Analyst, Commercial Real Estate

NLG Capital, the investment management company of NLG, manages approximately $40+ billion in AUM. Our purpose is simple – to allow NLG to keep its promises. How we do this – an obsessive focus on delivering investment results. We drive results through a rigorous but collaborative investment process, and we hold ourselves to the highest of standards, both as investors and teammates. While our process is based on rigor, our culture is based on our guiding principles: Meritocracy, Uncompromising Transparency, Intellectual Honesty, Performance Driven Learning, Relentless Pursuit of Excellence. These principles serve as the foundation of our team.  They govern the way we conduct ourselves, how we interact with teammates and how we approach every investment decision.  We act with the integrity and humility required to make the investment decision that is right for the firm, and ultimately our policyholders.  Our culture has been deliberately built to foster curiosity and provide opportunities to learn and grow, both as people and investors. The flat and collaborative nature of our team promotes an atmosphere where the best ideas are continually expressed and rewarded. Our pursuit of excellence is unwavering.

Please note that we do not offer visa sponsorship for this position.

As a member of NLG Capital’s Commercial Real Estate team, this role supports the origination, underwriting, and closing of commercial mortgage investments on behalf of National Life Group. The Analyst will contribute to financial modeling, credit analysis, and market research to support investment decisions and ongoing portfolio management.

This position currently offers an onsite work schedule, with the expectation that you will be in the office four (4) days per week during onsite core days.  Our current onsite core days are Monday, Tuesday, Wednesday, and Thursday.  The work schedule type and core days are subject to change with advance notification and manager discretion.

• Analyze and underwrite commercial mortgage loan opportunities, including cash flow modeling and debt sizing.
• Build and maintain financial models (cash flow projections, IRR, NPV, sensitivity analyses).
• Evaluate investments across property types, including multifamily, industrial, retail, office, and niche sectors.
• Assess key credit metrics such as DSCR, LTV, and debt yield.
• Perform sensitivity analysis on interest rates, vacancy, and exit assumptions.

• Support loan structuring, including amortization, covenants, reserves, and pricing.
• Review third-party reports (appraisals, engineering, environmental, sponsor analysis).
• Analyze leases, operating statements
• Coordinate with legal, appraisal, and internal stakeholders throughout the closing process.
• Assist in preparation of credit memos and investment committee materials.

• Maintain pipeline tracking and portfolio analytics.
• Support quarterly and annual portfolio reporting.
• Monitor loan performance, including covenant compliance and credit quality.
• Assist with risk rating assessments and internal reporting.
• Support asset management activities

• Conduct market research on supply/demand dynamics, rent trends, and liquidity.
• Identify and evaluate risks, including tenant rollover, capital expenditures, and market conditions.

• Bachelor’s degree in Finance, Real Estate, or related field and 2 or more years of related experience.
• 6 or more years of commercial real estate lending experience with a track record of originations.
• Strong Excel skills, including pivot tables and financial functions, including NPV.
• Experience with financial modeling and underwriting.
• Understanding of real estate fundamentals and capital structures.
• Demonstrated understanding of capital market dynamics and pricing.
• Knowledge of, and experience in, structuring positions with the capital stack and relative value.
• Strong analytical, research, and problem-solving skills.
• Effective written and verbal communication skills.
• Results-oriented with strong attention to detail.
• Able to manage multiple priorities in a fast-paced environment.
• Collaborative, with the ability to work both independently and as part of a team.
• Demonstrates sound judgment, intellectual curiosity, and accountability.

• MBA with concentration in Finance, Real Estate, or related field.
• 3 – 5 years of experience in commercial real estate or related field.
• Experience using VBA in Excel.
• Experience with ARGUS CRE valuation software.