Workout Associate - Remote

Job ID Req1608240 | Category Collections | Posted 08/29/2026

About the role

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.

The Difference You Make

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.

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.

Pay

The base pay range for this position is $76,875.00 USD to $135,000.00 USD annually. The exact compensation may vary based on skills, experience, training, licensure and certifications and location.

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.