Senior Workout Officer - RemoteCountry: United States of America
It Starts Here:
Santander is a global leader and innovator in the financial services industry and is evolving from a high-impact brand into a technology-driven organization. Our people are at the heart of this journey and together, we are driving a customer-centric transformation that values bold thinking, innovation, and the courage to challenge what’s possible. This is more than a strategic shift. It’s a chance for driven professionals to grow, learn, and make a real difference.
If you are interested in exploring the possibilities We Want to Talk to You!
Senior Commercial Real Estate Workout Officer
Lead the Resolution of Complex NYC Multifamily Assets
We are seeking a highly experienced Commercial Real Estate Workout professional to manage and resolve a portfolio of distressed loans secured primarily by rent-regulated multifamily properties in New York City.
This is a senior, high-visibility role designed for someone who has deep expertise navigating complex CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes. The ideal candidate has successfully worked through multifamily workout scenarios in the NYC market and understands the legal, financial, and regulatory nuances unique to this asset class.
If you thrive in complex credit situations, can negotiate sophisticated restructurings, and understand how to maximize recovery in regulated multifamily environments, this role is built for you.
The Difference You Make:
Essential Duties & Responsibilities
Portfolio Management
1. Manage a portfolio of mid- to high-complexity distressed commercial real estate loans, focusing on rent-regulated multifamily assets in NYC.
2. Evaluate collateral performance, borrower financials, and guarantor support to identify risks and recommend appropriate workout strategies.
3. Develop and execute resolution plans including loan modifications, forbearances, restructurings, the pursuit of various remedies.
4. Monitor ongoing borrower compliance, property performance, and loan covenant adherence.
Commercial Loan Documentation
5. Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, intercreditor agreements, and forbearance or modification agreements.
6. Partner with internal and external counsel to ensure documentation accuracy and adherence to internal credit and regulatory standards.
7. Identify legal and structural issues that could impact collateral recovery or enforceability.
Underwriting & Financial Analysis
8. Conduct comprehensive underwriting of rent-regulated multifamily properties, including evaluation of rent rolls, regulatory compliance, operating statements, capital needs, and market dynamics.
9. Perform financial modeling, collateral valuations, and risk assessments to support loan resolution recommendations.
10. Prepare and present detailed credit memoranda and action plans to management and credit committees.
Negotiation & Relationship Management
11. Lead negotiations with institutional borrowers, sponsors, investors, and legal representatives to achieve balanced, risk-mitigated outcomes.
12. Maintain initiative-taking and professional communication with borrowers and internal stakeholders throughout the workout process.
Foreclosure & REO Oversight
13. Oversee and manage judicial foreclosure processes, coordinating with counsel to ensure compliance with state laws and procedural requirements.
14. Manage Real Estate Owned (REO) assets post-foreclosure, including stabilization, valuation, and disposition.
15. Collaborate with internal Real Estate and Asset Management teams to optimize recovery and minimize holding costs.
Compliance, Policy, and Regulatory Adherence
16. Ensure all actions comply with internal policies, risk management frameworks, and regulatory requirements.
17. Maintain thorough loan files, workout documentation, and regulatory reporting consistent with audit and examination standards.
18. Demonstrate a strong understanding of credit policy and ensure all recommendations and actions are appropriately supported and documented.
Core Competencies
19. Credit & Risk Acumen – Evaluates credit scenarios with sound judgment and risk awareness.
20. Regulatory & Policy Adherence – Demonstrates thorough understanding of banking regulations and internal governance standards.
21. Negotiation & Influence – Effectively negotiates with institutional counterparties to achieve optimal outcomes.
22. Execution & Accountability – Drives timely and accurate resolution of distressed assets within established frameworks.
23. Collaboration – Works effectively across Credit, Legal, Compliance, and Real Estate teams to support portfolio performance.
What You Bring:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Qualifications
24. Education:
Bachelor’s degree in Finance, Real Estate, Accounting, or related field required; MBA or relevant graduate degree preferred.
25. Experience:
Minimum + years of experience in commercial real estate workouts, special assets, or credit risk management within a regulated financial institution.
Proven experience reviewing and negotiating commercial loan documentation and complex legal structures.
Background in underwriting and managing rent-regulated multifamily properties in New York City.
Demonstrated ability to negotiate with institutional clients and structure loan modifications or settlements.
Direct experience with judicial foreclosures, receiverships, and REO management.
26. Skills & Competencies:
Understanding of NYC rent regulation and multifamily market dynamics.
Strong analytical, financial modeling, and valuation skills.
Excellent written and verbal communication, negotiation, and presentation skills.
Ability to interpret and apply internal policies, regulatory standards, and legal documentation.
Proficiency with Microsoft Excel, Word, PowerPoint, and loan servicing or risk management systems.
It Would Be Nice for You to Have:
27. Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.
28. Experience in Microsoft Office products.
Location: Remote
Compensation: $, base + $, target annual bonus
What Else You Need To Know:
The base pay range for this position is posted below and represents the annualized salary range. For hourly positions (non-exempt), the annual range is based on a -hour work week. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.
Base Pay Range:
Minimum:
$,. USD
Maximum:
$,. USD
We Value Your Impact:
Your contribution matters and it’s recognized. You can expect a fair and competitive rewards package that reflects the impact you create and the value you deliver. We know rewards go beyond numbers. Offering more than just a paycheck our benefits are designed to support you, your family and your well-being, now and into the future.
Risk Culture:
We embrace a strong risk culture and all of our professionals at all levels are expected to take a proactive and responsible approach toward risk management.
EEO Statement:
At Santander, we value and respect differences in our workforce. We actively encourage everyone to apply. Santander is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status or any other characteristic protected by law.
Working Conditions:
Frequent minimal physical effort such as sitting, standing and walking is required for this role. Depending on location, occasional moving and lifting light equipment and/or furniture may be required.
Employer Rights:
This job description does not list all of the job duties of the job. You may be asked by your supervisors or managers to perform other duties. You may be evaluated in part based upon your performance of the tasks listed in this job description. The employer has the right to revise this job description at any time. This job description is not a contract for employment and either you or the employer may terminate your employment at any time for any reason.
What To Do Next: