Santander is seeking a Senior Workout Officer to manage and resolve a complex portfolio of distressed commercial real estate loans, primarily secured by rent-regulated multifamily properties in New York City. This is a high-visibility, remote position requiring deep expertise in CRE restructurings, NYC rent regulation dynamics, and judicial foreclosure processes.

What You'll Do

Manage a portfolio of mid- to high-complexity distressed commercial real estate loans, focusing on rent-regulated multifamily assets in NYC.
Evaluate collateral performance, borrower financials, and guarantor support to identify risks and recommend appropriate workout strategies.
Develop and execute resolution plans including loan modifications, forbearances, restructurings, and the pursuit of various remedies.
Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, and forbearance or modification agreements.
Conduct comprehensive underwriting of rent-regulated multifamily properties, including evaluation of rent rolls, regulatory compliance, operating statements, and market dynamics.
Lead negotiations with institutional borrowers, sponsors, investors, and legal representatives to achieve balanced, risk-mitigated outcomes.
Oversee and manage judicial foreclosure processes, coordinating with counsel to ensure compliance with state laws.
Manage Real Estate Owned (REO) assets post-foreclosure, including stabilization, valuation, and disposition.
Ensure all actions comply with internal policies, risk management frameworks, and regulatory requirements.

What We're Looking For

Bachelor’s degree in Finance, Real Estate, Accounting, or related field.
Minimum 9+ 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.
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.

Nice to Have

MBA or relevant graduate degree.
Experience in Microsoft Office products.

Team & Environment

You will collaborate across Credit, Legal, Compliance, and Real Estate teams.

Benefits & Compensation

Base pay range: $93,750.00 - $170,000.00 USD

Work Mode

This is a fully remote position open to candidates in the United States of America.

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.