Your Journey Starts Here:

Santander is a global leader and innovator in the financial services industry. We believe that our employees are our greatest asset. Our focus is on fostering an enriching journey that empowers you to explore diverse career opportunities while nurturing your personal growth. We are committed to creating an environment where continuous learning and development are prioritized, enabling you to thrive both professionally and personally. Here, you will find ample opportunities to connect and collaborate with talented colleagues from around the world, sharing insights and driving innovation together. Join us at Santander, where you are supported by a culture of engagement and a commitment to your success.

An exciting journey awaits, if you are interested in exploring the possibilities We Want to Talk to You!

The Difference You Make:

Position Summary

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.

Certifications - No Certifications listed for this job.

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.

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.

Link to Santander Benefits:

Santander Benefits - 2025 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 TAOps@santander.us to discuss your needs.

Primary Location: Boston, MA, Boston

Other Locations: Massachusetts-Boston

Organization: Santander Holdings USA, Inc.