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!
The Associate Workout Officer is responsible for managing a portfolio of low- to mid-complexity non-performing commercial real estate loans, primarily secured by rent-regulated multifamily properties in New York City. The role requires demonstrated knowledge in commercial loan documentation, underwriting, and credit risk analysis, as well as the ability to negotiate and structure solutions with clients.
The successful candidate will leverage strong analytical, negotiation, and relationship management skills to protect the bank’s interests while seeking pragmatic, regulatory-compliant outcomes.
Essential Duties & Responsibilities
Workout & Portfolio Management
Manage a portfolio of distressed and criticized multi-family loans.
Analyze collateral, borrower financials, guarantor strength, and market dynamics to recommend resolution strategies.
Implement and monitor approved workout plans, including modifications, forbearance agreements, and foreclosure proceedings.
Commercial Loan Documentation
Review, interpret, and negotiate commercial loan documents, including notes, mortgages, guarantees, intercreditor agreements, and loan modifications.
Coordinate with internal and external legal counsel to ensure accuracy and compliance with Santander’s standards and regulatory requirements.
Underwriting & Financial Analysis
Evaluate rent-regulated property performance, including rent rolls, operating expenses, reserve accounts, and capital needs.
Prepare and present credit memoranda and risk assessments for management review.
Negotiation & Relationship Management
Lead discussions with borrowers, including institutional sponsors, investors, and legal representatives to achieve mutually acceptable outcomes.
Maintain effective communication with internal stakeholders, including Credit, Legal, Appraisal, and Compliance teams.
Compliance & Reporting
Ensure all activities adhere to internal policies, regulatory standards, and applicable laws, including those governing rent-regulated properties.
Maintain accurate loan files and produce periodic portfolio and risk management reports.
Qualifications
Education:
Bachelor’s degree in Finance, Real Estate, Accounting, or a related field required; MBA or advanced degree preferred.
Experience:
5+ years of experience in commercial real estate workouts, special assets, or credit risk management, ideally within a regulated financial institution.
Proven ability to review and negotiate commercial loan documentation.
Demonstrated experience underwriting rent-regulated multifamily properties in the NYC market.
Strong background in credit analysis, collateral valuation, and borrower negotiations.
Skills & Competencies:
Advanced financial modeling and credit risk assessment capabilities.
Working knowledge of rent regulation laws and NYC multifamily market dynamics.
Excellent negotiation, communication, and interpersonal skills.
Proficiency in Microsoft Excel, Word, and loan servicing or risk management systems.
Competencies
Analytical Thinking & Judgment – Applies critical thinking to evaluate credit situations and make sound recommendations.
Relationship Management – Builds productive relationships with borrowers, institutional investors, and internal partners.
Execution & Results Orientation – Drives timely and effective resolution of distressed assets.
Risk Awareness – Understands and mitigates potential risks in line with regulatory and policy frameworks.
It Would Be Nice For You To Have - Established work history or equivalent demonstrated through a combination of work experience, training, military service, or education.
Work Authorization & Sponsorship:
Applicants must be legally authorized to work in the United States on a full-time basis without requiring employer sponsorship to commence employment.
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 40-hour work week. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.
Base Pay Range:
Minimum:
$76,875.00 USDMaximum:
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. Santander Benefits - 2026 Santander OnGoing/NH eGuide (foleon.com)
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:
If this sounds like a role you are interested in, then please apply.
We are committed to providing an inclusive and accessible application process for all candidates. If you require any assistance or accommodation due to a disability or any other reason, please contact us at [email protected] to discuss your needs.
Skills Required
- Bachelor's degree in Finance, Real Estate, Accounting, or a related field
- 5+ years of experience in commercial real estate workouts, special assets, or credit risk management
- Experience ideally within a regulated financial institution
- Ability to review and negotiate commercial loan documentation
- Experience underwriting rent-regulated multifamily properties in the New York City market
- Background in credit analysis, collateral valuation, and borrower negotiations
- Advanced financial modeling and credit risk assessment capabilities
- Working knowledge of rent regulation laws and New York City multifamily market dynamics
- Excellent negotiation, communication, and interpersonal skills
- Proficiency in Microsoft Excel, Word, and loan servicing or risk management systems
- MBA or advanced degree
- Established work history or equivalent demonstrated through work experience, training, military service, or education
Santander Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Santander and has not been reviewed or approved by Santander.
-
Retirement Support — A dollar‑for‑dollar 401(k) match up to 6% of eligible pay and immediate vesting are highlighted as core strengths, supporting long‑term savings. This is reinforced by company‑paid disability and life/AD&D coverage that bolster financial security.
-
Leave & Time Off Breadth — Paid time off typically ranges from 18–30 days in the U.S. with 11 paid holidays, plus dedicated volunteer and development time; the UK features a minimum of 25 days with buy/sell options. Some roles also use self‑managed PTO, offering additional flexibility depending on team norms.
-
Parental & Family Support — U.S. parental benefits include 8 weeks paid for all parents and a total of 16 weeks paid for birth mothers, with flexibility for reduced hours around childbirth. Caregiver leave and dependent‑care programs add further family support.
Santander Insights
What We Do
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.
