Analyst, Commercial Real Estate

About Us

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.

Role Summary

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.

Essential Duties and Responsibilities

Origination & Underwriting

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.

Structuring & Execution

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.

Portfolio Management & Reporting

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

Market Research & Risk Assessment

Conduct market research on supply/demand dynamics, rent trends, and liquidity.

Identify and evaluate risks, including tenant rollover, capital expenditures, and market conditions.

All other duties as assigned

Minimum Qualifications

Bachelor’s degree in Finance, Real Estate, or related field and 2 or more years of related experience.

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.

Preferred Qualifications

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.

AI Proficiency Expectations

At National Life Group, we view AI as an enabler of human potential. We use AI to help us work smarter, serve more clients, and keep our promises, while remaining a relationship-driven business where our people are our greatest strength.

All applicants are expected to:

Leverage approved AI tools, where appropriate, to improve the efficiency, quality, and impact of their work.

Stay curious and open to new AI-enabled ways of working.

Exercise sound judgment by reviewing and validating AI-generated content.

Maintain accountability for the accuracy, quality, fairness, and integrity of work products by adhering to National Life’s AI guiding principles.

Use AI responsibly and in accordance with company policies related to confidentiality, data privacy, security, compliance, retention and intellectual property.

Benefits

Your benefits start day one and are flexible and customizable to your and your family’s specific needs. Check out the BENEFITS of a Career at National Life!

Base Pay Range.  The base pay range for this position is the range National Life reasonably and in good faith expects to pay for the position taking into account the wide variety of factors, including: prior experience and job-related knowledge; education, training and certificates; current business needs; and market factors.  The final salary or hourly wages offered may be outside of this range based on other reasons and individual circumstances.

Additional Compensation and Benefits. The total compensation package for this position may also include a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. The successful candidate may also be eligible to participate in National Life’s discretionary annual incentive programs, subject to the rules governing such programs. If hired, the employee will be in an "at-will position" and National Life reserves the right to modify base salary (as well as any other discretionary payment or compensation or benefit program) at any time, including for reasons related to individual performance, company or individual department/team performance, and market factors.

National Life is accepting applications for this role on an ongoing basis and the role remains open until filled.

Salary Pay Range

$54,000—$79,200 USD