status protected by federal, state, or local laws. All candidates must be able to prove eligibility to work in the United States.

Keywords: Bellwether, Dallas , Associate, CRE Underwriting, Accounting, Auditing , Dallas, Texas