9 questions reported in Rialto interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
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LTV, DSCR, debt yield and structuring against a property's cash flow. 9 questions
A junior underwriting calculation that tests whether you include every required debt payment.
A multifamily property produces $3.0m of underwritten NOI. Its loan requires $1.8m of annual interest and $0.4m of scheduled principal amortisation. Calculate DSCR. If the minimum is 1.35x, does it…
Tests cash-flow coverage fluency in real estate debt interviews.
What is DSCR, and how does a rising interest rate affect a floating-rate borrower's DSCR?
A basic real estate credit metric that lenders use alongside LTV.
Define debt yield. A property has $8m of NOI and a $100m loan. What is debt yield and why do lenders care?
A maturity-risk case central to bridge and transitional lending.
A bridge loan matures in two years. How do you assess whether it can be refinanced?
A lender judgement question that goes beyond property-level metrics.
What do you assess when underwriting a real estate sponsor?
A portfolio-management scenario for a lender monitoring a transitional office loan.
A floating-rate office loan has a 1.24x trailing DSCR against a 1.25x springing cash-management trigger. The borrower has made every payment, but a tenant representing 18% of rent expires in six…
Real estate debt and securitised products desks both test this.
Explain how a CMBS deal is structured. Who bears the first loss, and what is the special servicer?
A senior real estate credit case on exercising lender remedies.
A borrower cannot refinance at maturity. How would you decide whether to modify the loan, extend it or enforce?
A workout judgement case for real estate debt asset-management teams.
What would make you transfer a real estate loan to watchlist, and what happens next?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
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